SSP Sandspring Resources Ltd

Sandspring Resources Ltd. ("Sandspring" or the "Company") (TSX VENTURE:SSP) is
pleased to announce that it has received the initial draw down of US$13.5
Million (the "Initial Draw Down") from Silver Wheaton (Caymans) Ltd., a wholly
owned subsidiary of Silver Wheaton Corp. pursuant to the terms of the precious
metals purchase agreement that was announced in November. Under the agreement,
Silver Wheaton agrees to pay Sandspring total cash consideration of US$148.5
million plus an ongoing production payment of the lesser of US$400 (subject to a
1% annual inflation adjustment starting in the fourth year after the completion
test is satisfied) and the prevailing market price for 10% of the life of mine
payable gold production from the Company's Toroparu Project in Guyana S.A. The
Initial Drawdown was payable upon meeting certain conditions which have now been
satisfied. The proceeds from the Initial Drawdown will be used primarily for
advancement of the final feasibility documentation for the Toroparu Project.


The balance of the US$148.5 million is subject to Silver Wheaton's election to
proceed and is payable in installments during construction of the Toroparu
Project once all necessary mining licenses have been obtained and conditions
pertaining to final feasibility, the availability of project capital finance,
the granting of security to Silver Wheaton and other customary conditions are
satisfied. If following receipt of feasibility documentation, or after December
31, 2015 if feasibility documentation has not been delivered, Silver Wheaton
elects not to proceed, Sandspring may elect to either return US$11.5 million to
Silver Wheaton and terminate the agreement or to reduce the stream percentage
from 10% to 0.774%.


Sandspring's financial advisor in the precious metals purchase agreement was
Cutfield Freeman & Co and Davies Ward Phillips & Vineberg LLP was Sandspring's
legal advisor.


About Sandspring

Sandspring Resources Ltd. is a Canadian junior mining company currently moving
toward a definitive feasibility study for the multi-million ounce Toroparu
Project in the Republic of Guyana. Visit Sandspring's website at
www.sandspringresources.com.


Additional information on Sandspring can be viewed on SEDAR under the Company's
profile at www.sedar.com or on Sandspring's website at
www.sandspringresources.com.


This press release includes certain forward-looking statements concerning future
performance and operations of the Company, including the successful completion
of the Company's final feasibility study, as well as management's objectives,
strategies, beliefs and intentions. Forward-looking statements are frequently
identified by such words as "may", "will", "plan", "expect", "anticipate",
"estimate", "intend" and similar words referring to future events and results.
Forward-looking statements are based on the current opinions and expectations of
management at the time such statements are made. All forward-looking statements
and information is inherently uncertain and may cause the actual results,
performance or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by such
forward-looking statements or information.


Forward-looking statements are subject to a variety of assumptions, risks and
uncertainties, including risks associated with the ability of the Company to
satisfy the conditions precedent to payment of the advance under the precious
metals purchase agreement, the speculative nature of mineral exploration and
development, fluctuating commodity prices, changes in project parameters as
plans continue to be refined, uncertainties of project cost overruns or
unanticipated costs and expenses, uncertainties inherent in conducting
operations in a foreign country, uncertainties related to the availability and
costs of financing needed in the future, uncertainties related to the ability to
enter into the contracts necessary to develop the mining project on reasonable
terms, the risk that the conclusion of pre-production studies may not be
accurate, the risk that the Company may be unable to successfully advance the
Toroparu Project to feasibility, risks that the Company may not obtain positive
results from ongoing evaluation and testing of multiple gold targets located
elsewhere in the Company's landholdings, operating or technical difficulties in
connection with mining or development activities, labour disputes, and contests
over title to properties, particularly title to undeveloped properties, among
other risks as described in our public filings available at www.sedar.com.
Actual events or results may differ materially from those projected in the
forward-looking statements and we caution against placing undue reliance
thereon. Sandspring Resources Ltd. has an ongoing obligation to disclose
material information, as it becomes available.


Neither the 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Sandspring Resources Ltd.
Richard A. Munson
Chief Executive Officer
(720) 854-0104
info@sandspringresources.com
www.sandspringresources.com

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