Silver Spruce Reports Start of Field Work Including Planned Diamond
Drilling - CMBJV - Central Mineral Belt, Labrador
July 15, 2011 - Bridgewater, NS - Silver Spruce
Resources Inc. (TSXV: SSE) is pleased to announce that
fieldwork, to include diamond drilling, has begun at the CMB Joint Venture
("CMB JV") uranium project located in the Central Mineral Belt of
Labrador. The Project is a joint venture with Crosshair Mining and Exploration
(NYSE Amex: CXZ) (TSX: CXX), the operator, with Crosshair holding a 63%
ownership and Silver Spruce a 37% ownership.
The CMBJV Project has
a uranium deposit, the Two Time zone on the CMBNW property, with a NI 43-101
indicated resource of 2.33 M lbs (1.82 MT grading
0.058% U3O8) and an additional inferred uranium resource of 3.73 M lbs (3.16 MT grading 0.053% U3O8). The zone remains
open along strike and to depth.
The 2011 program, as
planned by Crosshair, consists of prospecting, sampling, trenching and diamond
drilling testing uranium targets outlined in the 2009 and 2010 exploration and
including further definition drilling on the Two Time zone. Silver Spruce
has opted not to contribute to the program, due to expenditure commitments on
our higher priority REE projects, including the Pope's Hill Trend along the
Trans Labrador Highway in southern Labrador and gold/silver projects on the
island of Newfoundland. Consequently the company's interest in the
CMBJV will be diluted depending upon the final expenditures.
The Two Time zone on
the CMBJV NW property and the 100% SSE owned Snegamook
property, which lies on strike to the south of the Two Time zone, and which
hosts a number of uranium showings including the Snegamook
zone and the Near Miss prospect, both lie outside of Labrador Inuit Lands and
are therefore not covered by the Nunatsiavut
Government's moratorium on uranium mine development.
Additional
information the CMB JV Project and the Two Time uranium zone can be found in
the Technical Report on the CMBNW Property, Labrador, Canada prepared for
Crosshair and Silver Spruce dated June 22, 2009 filed on SEDAR.
This release has been
approved by Peter M. Dimmell, P.Geo., President and CEO of
Silver Spruce Resources Inc., who is a Qualified Person (QP) in both NL and ON
as defined in National Instrument 43-101.
ABOUT SILVER SPRUCE
Silver Spruce is a junior exploration company
originally focused on uranium in the Central Mineral Belt (CMB) and elsewhere
in Labrador, Canada. With interests in more than 4,000 claims totaling
more than 1,000 square kilometers in Labrador, Silver Spruce is one of the
largest landholders in one of the world's premier emerging uranium and REE
districts. The company has rare earth element (REE) properties in
Labrador - Pope's Hill, Pope's Hill JV (with Great West Minerals Group), MRT, RWM and the Straits and gold/silver projects (Big Easy,
Rambler S.) on the island of Newfoundland.