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News - Friday, June 15, 2007
Silver Spruce Resources Inc. and Universal Uranium Ltd. to
Consolidate all Canadian Uranium Properties
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Highlights

.. Silver Spruce Resources Inc. and Universal Uranium Ltd. sign binding
letter of intent.
.. Universal Uranium Ltd. shareholders to receive one share in Silver
Spruce Resources Inc. for every one share of Universal Uranium Ltd.
held.
.. Universal Uranium Ltd. to spin off US properties to its shareholders.
.. Silver Spruce Resources Inc. to spin off all non-uranium properties
to its shareholders.

June 15, 2007, Bridgewater, NS / Vancouver, BC --- Silver Spruce
Resources Inc. (TSXV: SSE) and Universal Uranium Ltd. (TSXV: UUL) are
pleased to announce that they have signed a binding letter of intent
(the "Agreement") to consolidate all Canadian uranium properties
pursuant to a plan of arrangement. This consolidation follows a
discovery made by the joint venture partners announced March 1st on the
Two Time Zone in the Labrador Central Mineral Belt.
Pursuant to the Agreement, Universal Uranium Ltd. with its Canadian
uranium assets, will become a wholly owned subsidiary of Silver Spruce
Resources Inc. Silver Spruce Resources Inc. shall be the 100% owner of
all Canadian uranium assets belonging to both Universal Uranium Ltd.
and Silver Spruce Resources Inc. The resulting entity will continue
under the name "Silver Spruce Resources Inc." and its shares will
continue to be listed and posted for trading on the TSX Venture
Exchange as "SSE". Universal Uranium Ltd.'s U.S. assets will be spun
out to shareholders as a new company. Silver Spruce Resources Inc.
will also spin off its non-uranium properties and related assets to its
shareholders in the form of a new "company". Silver Spruce Resources
Inc., and its subsidiary, Universal Uranium Ltd., Boards of Directors
after this consolidation will each consist of four members from Silver
Spruce Resources Inc., four members from Universal Uranium Ltd. and one
mutually agreed independent director.

In accordance with the Agreement, Universal Uranium Ltd. shareholders
will receive one Silver Spruce Resources Inc. common share for every
Universal Uranium Ltd. common share held, equal to 50% of Silver Spruce
Resources Inc. on a fully diluted basis. Universal Uranium Ltd.
warrant holders will receive a warrant of Silver Spruce Resources Inc.
on the same terms and expiry of warrants currently held with Universal
Uranium Ltd.
The immediate objective of both Silver Spruce Resources Inc. and
Universal Uranium Ltd. is to finalize and execute definitive agreements
reflecting the above as soon as possible. This definitive agreement
will be subject to due diligence, compliance with all applicable legal,
shareholder, TSX Venture and regulatory approvals and finalization in
mutually satisfactory form of definitive agreements contemplated
thereby. Closing is expected by October 31, 2007 subject to extension.

ABOUT UNIVERSAL URANIUM LTD.
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.
Universal Uranium Ltd. is led by a highly skilled, experienced board
and management team with significant successes in managing early stage
mineral exploration companies.

ABOUT SILVER SPRUCE RESOURCES INC.
Silver Spruce Resources Inc. (TSXV: SSE) is a junior mining exploration
company primarily focused on uranium in the Central Mineral Belt
("CMB") of Labrador, Canada. With over 5,000 claims totalling more
than 1,250 square kilometres, Silver Spruce Resources Inc. is the
second largest land holder in one of the world's premier emerging
uranium districts. In the 12 months commencing summer 2006, Silver
Spruce Resources Inc. is planning a large scale exploration program on
its CMB and area properties at a cost of more than $2 million. With
experienced development partners and strong financial backing, Silver
Spruce Resources Inc. is emerging as a leading uranium explorer in
Central Labrador.

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

INVESTOR RELATIONS
Bill Galine, Director of Corporate
Communications
Phone: 604.662.3903 ext. 106
E-mail: bgaline@universaluranium.com
Web: www.universaluranium.com

INVESTOR RELATIONS
Sean Charland, Longview Capital Partners Inc.
Phone: 604.681.5755 ext. 291
E-mail: scharland@longviewcp.com
Web: www.longviewcp.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 Mon Jun 18, 2007 at 9:32:07 AM Pacific Time
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