April 11, 2022 – TheNewswire - Spruce Ridge Resources Ltd. (TSXV:SHL) (OTC:SRCGF) (“Spruce Ridge” or the “Company”) is pleased to announce the filing on SEDAR of a Preliminary Economic Assessment ("PEA") for its wholly-owned Great Burnt Copper-Gold project located in Central Newfoundland.  Results of the PEA were previously announced in a Company news release dated February 23, 2022.

The PEA, titled "Updated Mineral Resource Estimate and Preliminary Economic Assessment of the Great Burnt Copper-Gold Property, Central Newfoundland” (the “Technical Report”), was prepared in accordance with the requirements of National Instrument 43-101 by P&E Mining Consultants Inc.(“P&E”) and has an effective date of March 9, 2022. The PEA can be found under the Company's profile at www.sedar.com and will soon be made available for download on the Spruce Ridge website at www.spruceridgeresources.com.

Colin Bowdidge, Ph.D., P.Geo. and Eugene Puritch, P.Eng., Fec, CET, Qualified Persons as defined in NI43-101, have reviewed and approved the technical information in this news release. Mr. Bowdidge is a director and VP Exploration of Spruce Ridge and Mr. Puritch is independent of Spruce Ridge.

About Spruce Ridge Resources Ltd.

Spruce Ridge holds a 100% interest in 26,640 hectares in Central Newfoundland, including:

• the 2,890-hectare Great Burnt VMS copper-gold property; 

• the 4,575-hectare Pipestone nickel prospect and; 

• the 19,175-hectare Foggy Pond property 

In addition to its mineral assets, Spruce Ridge currently has two oil wells in production in Unity Saskatchewan and intends to bring additional oil wells into production.

Spruce Ridge currently holds 5,594,955 shares of Canada Nickel Company Inc. and 10,000,000 shares of Noble Mineral Exploration Inc.

For further information please contact:

John Ryan, President and CEO

Spruce Ridge Resources Ltd.

Phone: 519-822-5904

Email: spruceridgeresources@gmail.com

Forward-Looking Statements

Neither 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.  This News Release includes certain "forward-looking statements" which are not comprised of historical facts.  Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations.  Risks, uncertainties and other factors involved with forward-looking information 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 intention to complete the transactions, and the Company’s objectives, goals or future plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to an inability to complete the transactions, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, delays in obtaining or failures to obtain required regulatory, governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, 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, capital and operating costs varying significantly from estimates 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.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.