Sandspring Completes C$2.0 Million Private Placement Equity Financing

DENVER, COLORADO--(Marketwired - Oct. 8, 2014) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Sandspring Resources Ltd. ("Sandspring" or the "Company") (TSX VENTURE:SSP), a Canadian-based company focused on expanding and developing its Toroparu Gold Project in Guyana, South America, is pleased to announce that it has closed a non-brokered private placement (the "Offering") of 10,327,000 units (the "Units") of the Company at a price of C$0.20 per Unit for aggregate gross proceeds of C$2,065,400. Each Unit consists of one common share of the Company and one common share purchase warrant (a "Warrant"). Each Warrant is exercisable to acquire one additional common share of the Company at a price of C$0.30 per share until 7 October 2017.

The securities issued are subject to a hold period expiring on 8 February 2015, in accordance with applicable Canadian securities laws and the rules and policies of the TSX Venture Exchange ("TSXV"), and such other restrictions as may apply under applicable foreign securities laws.

Net proceeds from the Offering will be used to continue the definitive feasibility study of Sandspring's Toroparu Gold Project and for general working capital purposes. The Offering remains subject to the final approval of the TSXV.

"We are pleased with the continued progress toward completion of the Toroparu feasibility study," commented CEO Rich Munson. "However, like many other gold companies, we are aware of the potential effect on our project of the current gold price environment and are looking at various optimization strategies to enhance the profitability of the Toroparu Gold Project in an extended lower gold price environment."

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements thereunder.

About Sandspring

Sandspring Resources Ltd. is a Canadian junior mining company currently in advanced exploration and in the process of finalizing a definitive feasibility study for the multi-million ounce Toroparu Gold Project in Guyana, South America. Visit Sandspring's website at www.sandspringresources.com.