Spruce Ridge Resources Ltd. announce that it has signed a binding letter of intent with Benton Resources Inc. to enter into an option agreement whereby Benton can earn an undivided 70% interest in Spruce's Great Burnt Copper/Gold Property, comprised of six mineral licenses and one mining lease. Highlights of the Option Agreement: Under the terms of the Option Agreement, Benton can earn a 70% undivided interest in the Property by: making a $40,000 cash payment to Spruce upon receipt of approval of the TSX Venture Exchange; issuing to Spruce 15 million common shares in the capital of Benton ("Benton Shares") as follows: 5,000,000 Benton Shares subject to a four-month regulatory trading restriction; 5,000,000 Benton Shares subject to a four-month regulatory trading restriction plus an additional eight-month voluntary trading restriction; and 5,000,000 Benton Shares subject to a four-month regulatory trading restriction plus an additional twenty-month voluntary trading restriction; completing $2.5 million in exploration expenditures on the Property within 36 months of the date of the LOI, of which $1.0 million must be expended by the first anniversary of the LOI, subject to the right of Benton to accelerate the completion of such expenditures and share issuances. Once a 70% interest in the Property is earned by Benton, the Property will be operated as a participating joint venture.

Newfoundland Property Update: Spruce currently holds six mineral licenses (033214M, 033215M, 027013M, 009881M, and 006683M) 020961M that total 616 individual mineral claims (15,525 ha) and one mining lease (211-10210M) totaling 165 ha, all located in central Newfoundland. Previous exploration at Great Burnt has defined a National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") compliant resource of 47.2 Mlb Cu at 3.21% (indicated) and 25.0 Mlb Cu at 2.35% (inferred). The copper resource remains open to the south and at depth.

Exploration at South Pond has identified potential for both copper and gold along several kms of strike with drillhole SP21-01, for example, intersecting 1.69 g/t Au over 51.0 m within 10 m of surface. The mineral claims and the mining lease remain in good standing and are monitored monthly by an independent consulting geologist.