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Re: News - Wednesday, September 19, 2007
Universal Uranium and Silver Spruce Resources to Proceed with
Joint Venture in Lieu of Combination Transaction
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Vancouver, British Columbia & Bridgewater, Nova Scotia, September 19,
2007 -- Universal Uranium Ltd. (TSXV: UUL) and Silver Spruce Resources
Inc. (TSXV: SSE) report that they will not be proceeding with the
previously announced business combination transaction (see news release
dated June 15, 2007). Silver Spruce and Universal Uranium will continue
to work together to formulate the terms of their joint venture in
Labrador. The decision not to proceed with the business combination
resulted primarily from advice put forward by the financial advisor of
Silver Spruce who concluded, based on analysis of the transaction, that
proceeding with the joint venture was more favorable.
After having spent $2 million dollars on exploration as required by the
original agreement, Universal Uranium now owns 60% of the joint venture
properties (6,517 claims totaling 393,626 acres). Universal Uranium has
the right to become the operator on these claims. The 34 Bayswater
Uranium Corp. claims are no longer part of this joint venture and
instead are held 50% with Bayswater with the remaining 50% divided
equally between Universal Uranium and Silver Spruce (see news release
dated August 9, 2007).
ABOUT UNIVERSAL URANIUM
Universal Uranium Ltd. (TSXV:UUL) is a publicly held Canadian uranium
exploration company focused on acquiring, exploring and developing
uranium properties located in favorable geo-political climates. The
Company is led by a highly skilled, experienced board and management
team with significant successes in managing early stage mineral
exploration companies.
ABOUT SILVER SPRUCE
Silver Spruce Resources Inc. (TSXV: SSE) is a junior mining exploration
company primarily focused on uranium in the Central Mineral Belt of
Labrador, Canada. With over 12,550 claims totalling approximately
3,100 square kilometres in Labrador, Silver Spruce is the second
largest land holder in one of the world's premier emerging uranium
districts. With experienced development partners and strong financial
backing, Silver Spruce is emerging as a leading uranium explorer in
Canada.
For Further Information Contact:
SILVER SPRUCE RESOURCES
HEAD OFFICE
Gordon Barnhill, CFO & Director
Phone: 902.527.5700
Fax: 902.527.5711
E-mail: gbarnhill@silverspruceresources.com
Web: www.silverspruceresources.com
INVESTOR RELATIONS
Keir Reynolds, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 231
Toll Free: 1.866.684.4743 ext. 231
E-mail: keir@ascentacapital.com
Web: www.ascentacapital.com
UNIVERSAL URANIUM
HEAD OFFICE
Ronald Atlas, Chairman of the Board
Phone: 604.662.3903
Fax: 604.662.3904
INVESTOR RELATIONS
Bill Galine / Taylor Little, Corporate Communications
Phone: 604.662.3903 ext. 106
E-mail: bgaline@universaluranium.com
Web: www.universaluranium.com
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Each Company seeks Safe Harbour.
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Copyright (c) 2007 SILVER SPRUCE RESOURCES INC. (SSE) All rights
reserved. For more information visit our website at
http://www.silverspruceresources.com/ or send
mailto:info@silverspruceresources.com
Message sent on Wed Sep 19, 2007 at 12:12:46 PM Pacific Time
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