Silver Spruce Announces Management Changes, Appoints New CEO, CFO and Adds a Former Caterpillar Executive as Director

BEDFORD, NS / ACCESSWIRE / April 28, 2020 / Silver Spruce Resources Inc. (TSXV:SSE)(Frankfort:S6Q1) ("Silver Spruce" or "the Company") announced today that the Board of Directors has appointed Dr. Brian Penney as its CEO effective April 22, 2020. Dr. Penney will retain his Chairman role.

Dr. Penney has been serving as Chairman and interim CFO, and in his new role as CEO brings extensive business and financial acumen to the Company. Recent positions include founding CEO of TARA a Halifax based Telecoms R&D firm, Chairman and CEO of Abridean Inc. in Halifax; Chairman of Intertainment Media Inc, a TSX-V public company in Toronto; CEO and Chairman of e-djuster Inc in Ottawa. Dr. Penney has extensive experience in guiding early stage companies, both as CEO and Chairman, and holds a Ph.D. in high energy nuclear physics from Imperial College of Science & Technology, University of London and is a professional engineer.

The Company is pleased to announce the hiring of Camilla Cormier as the Company's Chief Financial Officer. Ms. Cormier has over 30 years experience in accounting (CFO and Controller roles), which includes 5 years in public accounting and 14 years working with public companies. She is fluent in French and English and holds a Canadian C.P.A. license.

The Company is also pleased to announce the appointment of Kevin Thieneman as a Director. Mr. Thieneman was formerly the President of Caterpillar Inc. Forest Products Division, and currently serves as Chairman for LiuGong Americas. LiuGong Machinery is one of China's largest construction and mining equipment manufacturers with sales and operations worldwide. He is a global executive with decades of experience in turnarounds of manufacturing operations and end-to-end businesses; and with extensive on-the-ground experience in China and India. He previously Chaired the U.S.-ASEAN Business Council infrastructure committee while leading delegations to Indonesia and Vietnam. Mr. Thieneman is a graduate of Duke University, Juris Doctorate, with honors. His previous experience includes working as a licensed attorney and Certified Public Accountant in the State of Illinois.

Concurrently, the Board of Directors has accepted the resignation of its President, CEO and Director Ronald J. Goguen, effective immediately. Silver Spruce wishes to thank Mr. Goguen for his contributions to the Company.

About Silver Spruce Resources Inc.

Silver Spruce Resources Inc. is a well-positioned, Canadian junior exploration company pursuing the exploration and development of the Melchett Lake VMS project in Ontario, Canada, and the Pino de Plata epithermal silver/base metal/gold project located in the prolific Sierra Madre Occidental region of western Chihuahua State, Mexico. Silver Spruce Resources Inc. continues to investigate opportunities that Management has identified or that have been presented to the Company for consideration.

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. The company seeks Safe Harbour.

Contact:

Silver Spruce Resources Inc.
Dr. Brian Penney, Chairman and CEO
Tel: 902.430.8270
info@silverspruceresources.com
www.silverspruceresources.com

SOURCE: Silver Spruce Resources Inc.