Spruce Ridge Resources Completes Viking Property Purchase With Northern Abitibi Mining Corp.admin
Norfolk County , Ontario – December 13, 2013 – Spruce Ridge Resources Limited (TSXV: SHL) ("Spruce Ridge") is pleased to announce that it has completed a shares for debt transaction after receiving the approval of the TSX Venture Exchange. Pursuant to the option agreement with Northern Abitibi Mining Corp. ("Northern Abitibi – TSXV:NAI"), Spruce Ridge elected to issue up to 50% of the final cash payment of $100,000 by issuing 1,000,000 Shares at $0.05 per Share. Spruce Ridge also issued 5,000,000 shares to Northern Abitibi at $0.05 per share to complete the purchase. The Common Shares will be subject to a four month hold period expiring on April 15, 2014.
Spruce Ridge has now paid Northern Abitibi $150,000 cash and issued 11,000,000 common shares. The Viking Property is subject to a 2% to 4% sliding scale net smelter royalty held by Altius Resources Inc.
Spruce Ridge now owns 100% of the Viking Property. Viking is host to widespread intrusion hosted gold mineralization including NI 43-101 compliant resources at Viking of 98,000 ounces gold indicated (0.95 g/t gold average grade) and 45,000 ounces gold inferred (0.66 g/t gold average grade) and features multiple high grade intercepts including 4.8 meters grading 41.4 g/t gold. The deposit remains open for expansion and additional untested targets remain on the property. The adjoining 100% owned Kramer Property hosts similar and possibly linked mineralization highlighted by drill intercepts of 20.05 meters grading 1.12 g/t gold including 3.25 meters grading 5.42 g/t gold. Locally strong grades including 45.16 g/t gold over a 1.0 meter channel suggest that potentially significant, higher grade shoots, similar to the adjacent Viking Property, also exist on the Kramer Property. The mineralization at Kramer has been intermittently exposed and tested over a minimum 7 kilometer strike length and remains open.
Technical information in this news release was prepared and/or reviewed by Tim Froude, P.Geo., a Qualified Person as defined in NI43-101
About Spruce Ridge Resources
Spruce Ridge Resources is focused on exploring the Kramer/Viking gold property in western Newfoundland. It also has a gold property in the Beardmore-Geraldton greenstone belt of northwestern Ontario and a 50% joint venture with US Silver and Gold Inc. on property that contains gold and silver bearing tailings from the Drumlummon Mine in Montana. Drumlummon has historical production of over 1 million ounces of gold and 12 million ounces of silver mainly between 1873 and 1920.
For further information please contact:
John Ryan, President & CEO
Spruce Ridge Resources Ltd.
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.
Posted: December 14th, 2013 under ACCESSWIRE.