Board of Directors

John R. Adams , , , Chairman of the Board of Directors

Mr. Adams has over 30 years of experience in the mining business. He is the son of the late Robert W. Adams, one of the founders of the U.S. uranium industry. John Adams managed the family-owned company Energy Fuels Corporation, which developed and owned the largest coal mine in Colorado (4 million tons per year). He was also Chief Executive Officer of Energy Fuels Nuclear Inc., the largest producer of uranium in the U.S. (5 million lbs per year) during the 1980's and early 1990's. For over 10 years Mr. Adams has been developing the Toroparu Gold-Copper Deposit in Guyana, South America. In addition to his mining activities, Mr. Adams has been active in real estate development, banking, and cattle production. He formerly owned 40% of the Denver Broncos National Football League franchise. He resides on his family’s cattle ranch in Steamboat Springs, Colorado.

Rich Munson , , B.A., J.D., L.L.M. , , CEO, Director

Mr. Munson has been active in the natural resources business for 30 years starting as a natural resources lawyer specializing in taxation. Mr. Munson joined the Energy Fuels companies owned by John R. Adams (Chairman of Sandspring) in 1985 and has worked with Mr. Adams since that time serving as an officer, director and general counsel for the Adam’s group. Mr. Adams and Mr. Munson formed ETK Inc. in 1999 to acquire the Toroparu Gold-Copper Project that is the key asset of Sandspring. Sandspring acquired ETK Inc. in November of 2009 and Mr. Munson has been CEO and a director of Sandspring since that time.

Greg Barnes , , B.Sc., M.Sc. , , Executive Vice-President, Director

Mr. Barnes has been associated with the Toroparu Gold-Copper Project for a number of years as a technical advisor and investor prior to completion of the Qualifying Transaction in November of 2009. Mr. Barnes has been involved in a number of privately held companies specializing in the trading, production, and investment in commodities in developing countries. Mr. Barnes holds a B.Sc. in Geological Sciences from the University of Texas at Austin and a M.Sc. in Economics from the London School of Economics. He is also the CEO and President of Hunter Energy LLC.

David Constable , , BSc, MBA, ICD.D , , Independent Director

David Constable is a professional geologist who has more than 40 years of experience in mineral exploration, development and strategic investor relations throughout Canada and internationally. From 2002-10 he was Vice President Investor Relations for FNX Mining Company Inc. (FNX:TSX), retiring after the 2010 merger with Quadra Mining Ltd. (QUA:TSX) to create Quadra/FNX Mining Ltd. (QUX:TSX). Mr. Constable has a BSc (Hons.) from Mount Allison University in New Brunswick, an MBA (Hons.) from Sudbury's Laurentian University and possesses an ICD.D designation from the Institute of Canadian Directors.

Brad L. Doores , , B.A., J.D. , , Independent Director

Mr. Doores is VP and Assistant General Counsel for Barrick Gold Corp. He is a U.S. attorney licensed in the state of Colorado with over 30 years of legal experience in the mining industry. During the course of his career, Mr. Doores has served as an officer, director and legal counsel for both private and public, and senior and junior, natural resources companies. Mr. Doores has a B.A. from Duke University (1972) and a J.D. from the University of Michigan School of Law (1975).

Gerald W. Grandey , , B.S. (GeopEng), J.D. , , Independent Director

Mr. Grandey is the former president, CEO, and Director of Cameco Corporation. His prior appointments include Vice-Chair and Chief Executive Officer of The Concord Mining Business Unit and president of the Energy Fuels group of American coal and uranium mining companies. Mr. Grandey practiced law in the mid '70s with a major Denver law firm specializing in mineral financing, natural resources and environmental law. He graduated from the Colorado School of Mines in 1968 with a degree in geophysical engineering and, after serving two years in the U.S. military, received his law degree from Northwestern University in 1973.

George Bee , , , Director

Mr. Bee has an extensive career operating and developing world-class gold mining projects, most recently in Latin America. He currently serves as President, CEO and Director of Andina Minerals Inc. and serves on the Board of Directors of Peregrine Metals, which is in the final stages of being acquired by Stillwater Mining Company. Previously, he was Chief Operating Officer at Aurelian Resources, Inc. where he was primarily responsible for the development of the Fruta del Norte Project in Ecuador. Prior to that Mr. Bee was Director, Technical Projects for Barrick Gold Corporation. During his 16-year career at Barrick he was responsible for a number of operating and development projects. In 1998, he worked as Operations Manager to bring together the operating team and work to finalize the construction and commence operations at the Pierina gold mine in Peru culminating in his oversight of the first full year of production of over 800,000 oz AU. He left in 2000 for the Pascua Lama project in Chile before moving in 2002 to the Veladero mine where he was responsible for leading the team that took the Veladero mine from advanced exploration through feasibility, permitting and into production. Veladero was the first major mine investment to be made in Argentina's San Juan province and one of the first investments in Argentina after the financial crisis of 2001-2002. Mr. Bee is a graduate of the Camborne School of Mines in Cornwall, United Kingdom.

Suresh Beharry , , , Director

Mr. Beharry is Chairman of Edward B. Beharry & Company Ltd. (the "Beharry Group"), a business conglomerate active in a number of industry sectors throughout Guyana and the Caribbean. The Beharry Group engages in the insurance and finance sectors in Guyana through North American Life and Fire Insurance Co. Ltd., Guyana Bank for Trade and Industry, Beharry Stock Brokers, and Guyana Americas Merchant Bank, which started as a joint venture with the International Finance Corporation, a member of the World Bank Group. The Beharry Group operates a major food manufacturing and distribution business in Guyana and has a leading role in the automotive sector in Guyana through Beharry Automotive Ltd., the exclusive distributor of Toyota in Guyana. Mr. Beharry is a graduate of York University in Toronto, Ontario.

Toroparu Preliminary Assessment
PEA Highlights
- 5 M oz of gold in preliminary mine plan
- $2.6 billion life of mine operating and $1.7 billion pre-tax free cash flow at three-year trailing average gold price of $1,255/oz. effective December 31, 2011
  - • $750 million cumulative cash flow during first five years of production
  - • Pre-production capital costs of $482 million through development of more capital efficient operation for the first five years of mine life
- Average net cash costs including royalties of $450/oz. gold in first five years of operation and $600/oz. gold over the 14-year mine life
- Pre-tax and post-royalty net present value (discounted at 5%) of $805 million and pre-tax internal rate of return of 21%
  - • After tax net present value (discounted at 5%) of $540 million and after tax internal rate of return of 18%
  - • Life of mine projected production of 4.3 M oz of gold and 262 M lbs of by-product copper
Exploration Upside
Exploration Upside
- Infill drilling in progress for Toroparu resource definition
- Step-out and exploration drilling in progress for resource growth
- Strong potential to make new discoveries of 1000 square kilometer land package
- 300 square kilometer geochemical survey nearly complete
- Exploration team led by team that has made several key discoveries of gold deposits that have led to production in West Africa
- Senior exploration management living in Guyana

Potentially Mineable Resources

Potentially Mineable Portion of the Mineral Resource at an average cut-off grade of 0.54 g/t Au^{1, 2, 3}

Potentially Mineable Classification	Tonnes (000’s)	Au g/t	Au oz (000’s)	Cu %	Cu (M lbs)
Saprolite Measured	2,213	0.73	52	0.05	2
Saprolite Indicated	5,008	0.67	108	0.04	4
Saprolite Measured & Indicated	7,221	0.69	160	0.04	6
Saprolite Inferred	5,240	0.56	94	0.04	5

Fresh Rock Measured	20,567	1.24	820	0.14	64
Fresh Rock Indicated	75,213	1.03	2,491	0.10	166
Fresh Rock Measured & Indicated	95,780	1.07	3,311	0.11	230
Fresh Rock Inferred	13,125	0.97	409	0.07	20

Fresh Rock Stockpile Measured & Indicated	69,899	0.39	876	0.07	108
Fresh Rock Stockpile Inferred	17,537	0.37	209	0.05	19

Total Measured & Indicated	172,900	0.78	4,347	0.09	344
Total Inferred	35,902	0.62	712	0.05	44

¹ The potentially mineable mineral resources are reported at an average cut-off grade of 0.54 g/t gold which is intentionally elevated above an optimized cut-off grade of 0.28 g/t Au)used to determine the in-pit optimized resource estimate for the Property to enhance the economics of production.

² Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. Environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues may materially affect the estimate of mineral resources. The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred resources as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.

³ The potentially mineable portion of the mineral resource estimate was prepared by Eugene Puritch, P. Eng (PEO #100014010) of P&E Mining Consultants Inc. Mineral resource estimates reported in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions.

Why Sandspring?
Why Sandspring?
- Rapidly developing the Toroparu Gold Deposit, Guyana’s largest mineral resource
- Working toward Large-scale Commercial Production for 5 M oz potentially mineable resource
  - • Environmental authorization pending
  - • Pre-feasibility study scheduled in Q3 2012
- Potential to add to mineable resources through resource growth and definition drilling
- Highly Accomplished board and management with senior producer experience and large ownership interest
- Operational capacity to support both exploration and development
- Sufficient cash available to continue to advance project