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Spruce Ridge Resources and Nevada Exploration Sign Formal Option Agreement on the Fletcher Junction Gold Project, Nevada
(via Thenewswire.ca) Norfolk County, Ontario - July 31, 2012 - Spruce Ridge Resources Ltd. ...
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[{"type":"text","content":"\nSpruce Ridge Resources and Nevada Exploration Sign Formal Option Agreement on the Fletcher Junction Gold Project, Nevada\n\n(via Thenewswire.ca)\n\n \nNorfolk County, Ontario - July 31, 2012 - Spruce Ridge Resources Ltd. (\"Spruce Ridge\")\n\n\n \n(TSX.V:SHL) announces that it has completed and executed a definitive Exploration and Option to Enter Joint Venture Agreement (\"Agreement\") with Nevada Exploration Inc. (TSX.V: NGE) (\"NGE\") on NGE's Fletcher Junction Gold Project, in Mineral County, Nevada (the \"Property\").\n\n\n \nThe Agreement grants Spruce Ridge the option to earn a 70% interest in the Property by funding $2,600,000 in qualifying expenditures and making $300,000 in payments over 4 years (the \"Earn-In\").\n\n\n \nThe Year 1 payment of $50,000 is due upon the signing of a definitive agreement and the Year 1 work commitment of $580,000 is a firm obligation. Spruce Ridge may elect to pay up to 50% of the payments due under the definitive agreement by issuing Spruce Ridge Common Shares. NGE will act as the Operator during the Earn-In. If Spruce Ridge completes the Earn-In, Spruce Ridge may earn an additional 15%, for a total of 85%, by completing a feasibility report.\n\n\n \nFurthermore, NGE is pleased to report that Spruce Ridge has completed an airborne VTEM and magnetic survey over the Property. The survey included approximately 387 line kilometres covering both the Project and a portion of the nearby historic Aurora Mine. The acquired data are now being processed and will be used to help delineate potential targets for Spruce Ridge's anticipated drilling program.\n\n\n \nAbout Spruce Ridge Resources\n\n\n \nSpruce Ridge Resources is focused on exploring the Fletcher Junction gold property in Nevada and the Kramer gold property in western Newfoundland. It has two gold properties in the Beardmore-Geraldton greenstone belt of northwestern Ontario and two uranium properties in Newfoundland. Spruce Ridge also has a 50% joint venture with RX Gold & Silver Inc. The property contains tailings with low grade gold and silver from the Drumlummon Mine in Montana.\n\n\n \nFor further information please contact John Ryan, President and CEO of Spruce Ridge Resources Ltd. at 519-428-5327 or email [email protected]\n\n\n \nWade A. Hodges, President & CEO, Nevada Exploration Inc., is a Qualified Person, as defined...