Silver Spruce Resources Acquires Labrador Uranium Property

Silver Spruce Resources Inc. (TSX VENTURE:SSE) is pleased to announce that it
has purchased the Anomaly 7 (A7) uranium property in the Central Mineral Belt
(CMB) of Labrador from Virginia Energy Resources Inc. (TSX VENTURE:VAE). The 446
claim (111.5 km2) property consists of two mineral claim licences in the western
part of the Central Mineral Belt in Labrador. The company is acquiring a 100%
interest, subject to a 2% Net Smelter Return (NSR) with a 1% buyback for
$500,000 to a third party, for a one-time share payment of two million shares.
Completion of the transaction is subject to a number of conditions, including
TSX Venture Exchange approval. 


The property covers a number of significant uranium showings, including the
Anomalies 7, 7a and 17 (A7, A7a, A17) showings discovered by Canico in the late
1970s and the Fishhawk Lake North, Central and South (FHLN, C+S), Brook and
Whiskey Jack showings/occurrences discovered by Santoy Resources (predecessor to
Virginia Energy) in 2006/2007. Santoy carried out exploration consisting of lake
sediment sampling, prospecting, geological mapping, an airborne
magnetic/radiometric survey and diamond drilling in 2006 and 2007. 


A total of 26 drill holes have been drilled on the property since the discovery
of uranium (U) mineralization in the late 1970s: eight on A7 by Canico, as well
as three on A7, 13 on FHLS and two on FHLN by Santoy. No exploration has been
carried out since 2007. Highlights of the drilling include: 




--  Anomaly 7 - 0.13% U3O8 / 23.4 m, incl. 0.25% / 9.7 m 
--  FHLS - 0.063% U3O8 / 27.9 m, incl. 0.18% / 4.5 m and 0.106% / 9.9 m in
    DDH FHLS-07-3.  



Narrow high grade zones in uranium with copper (Cu) and silver (Ag) were also
noted in Santoy drilling, as in FHLS-07-9 - 1.15% U3O8, 0.79 oz/T Ag, 0.5% Cu /
0.94 m. The mineralization is hosted in at least two different geological
settings - fractured to brecciated, hematized granodiorite, similar to that in
the Two Time and Snegamook zones, as well as unconformity-related mineralization
along the contact between a fault-bounded wedge of Moran Lake sedimentary units
and Archean basement intrusive units. Zones have been mapped by drilling and by
surface outcrop and float, with strike lengths from 250 to in excess of 400 m,
and to depths of greater than 100 m. 


"Silver Spruce considers this a strategic acquisition for two key reasons,"
states Peter M. Dimmell President and CEO of Silver Spruce Resources Inc. "The
A7 property is contiguous to the south with the Snegamook property, where two
significant showings - Snegamook and Near Miss - are already known. As well,
this strengthens our position in the Central Mineral Belt uranium play at a time
when the mid-term outlook for uranium prices is strong." 


In addition to these 100%-owned properties, the company also holds a 2% NSR on
the CMB Joint Venture with Crosshair Energy. The Two Time uranium deposit
discovered by Silver Spruce, which hosts a NI 43-101 indicated resource of 2.33
million lbs (1.82 MT at 0.058% U3O8) and an additional inferred resource of 3.73
million lbs (3.16 MT grading 0.053% U3O8), is contiguous with both the Snegamook
and A7 properties (see map for property positions). The CMB Northwest property,
which hosts the Two Time deposit, is being drilled by Crosshair in 2012.


All data on the A7 property provided by Virginia Energy, as well as the existing
Silver Spruce data on the Snegamook property, will be combined to define the
more prospective areas and as uranium demand and prices increase, field work
including diamond drilling will follow. A claim map showing the property
position and the various showings on the property and in the area is on the
Silver Spruce website at www.silverspruceresources.com. 


This release has been approved by Peter M. Dimmell, P.Geo., President & CEO of
Silver Spruce Resources Inc., who is a Qualified Person (QP) in NL and ON as
defined in National Instrument 43-101.


About Silver Spruce Resources Inc.

Silver Spruce is a diversified junior exploration company with a portfolio of
gold/silver (Big Easy), uranium (Snegamook, A7, Double Mer, Mount Benedict,
CMBJV) and rare earth (Pope's Hill, Pope's Hill JV (with Great Western Minerals
Group), MRT, RWM and the Straits) in Newfoundland and Labrador. With interests
in more than 4,000 claims totalling more than 1,000 square kilometres in
Labrador, Silver Spruce is one of the largest landholders in one of the world's
premier emerging rare earth and uranium districts. For additional information,
please visit the company's website www.silverspruceresources.com.