Spruce Ridge Acquires Knucklethumb Gold Property

NORFOLK COUNTY, ON, Oct. 9 /CNW/ - Spruce Ridge Resources Ltd. (SHL:TSX-V) today announced that it has signed an option agreement to acquire a 100% interest subject to 3% NSR in the Knucklethumb gold property located in Oboshkegan Township, Thunder Bay mining division. The property consists of 18 mineral claims covering 4,640 acres, contiguous with the Company's 3,920 acre Spruce Hull Lake property for a total property holding of 8,560 acres.

The Knucklethumb property, located 55 kilometres north of Jellicoe, Ontario, contains seven documented gold occurrences over a 4 kilometre strike length. The mineralization is associated with two parallel, east-northeast trending shear structures. Carbonate, chlorite and kyanite alteration is also present in and around the mineralized zones. Previous exploration between 1997 and 2005 by Cameco Gold and Kodiak Exploration relied rather heavily on geophysical surveys, and included only limited amounts of stripping and diamond drilling of the exposed gold occurrences. Spruce Ridge intends to carry out an aggressive stripping program to determine the extent of the gold mineralization, with channel sampling to determine grades and widths on surface. It is anticipated that this will be followed by diamond drilling of the most prospective areas.

To earn 100% interest the Company must:

a)  i)    pay $25,000 upon execution of the agreement;
    ii)   pay $25,000 at the first anniversary;
    iii)  pay $25,000 at the second anniversary, and
b)  i)    pay advance royalty payments of $25,000 annually beginning the
          third anniversary, and
c)  Make exploration and development expenditures as per the following
    schedule:
    i)    $150,000 by the first anniversary
    ii)   $250,000 by the second anniversary, and
    iii)  $400,000 by the third anniversary

Technical information in this news release has been prepared and/or reviewed by Colin Bowdidge, Ph.D., P.Geo., a director of the Company and a Qualified Person as defined in NI43-101.

About Spruce Ridge Resources Ltd.

Spruce Ridge Resources Ltd. is a mineral exploration company focused on the acquisition, exploration, and development of mineral resources, primarily uranium and gold. The Company has two prospective uranium properties in Western Newfoundland, Canada: (i) the Deer Lake Basin uranium property and (ii) the Turner's Ridge uranium, lead and gold property approximately 30 kilometres to the north. The Company also has two prospective gold properties in Northern Ontario at Spruce Hull Lake and Nora Lake.

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responsibility for the adequacy or accuracy of this press release.