Silver Spruce Update

Silver Spruce is trading at $0.1205 per share as it has been caught up in the malaise of uranium stocks that have not recovered to rational levels. Well I understand as uranium prices fell the juniors price per share based on uranium properties and on-going project development fell in concert, even some of those with other mining properties. Silver Spruce has 4 uranium properties, 3 ree properties and 2 gold properties. With 19 projects all in Labrador, Canada, the two I am most interested in are the RWM and Popes Hill rare earth projects.

200 day moving average just above $0.14, current trend: sideways and most every day in the last two weeks, the fight to $0.16 (23.6 fibonacci) and the correction down to $0.14 or 0.15 was the norm.

Uncertainty has certainly taken some money off of the table in the junior resource sector and most uranium plays remain 20-30% of their recent lows. Important to note, the U3O8 price is $57.25 but the long term price is barely off it short term high and currently $72. Since Silver Spruce is a junior explorer, they do not rely on short term U3O8 price stability, but will benefit from the rising gold and rare earth prices, no matter the whipsaw in the uranium market.

Though the market and the technicals remains delicate, I added to my position yesterday to lower my basis in the company with medium term profit taking in mind.