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.