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Norfolk County, Ontario - July 31, 2012 - Spruce Ridge Resources Ltd. ("Spruce Ridge")
(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").
The 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").
The 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.
Furthermore, 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.
About Spruce Ridge Resources
Spruce 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.
For further information please contact John Ryan, President and CEO of Spruce Ridge Resources Ltd. at 519-428-5327 or email shiitakejr@gmail.com
Wade A. Hodges, President & CEO, Nevada Exploration Inc., is a Qualified Person, as defined in National Instrument 43-101, and has prepared the technical information contained in this news release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT: Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information, which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements regarding exploration results and exploration plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward looking information, whether as a result of new information, future events or otherwise, other than as required by law
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