SHL:CC - Spruce Ridge Files Great Burnt Copper-Gold PEA Technical Report on SEDAR

(TheNewswire)

April 11, 2022 – TheNewswire - Spruce Ridge Resources Ltd. (TSXV:SHL) (OTC:SRCGF) (“Spruce Ridge” or the“Company”) is pleased to announce the filing on SEDAR of a Preliminary Economic Assessment("PEA") for its wholly-owned Great Burnt Copper-Gold projectlocated in Central Newfoundland.  Results of the PEA were previouslyannounced in a Company news release dated February 23, 2022.

The PEA, titled "Updated Mineral Resource Estimateand Preliminary Economic Assessment of the Great Burnt Copper-GoldProperty, Central Newfoundland” (the “Technical Report”), wasprepared in accordance with the requirements of National Instrument43-101 by P&E Mining Consultants Inc.(“P&E”) and has aneffective date of March 9, 2022. The PEA can be found under theCompany's profile at www.sedar.com and will soon be made available fordownload on the Spruce Ridge website at www.spruceridgeresources.com .

Colin Bowdidge, Ph.D., P.Geo. andEugene Puritch, P.Eng., Fec, CET, Qualified Persons as defined inNI43-101, have reviewed and approved the technical information in thisnews release . Mr. Bowdidge isa director and VP Exploration of Spruce Ridge and Mr. Puritch isindependent of Spruce Ridge.

About Spruce Ridge Resources Ltd.

Spruce Ridge holds a 100% interest in 26,640 hectaresin Central Newfoundland, including:

• the 2,890-hectare Great Burnt VMS copper-goldproperty;

• the 4,575-hectare Pipestone nickel prospectand;

• the 19,175-hectare Foggy Pond property

In addition to its mineral assets, Spruce Ridgecurrently has two oil wells in production inUnity Saskatchewan and intends to bring additional oil wells intoproduction.

Spruce Ridge currently holds 5,594,955 shares of CanadaNickel Company Inc. and 10,000,000 shares of Noble Mineral ExplorationInc.

For further information please contact:

John Ryan, President and CEO

Spruce Ridge Resources Ltd.

Phone: 519-822-5904

Email: spruceridgeresources@gmail.com

Forward-Looking Statements

Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.  This News Release includes certain"forward-looking statements" which are not comprised ofhistorical facts.  Forward-looking statements include estimates andstatements that describe the Company’s future plans, objectives orgoals, including words to the effect that the Company or managementexpects a stated condition or result to occur. Forward-lookingstatements may be identified by such terms as “believes”,“anticipates”, “expects”, “estimates”, “may”,“could”, “would”, “will”, or “plan”. Sinceforward-looking statements are based on assumptions and address futureevents and conditions, by their very nature they involve inherentrisks and uncertainties. Although these statements are based oninformation currently available to the Company, the Company providesno assurance that actual results will meet management’sexpectations.  Risks, uncertainties and other factors involved withforward-looking information could cause actual events, results,performance, prospects and opportunities to differ materially fromthose expressed or implied by such forward-looking information.Forward looking information in this news release includes, but is notlimited to, the intention to complete the transactions, and theCompany’s objectives, goals or future plans. Factors that couldcause actual results to differ materially from such forward-lookinginformation include, but are not limited to an inability to completethe transactions, failure to identify mineral resources, failure toconvert estimated mineral resources to reserves, delays in obtainingor failures to obtain required regulatory, governmental, environmentalor other project approvals, political risks, inability to fulfill theduty to accommodate First Nations and other indigenous peoples,uncertainties relating to the availability and costs of financingneeded in the future, changes in equity markets, inflation, changes inexchange rates, fluctuations in commodity prices, delays in thedevelopment of projects, capital and operating costs varyingsignificantly from estimates and the other risks involved in themineral exploration and development industry, and those risks set outin the Company’s public documents filed on SEDAR. Although theCompany believes that the assumptions and factors used in preparingthe forward-looking information in this news release are reasonable,undue reliance should not be placed on such information, which onlyapplies as of the date of this news release, and no assurance can begiven that such events will occur in the disclosed time frames or atall. The Company disclaims any intention or obligation to update orrevise any forward-looking information, whether as a result of newinformation, future events or otherwise, other than as required bylaw.

This news release does notconstitute an offer to sell or a solicitation of an offer to buy norshall there be any sale of any of the securities in any jurisdictionin which such offer, solicitation or sale would be unlawful, includingany of the securities in the United States of America. The securities have not been andwill not be registered under the United States Securities Act of 1933,as amended (the “1933 Act”) or any state securities laws and maynot be offered or sold within the United States or to, or for accountor benefit of, U.S. Persons (as defined in Regulation S under the 1933Act) unless registered under the 1933 Act and applicable statesecurities laws, or an exemption from such registration requirementsis available.

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