SRCGF - Spruce Ridge Received Option Payments for the Viking and Kramer Properties Viking Project Newfoundland

(TheNewswire)

March 7, 2022 – TheNewswire - Spruce Ridge Resources Ltd. (TSXV:SHL) (OTC:SRCGF) (“Spruce Ridge” or the“Company”) is pleased to announce that it has receivedm ilestone option payments from Magna TerraMinerals Inc. (“Magna") per the Amended Option Agreements (the"Agreements") (See Press Release dated September 15, 2020)for the Viking and Kramer Properties.

The option payment consideration of $75,000 consistedof a cash payment of $51,388.78 as well as the issuance by Magna Terrato Spruce Ridge of 185,186 units of Magna Terra; each unit consistingof 1 common share and ½ common share purchase warrant.  One fullwarrant being exercisable for 1 common share of Magna Terra at anexercise price of $0.19 for 2 years from the issue date.

About the Viking Projects

The Viking Projects are located near the community ofPollard's Point, NL.

The Project is centered along a 20-kilometre section ofthe Doucer's Valley Fault, a significant geological control on, andhost to, several gold deposits and untested prospects, includingViking and Thor Deposits.  Gold mineralization is hosted within avariety of rock types that include Precambrian or Ordovician graniteand granodiorite, or younger volcanic and sedimentary rocks, typicallyalong splays off the Doucer's Valley Fault. Alteration consists ofmesothermal style sericite, quartz ± iron carbonate ± sulfide veinsand stockworks with 2 to 5% total sulfides consisting of pyrite,arsenopyrite, galena, chalcopyrite, and sphalerite, and locally showtrace amounts of visible gold.

The Viking Project is host to significant HistoricMineral Resources, including:

• An Historical Indicated Mineral Resource^ of 937,000tonnes at an average grade of 2.09 g/t gold containing 63,000 ouncesof gold plus an Historical Inferred Mineral Resource of 350,000 tonnesat an average grade of 1.79 g/t gold containing 20,000 ounces of goldat a cut-off grade of 1.0 g/t gold at the Thor Deposit.

Mineral Resources are not MineralReserves and do not have demonstrated economic viability.  AllMineral Resource Estimates were prepared in accordance with NI 43-101and the CIM Standards (2014).  Please refer to the NI 43-101Technical Report with effective date August 29, 2016 by Copeland etal. (2016).  An Independent Qualified Person has not carried outsufficient work to classify the Thor Historical Mineral ResourceEstimate as current and Spruce Ridge is not considering this MineralResource Estimate to be current.  Magna Terra considers the ThorDeposit to have potential for expansion that will be addressed infuture exploration programs.

Qualified Person andTechnical Report

Colin Bowdidge, Ph.D., P.Geo. (ONand NL), Qualified Person as defined in NI43-101, has reviewed andapproved the technical information in this news release.  Mr.Bowdidge is a director and VP Exploration of Spruce Ridge

^The Historical Mineral ResourceEstimate quoted in this press release regarding the Viking Project(Thor Deposit) is taken from the technical report: "NI 43-101Technical Report And Mineral Resource Estimate For The Thor Deposit,Viking Project, White Bay Area, Newfoundland and Labrador, Canada,prepared for Anaconda Mining Inc. by David A. Copeland, P.Geo., Dr.Shane Ebert, P. Geo. and Gary Giroux, P. Eng. M.ASc., August 29,2016. An IndependentQualified Person has not carried out sufficient work to classify theThor Historical Mineral Resource Estimate as current and Spruce Ridgeis not considering this Mineral Resource Estimate to be current. Magna Terra considers the Thor Deposit to have potential forexpansion that will be addressed in future explorationprograms.

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 Ridge acquired leases with petroleum and natural gasrights, plus shut-in oil and gas wells, pipelines, and facilities, inthe Unity area of southwestern Saskatchewan and is in the process ofputting these assets back into production.

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 securitieshave not been and will not be registered under the United StatesSecurities Act of 1933, as amended (the “1933 Act”) or any statesecurities laws and may not be offered or sold within the UnitedStates or to, or for account or benefit of, U.S. Persons (as definedin Regulation S under the 1933 Act) unless registered under the 1933Act and applicable state securities laws, or an exemption from suchregistration requirements is available.

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