Mr. Kevin O'Connor reports

SILVER SPRUCE RESOURCES INC. ANNOUNCES CLOSING OF $976,000 NON-BROKERED PRIVATE PLACEMENT

Silver Spruce Resources Inc. closed today its previously announced non-brokered private placement for gross proceeds of $976,000.

Pursuant to the offering, the corporation issued an aggregate of 976,000 units of the corporation at an issue price of 10 cents per unit. Each unit comprises one common share and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share of the corporation at an exercise price of 15 cents per warrant share for a period of three years from the closing of the offering. The common shares and warrants issued under the offering will be subject to a statutory hold period expiring on May 17, 2026.

In connection with the offering, the corporation has paid a total of $22,440 in finder fees and issued a total of 224,400 finder warrants to eligible arm's-length finders. Each finder warrant will entitle the finder to purchase one common share of the corporation for 15 cents for a period of three years following the closing of the offering. The finder warrants will be subject to a statutory hold period expiring on May 17, 2026.

The net proceeds from the offering will be used for exploration of the corporation's mineral projects and general working capital purposes. The offering is subject to the final approval of the TSX Venture Exchange.

About Silver Spruce Resources Inc.

Silver Spruce Resources is a Canadian junior exploration company. The corporation's diversified exploration portfolio now includes:

• Jackie Au-Ag (gold-silver) project -- early stage epithermal project with high-grade surface sampling and strong structural targets located less than 10 kilometres northwest from Minera Alamos' Nicho deposit in eastern Sonora, Mexico;
• Pino de Plata Ag project -- high-grade silver property with historic artisanal mining located 15 kilometres west of Coeur Mining's Palmarejo mine in western Chihuahua, Mexico;
• Melchett Lake VMS (volcanogenic massive sulphide) Zn-Ag-Au-Cu (zinc-silver-gold-copper) project -- polymetallic project with historical drilling in the Thunder Bay mining district of Ontario.

Silver Spruce continues to investigate opportunities that management has identified or that have been presented to the corporation for consideration.

We seek Safe Harbor.