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Press Releases

May 15, 2009

Sandspring Resources Ltd. Announces Entering into Acquisition Agreement to Acquire Mineral Exploration Property Located in Guyana, South America and CDN$12.5 Million Financing

Sandspring Resources Ltd. (the "Corporation") (TSX-V: SSP.P) announces that further to its press releases dated June 27, 2008 and September 3, 2008, the Corporation, GoldHeart Investment Holdings Ltd. ("GoldHeart"), the shareholders of GoldHeart (the "GoldHeart Shareholders") and certain creditors of GoldHeart (the "Lenders") entered into a formal acquisition agreement on May 11, 2009 (the "Acquisition Agreement ") relating to the acquisition by the Corporation (the "Acquisition") of 100% of the issued and outstanding shares of GoldHeart (the "GoldHeart Shares") and certain corollary transactions. The Acquisition is an arm's length transaction and upon completion thereof, it is expected that the Corporation will be a Tier 2 Mining Issuer on the TSX Venture Exchange (the "Exchange").