Silver Spruce Resources Inc. And Universal Uranium Ltd. Announce An Initial Mineral Resource Estimate At The Two Time Zone

       Highlights

      - Indicated Mineral Resources of 2.33 M lbs U3O8; Inferred Mineral Resources of 3.73 M lbs

     - Two Time Zone is open at depth and along strike to the south

April 29, 2008 - Bridgewater, NS - Silver Spruce Resources Inc. (TSXV: SSE) and Universal Uranium Ltd. (TSXV: UUL) are pleased to announce an initial Mineral Resource estimate for the Two Time Zone on the CMB NW property in the northwestern part of the Central Mineral Belt of Labrador.

Scott Wilson Roscoe Postle Associates (Scott Wilson RPA) has prepared a Mineral Resource estimate for the Two Time Zone using drill hole data available as of February 4, 2008. The Two Time drill hole database includes 40 diamond core holes (holes 1-23 and 25-41) totaling 10,928 metres, plus five surface trenches. 

The Mineral Resources are contained within eight zones, D101 though D108. At a cut-off grade of 0.03% U₃O₈, Indicated Mineral Resources are estimated to total 1.82 million tonnes grading 0.058% U₃O₈ 2.33 million pounds U₃O₈. Inferred Mineral Resources are estimated to total 3.16 million tonnes grading 0.053% U3O8 containing 3.73 million pounds U₃O₈.

A set of cross sections and plan views were interpreted to construct three-dimensional wireframe models at a cut-off grade of 0.03% U₃O₈, and a minimum true thickness of four metres. These criteria reflect a potential underground bulk-mining scenario. High U₃O₈ grades were cut to 0.3% U₃O₈ prior to compositing to two metres. Variogram parameters were interpreted from two-metre composited assay values. Block model U₃O₈ grades within the wireframe models were estimated by ordinary kriging.  Classification into the Indicated and Inferred categories was guided by the drill hole density, interpreted variogram ranges, and the apparent continuity of the mineralized zones. See Table 1, following, for details.

The Two Time Zone was discovered during ground follow up of a regional radiometric survey in the fall of 2006 and was first drilled in December 2006. Drilling continued through 2007 and the resource definition program was completed on December 15, 2007. The Two Time Zone, like most of the CMB NW property, lies outside of lands administered by the Nunatsiavut government that are subject to the recently announced moratorium on uranium development.

"We have come a long way since the discovery of the Two Time uranium zone in the fall of 2006, and now have the first "newly discovered" resource to be defined in the Central Mineral Belt since the 1970s," stated Lloyd Hillier, President and CEO of Silver Spruce. "These resources establish Silver Spruce and Universal Uranium as companies with a significant uranium deposit at the Two Time Zone. We look forward to increasing the size of the deposit and making further discoveries as we continue our follow up exploration."

Infill diamond drilling and drilling to test the strike extensions and the down plunge extension of the Two Time Zone are planned for the second quarter of 2008. A second drill will focus on the Firestone Zone (see news release dated October 17, 2007) and other regional targets that have been generated on the CMB NW property.

Table 1 summarizes the Mineral Resources estimated by Scott Wilson RPA. A table giving the significant results for the infill drilling for holes CMB-07-25 to 41 and the plan maps and sections for the drilling on the Two Time Zone can be viewed on the Silver Spruce and Universal Uranium websites: www.silverspruceresources.com and www.universaluranium.com.