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News - Friday, June 22, 2007
SILVER SPRUCE RESOURCES INC. -- Private placement of $1,788,000
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Bridgewater, Nova Scotia -- June 22, 2007 - Silver Spruce Resources
Inc. (TSXV: SSE) ("Silver Spruce") is pleased to announce that Silver
Spruce is arranging a non-brokered private placement for $1,788,000.
The offering will consist of the issuance of 1,490,000 units of Silver
Spuce (the "Units").

Each Unit will be offered at a price of $1.20 and will consist of one
common share and one-half of one common share purchase warrant, with
each whole warrant exercisable at a price of $1.75 per common share for
a period of 24 months following the closing of the offering.

A finder's fee of 7% will be paid on 50% of the offering, at the
election of the finder, in any combination of cash or units having the
same terms as the Units and 7% finder's warrants on 50% of the total
number of Units issued. Each finder's warrant will entitle the holder
to purchase one common share at an exercise price of $1.75 for a period
of 24 months following the closing of the offering.

The funds raised from the issuance of the Units will be used for
general corporate purposes and the advancement of the exploration
actvities of Silver Spruce.

The offering is subject to TSX Venture Exchange approval and all other
required approvals. All securities issued in connection with this
offering will be subject to a four-month hold period in accordance with
securities requirements.

Silver Spruce also announces options to be issued to directors and
officers of Silver Spruce pursuant to its stock option plan for
1,650,000 common shares for three years at an exercise price of $1.40
per common share. Under the terms of the previously announced June 15,
2007 plan of arrangement Universal Uranium Ltd. and Silver Spruce have
agreed to consolidate all Canadian uranium properties into one company.
Universal Uranium shareholders (as of the record date) will receive one
share in Silver Spruce and one share in a new corporation created by
spinning out Universal Uranium's US properties. The above issuances
are in accordance with the requirement that Silver Spruce's fully
diluted share number match that of Universal Uranium prior to closing.

The Securities have not been and will not be registered under the U.S.
Securities Act of 1933, as amended (the "U.S. Securities Act") and were
offered and sold within the United States only to Accredited Investors
(as defined in Rule 501(a) of Regulation D under the U.S. Securities
Act). Prospective subscribers of the Units in the United States are
hereby notified that the seller of the Units is relying upon the
exemption from the provisions of Section 5 of the U.S. Securities Act
provided in Section 4(2) of the U.S. Securities Act for non-public
offerings. The Securities offered hereby are not transferable except in
accordance with the restrictions described herein.

ABOUT SILVER SPRUCE
Silver Spruce is a junior exploration company primarily focused on
uranium in the Central Mineral Belt (CMB) of Labrador, Canada. With
over 9,500 claims totaling approximately 2,400 square kilometers,
Silver Spruce is the second largest landholder in one of the world's
premier emerging uranium districts. A large-scale exploration program
on Silver Spruce's properties in the summer of 2006 resulted in the
first uranium discovery in October from early stage follow up of the
airborne surveys. With experienced partners and strong financial
backing, Silver Spruce is emerging as a leading uranium explorer in
Labrador.

On behalf of the Board of Directors, Gordon Barnhill, CFO and Director.

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
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. The 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 Fri Jun 22, 2007 at 9:14:49 AM Pacific Time
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