April 6, 2010 — SANDSPRING RESOURCES LTD. (SSP: TSX-V) (“Sandspring” or the “Company”) is pleased to announce initial 2010 gold and copper assay results from drilling of the Toroparu gold-copper deposit in the Republic of Guyana, South America.
•Hole TPD054 drilled at the west margin of the NI 43-101 Toroparu Deposit envelope intersected two successive discrete mineralized shoots in Hole TPD-054 with an average grade of 1.1g/t gold and .10% copper over 117m and a second interval downhole averaging 2.1g/t gold and .08% copper over 111m, below the current NI-43-101 compliant resource estimate pit shell model.
Results from holes TPD051-TPD056 are outlined in Table 1 and comprise an additional 3361m (13,623m reported to date) to a drill program designed to expand and optimize grade and tonnage parameters of the known NI 43-101 compliant Toroparu gold-copper resource. A second drill has been added and is now fully operational, a third drill is on order and the 2010 diamond drill program is well underway. Drill hole locations and intercept highlights are posted at: http://www.sandspringresources.com/i/pdf/Sandspring_Presentation_Update_April_2010.pdf
The current Toroparu gold-copper deposit was independently modeled by P&E Mining Consultants Inc. as a potentially open-pittable deposit with an NI 43-101 compliant Indicated mineral resource of 45,574,000 tonnes at 0.93 g/t gold and 0.16% copper containing 1,369,400 oz. gold and 164 million pounds copper or 1,992,600 ounces gold-equivalent and additional Inferred mineral resource of 36,800,000 tonnes 0.82 g/t gold and 0.13% copper containing 973,400 oz. gold and 105 million pounds copper or 1,372,500 ounces gold-equivalent. The full NI 43-101 technical report may be viewed at www.sedar.com as publicly disclosed by Sandspring on May 20, 2009, or on the Company’s website.
Abraham Drost, P.Geo. President of Sandspring states: “Initial results from the 2010 diamond drilling campaign continue to encourage as the Company moves to both expand and drill off the Toroparu deposit. Results from Hole 54 appear to confirm elevated grade characteristics in both the Main Zone deposit lens and a new, higher grade shoot below the current NI 43-101 compliant resource estimate pit shell model. This bodes well for resource growth at Toroparu. Completion of our recent financing and early warrant exercise leaves the Company well positioned to significantly increase its drilling objectives. The two drills on site and addition of a third will give the Toroparu deposit and possible extensions the attention they deserve.”
Analytical testing and reporting of quantitative assays was performed independently by Acme Analytical Laboratories Ltd. (“AcmeLabs”). AcmeLabs is an ISO:9001:2008 accredited laboratory for the tests reported herein. A system of blanks, standards and duplicates were added to the Toroparu sample stream by the Company to verify accuracy and precision of assay results, supplementing a variety of internal QA/QC tests performed by ActLabs.
Mr. Harvey Klatt, P.Geo., Exploration Manager for Sandspring and the Company’s Qualified Person on the Toroparu site under NI 43-101, has reviewed and approved the technical content of this press release. Mr. Eugene Puritch, P.Eng. of P&E Mining Consultants and a Qualified Person, has approved release of the mineral resource estimate summary contained herein.
This news release includes certain forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, 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. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities 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.