Norfolk County , Ontario - November 16, 2012 - Spruce Ridge Resources Limited (TSXV: SHL) ("Spruce Ridge") is pleased to announce the results of prospecting and stripping just completed on the Kramer gold property near Pollards Point in Western Newfoundland. A total of 165 grab samples of quartz veining and associated sulphide mineralization were collected; assays of these grab samples gave up to a maximum of 85.36 grams of gold per tonne.
Of the 165 grab samples collected for assay, 140 were taken along a 1,000 metre long swath extending northeast from the area of the Kramer and Whisky Jack gold zones which were discovered in 2010 and tested with 14 preliminary diamond drill holes. Forty-four samples gave assays between 0.10 and 0.50 g/t Au, 20 samples gave between 0.50 and 1.00 g/t Au, 16 gave between 1.00 and 10.00 g/t Au, 4 gave from 10.00 to 20.00 g/t Au and five gave assays over 20 g/t Au. This broad swath includes what appear to be four or five new, discrete mineralized trends oriented north to south, northeast to southwest and east-northeast to west-southwest. These trends are similar in orientation to the mineralized trends defined on the Viking property immediately to the west. The recent acquisition of the 900-hectare Viking property from Northern Abitibi Mining Corp (see news releases of August 14th, September 24th and October 17th and 29th, 2012) has increased the total area of Spruce Ridge's property to 6,650 hectares.
Three of the newly discovered clusters of gold-bearing samples appear to have sufficient continuity to be drill targets. Others need further work, possibly including stripping, before being upgraded to drill targets.
Additionally, 14 samples were taken along an east-northeast trending mineralized system that was found, 2.5 kilometres north of the Kramer-Whisky Jack area. Only one of these samples gave a significant assay of 2.12 g/t Au. However, this discovery extends the overall extent of the gold-bearing system to over 7 kilometres measured from southwest to northeast.
Four kilometres to the southwest of the Kramer and Whisky Jack gold zones, just outside the area of the Viking claims, 11 grab samples were collected, of which a single sample yielded an assay of 20.23 g/t Au. This indicates the possibility that the mineralized system extends to the southwest of the Viking property, in an area where no previous exploration had been performed. The sample was taken from close to the Viking Trend, a topographic lineament with associated gold anomalies in historic soil samples.
In addition to grab samples of quartz veins and sulphide mineralization, 88 channel samples, each 1 metre long, were taken from areas of altered and mineralized granite, which were exposed by stripping. The altered and mineralized granite represents the wallrock around discrete mineralized veins. Of the 88 samples, 39 assayed less than 0.10 g/tAu, 23 assayed between 0.10 and 0.20 g/t Au, 21 assayed between 0.20 and 0.50 g/t Au and five contained over 0.50 g/t Au, with a maximum value of 1.38 g/t Au. The presence of consistently anomalous gold values in granitic wallrocks would enhance the possibility that a number of higher grade gold-bearing veins might be combined to make a potentially larger mineral resource.
John A. Ryan, CEO of Spruce Ridge stated "The Kramer project continues to surprise us. There is little or no natural outcrop over most of the property, but it seems that wherever we remove the overburden, we find more gold. It's obviously a huge mineralized system and we believe that somewhere in that system there may be a substantial gold deposit."
The Company intends to compile information from the Viking and Kramer projects into a single data set before making plans for further exploration.
The Company has granted to directors, officers and consultants a total of 1,800,000 stock options under the Company's Stock Option Plan. The options are exercisable at a price of $0.20 per share for a period of 5 years, and vest 1/3 on grant, 1/3 after one year and the remaining 1/3 after two years.
Technical information in this news release has bee prepared and/or reviewed by Colin Bowdidge, Ph.D., P.Geo., a Qualified Person as defined in NI 43-101 and a director of the company.
About Spruce Ridge Resources
Spruce Ridge Resources is focused on exploring the Fletcher Junction gold property in Mineral County, Nevada and the Kramer gold property in Western Newfoundland. It has two gold properties in the Beardmore-Geraldton greenstone belt of northwestern Ontario, two uranium properties in Newfoundland and a 50% joint venture with US Silver & Gold Inc. The JV Property contains tailings with low grade gold and silver from the Drumlummon Mine in Montana.
For further information please contact:
John Ryan, President & CEO
Spruce Ridge Resources Ltd.
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CAUTIONARY STATEMENT: Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information, which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements regarding exploration results and exploration plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.