Silver Spruce Announces Amendment to Option Agreement on its Newfoundland Properties
Silver Spruce Announces Amendment to Option Agreement on its Newfoundland Properties
Bedford, NS- October 23, 2023 - (TSXV:SSE) – Silver Spruce Resources Inc. (the “Company”) announced
today the amendment to the Option Agreement dated September 7, 2021 on its Newfoundland properties.
Under the terms of the Amended Option Agreement dated October 13, 2023, the cash component of the
option payments to the Vendors can made in cash or alternatively in all or in part by the issuance of common
shares of the Company to the Vendors upon mutual agreement of the Vendors and the Company.
The second anniversary option payment will now consist of $50,000 cash and the issuance of 3,750,000
common shares of the Company to the Vendors of which 2,500,000 common shares are being issued in lieu
of a $25,000 cash payment.
The Amended Option Agreement and the amendment of the second anniversary option payment are subject
to the approval of the TSX Venture Exchange.
About Silver Spruce Resources Inc.
Silver Spruce Resources Inc. is a Canadian junior exploration company which has signed Definitive
Agreements to acquire 100% of the Melchett Lake Zn -Au-Ag project in northern Ontario, and with
Colibri Resource Corp. in Sonora, Mexico, to acquire 50% interest in Yaque Minerales S.A de C.V.
holding the El Mezquite Au project, and up to 50% interest in each of Colibri's Jackie Au and Diamante
Au-Ag projects. Silver Spruce has signed Definitive Agreements to acquire 100% interest in the Mystery
Au project in the Exploits Subzone Gold Belt, Newfoundland and Labrador, and the Pino de Plata Ag
project in western Chihuahua, Mexico. Silver Spruce Resources Inc. continues to investigate
opportunities that Management has identified or that have been presented to the Company for
consideration.
Contact:
Silver Spruce Resources Inc.
Michael Kinley, CEO
(902) 402-0388
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.
Notice Regarding Forward-Looking Statements
This news release contains "forward -looking statements," Statements in this press release which are not purely historical are
forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future,
including but not limited to, statements regarding the amended option agreement.
Media Release
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include,
among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing
on acceptable terms. We are not in control of metals prices and these could vary to make development uneconomic. These forward-
looking statements are made as of the date o f this news release, and we assume no obligation to update the forward -looking
statements, or to update the reasons why actual results could differ from those projected in the forward -looking statements.
Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can
be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate.