Spruce Ridge Resources to Acquire 100% of Northern Abitibi Mining's Viking Gold Project in Western Newfoundland

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[{"type":"text","content":"\nSpruce Ridge Resources to Acquire 100% of Northern Abitibi Mining's Viking Gold Project in Western Newfoundland\n\n(via Thenewswire.ca)\n\n \nNorfolk County , Ontario - August 14, 2012 - Spruce Ridge Resources Ltd (TSXV: SHL) (\"Spruce Ridge\") is pleased to announce that it has entered into an option agreement with Northern Abitibi Mining Corp. (TSXV: NAI) (\"Northern Abitibi\") to acquire an undivided 100% interest in the Viking Gold Project (\"Viking\") in Western Newfoundland. The Viking project is surrounded on three sides by Spruce Ridge's Kramer property. We believe that two of the significant gold showings discovered to date on the Kramer property are extensions of mineralized systems on the Viking project. The Viking project is host to the Thor gold deposit which contains a NI 43-101 compliant resource estimate containing 98,000 ounces of gold at a grade of 0.95 grams per tonne in the indicated category and an additional 45,000 ounces of gold at 0.66 g/t in the inferred category. The deposit remains open for expansion, and there are several untested or partially explored targets on the property.\n\n\n \nDeposit highlights include:\n\n\n \n-High Grade drill intercepts including 4.8 m @ 41.4 g/t Au and 27 m @ 7.9 g/t Au\n\n\n \n-Excellent Metallurgy @ 95% to 97% gold recoveries\n\n\n \n-Deposit is Road accessible and open for expansion\n\n\n \n-Additional targets including 4 kilometer long gold-in-soil anomaly\n\n\n \n-Existing resource estimates used an open-pit model, the potential for selective mining of high grade veins does not appear to have been appraised\n\n\n \nSubject to approval by the shareholders of Northern Abitibi and approval by the TSX Venture Exchange, Spruce Ridge shall:\n\n\n \n(a)pay Northern Abitibi a cash payment of $50,000; and issue to Northern Abitibi 5,000,000 common shares of the capital stock of Spruce Ridge (with applicable resale restrictions); \n\n(b)within six (6) months of receipt of Regulatory Approval pay Northern Abitibi a cash payment of $50,000; \n\n(c)within twelve (12) months of receipt of Regulatory Approval pay Northern Abitibi a cash payment of $100,000. At the sole election of Spruce Ridge, up to 50% of the final cash payment may be satisfied by the issue to Northern Abitibi of that number of common shares of the capital stock of Spruce Ridge (with applicable resale restricti...

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