SSE Silver Spruce Resources Inc

Silver Spruce Resources Inc. (TSX VENTURE:SSE)(FRANKFURT:S6Q) comments on recent
record trading levels, the company's current share price in light of the
proposed private placement and its strategy going forward. 


Record Trading Levels - In the period immediately following its October 22, 2012
news release announcing that the company would raise up to $1M through a private
placement, Silver Spruce's shares have traded at record volumes and fallen to
$0.02 from a range of $0.035 to $0.05 prior to the release. The majority of the
approximately 18 million shares traded after October 22, 2012 traded
anonymously, with every indication that they were related to one main seller.
During this period, there were no fundamental changes in the company's projects
or financial condition. 


"The silver lining in the exit of one insider with a large share position is
that that many buyers stepped in and purchased shares at a greatly reduced
price, indicating their belief in the longer-term prospects and value of the
company. I thank them for showing confidence in our company, as well as our many
other shareholders for staying the course and taking a long-term view in tough
times," says Peter Dimmell, President and CEO of Silver Spruce Resources Inc. 


Status of Current Prospects - As indicated in recent news releases, exploration
on the company's Big Easy gold /silver prospect on the island of Newfoundland is
progressing well. Phase II drilling results have been reported and a 3D
structural compilation of all drill results is underway. Preliminary airborne
survey data has been received and the final data is expected soon - this will be
integrated with the drilling and regional exploration to better define target
areas for future exploration. 


"Our team is systematically evaluating a promising epithermal-style gold/ silver
prospect along a regional belt that is receiving significant exploration
attention. Once we receive all data and complete compilation work, we will
release that information along with details of our 2013 exploration and deep
drilling program for the Big Easy prospect," says Dimmell. 


The company also remains bullish on the medium to long-term outlook for uranium.
Silver Spruce can hold the majority of its uranium claims in the Central Mineral
Belt and elsewhere in Labrador for a number of years without requiring more
exploration, until uranium prices rebound and conditions for raising exploration
capital for uranium exploration are more favourable.


Status of the Private Placement - On October 22, 2012, Silver Spruce issued a
news release indicating the Company would be proceeding with a private placement
of units, consisting of shares at five cents and, depending on flow-through or
non-flow through options, a half or full warrant. The Company believes that its
shares are undervalued and is therefore not planning to change the conditions of
the private placement at this time. "We believe it is prudent to see how our
stock price recovers from the exit of the insider with the significant share
position. While we will need to raise capital to fund our 2013 program at Big
Easy, a private placement is not the only option we are pursuing," says Dimmell.


About Silver Spruce Resources Inc. 

Silver Spruce is a diversified junior exploration company with a portfolio of
gold/silver (Big Easy), uranium (Snegamook, A7 (Fishhawk Lake), Double Mer,
Mount Benedict, CMBJV) and rare earth (Pope's Hill, Pope's Hill JV (with Great
Western Minerals Group), MRT, RWM, Straits) projects 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 uranium and rare earth districts. For
additional information, please visit the Company's website -
www.silverspruceresources.com.


Forward-Looking Statements 

This news release contains forward-looking statements that involve risk,
uncertainties and other factors that could cause actual results to differ
materially from those expressed or implied by such forward-looking statements.
Such forward-looking statements reflect Silver Spruce's views with respect to
future events (including the completion of the Offering and the intended use of
proceeds) and there can be no assurances that such statements will prove to be
accurate. There may be factors (such as, ability to obtain regulatory approvals
or results of current exploration) that cause actions, events or results not to
be as anticipated or intended. Any forward-looking statement speaks only as of
the date on which it is made and, except as may be required by applicable
securities laws, Silver Spruce disclaims any intent or obligation to update any
forward-looking statement.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Silver Spruce Resources Inc.
Gordon Barnhill
CFO & Director
902.527.5700
902.527.5711 (FAX)
gbarnhill@silverspruceresources.com
www.silverspruceresources.com


Pilot Communications Inc.
Paul Snow
Investor and Media Relations
709.753.0794 ext 31
709.753.0795 (FAX)
psnow@pilotcom.ca

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