BRIDGEWATER, NOVA SCOTIA--(Marketwired - April 19, 2013) - Silver Spruce Resources Inc. (TSX VENTURE:SSE)(FRANKFURT:S6Q) is pleased to report that all resolutions put forward by management and the Board of Directors at the Annual General Meeting of Silver Spruce Resources Inc., held in Dartmouth, NS on April 2, 2013 were ratified by the shareholders of the company. This included a resolution allowing a consolidation of the shares of the company of up to 1 for 10. Management and the Board has indicated that this consolidation, if and when required, would be carefully considered and only undertaken if it is in the best interest of the company overall.
The company also advises that it has negotiated a loan of $30,000 with the Chairman of the Board of Directors of Silver Spruce, Lloyd Hillier, to pay the final option payment of $30,000 for the Big Easy gold/silver property in eastern Newfoundland. The proceeds of the loan can only be used for this final payment and the loan is secured by the property itself, such that, if the loan is not repaid by April 28, 2014, one year after the option payment is made, unless an extension is granted, the Big Easy property will become the property of Lloyd Hillier. The loan will give Silver Spruce 100% ownership of the Big Easy property subject to ongoing advance royalty payments of $20,000 per year and a 3% NSR on any production, of which 1.5% can be bought for $1.5 M. The loan is subject to ratification by the non-interested directors of Silver Spruce and approval of the TSX-V. This loan relieves Silver Spruce of a significant, short term, cash commitment and allows the company further time to look for a JV partner for the project and/or access financing for further exploration and development on the property.
The company would also like to announce that George Findlay, a long serving, independent, member of the Board of Directors, was not re-elected by the shareholder voting at the AGM. The company would like to thank George for his service to the Board as a director, the Chair of the Compensation Committee and as a member of the Audit Committee. The Board of Directors of Silver Spruce wishes George well in his ongoing endeavours. The remainder of the directors were re-elected by the shareholders.
The President and CEO of Silver Spruce, Peter Dimmell, says, "We are very appreciative of the support shown by shareholders in these difficult times and assure them that we will continue to work in their best interest. Management and the Board of Directors of Silver Spruce, are significant shareholders in the company and continue to believe in the potential of the assets it holds. Our focus at this time is on finding the right joint venture partner for the Big Easy property and we are confident that this will happen over the next few months".
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 significant, road accessible, low sulphidation, epithermal, gold/silver property in eastern Newfoundland, which has potential for bonanza grades in both gold and silver - the Big Easy, and for the longer term, a portfolio of uranium (Snegamook, A7 (Fishawk Lake), Double Mer, Mount Benedict, CMBJV) and rare earth (Pope's Hill, Pope's Hill JV (w/ Great Western Minerals Group), Straits) projects in Labrador. Information on the company can be found on the Silver Spruce website at www.silverspruceresources.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The company seeks Safe Harbour.
Gordon Barnhill, CFO & Director
Silver Spruce Resources Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here