Mr. Richard Munson reports

SANDSPRING RESOURCES ANNOUNCES SHARE PURCHASES BY FRANK GIUSTRA

Fiore Financial Corp., a company owned and controlled by Frank Giustra, has acquired 2,615,000 common shares of Sandspring Resources Ltd. from the exercise of share purchase warrants at an exercise price of 15 cents per common share, and Mr. Giustra has acquired two million common shares of Sandspring in the public market at an average price of 17.6 cents per common share. The acquisitions represent 5.18 per cent of the issued and outstanding common shares of the company.

As a result of the acquisition of securities described above, Mr. Giustra directly and indirectly owns or controls in total 10,951,500 common shares of the issuer, representing 12.85 per cent of the current issued and outstanding common shares of the company. Assuming exercise of the 400,000 options and 3.04 million share purchase warrants held by Mr. Giustra directly and indirectly, Mr. Giustra would own or control 14,391,500 common shares of Sandspring, representing 16.23 per cent of the issued and outstanding common shares of the company on a partially diluted basis.

The company has been advised that Mr. Giustra and his related entities acquired these securities for investment purposes and, as disclosed in the early warning report accompanying this news release, may in the future acquire or dispose of securities of the company through the market, privately or otherwise, as circumstances or market conditions warrant.