Spruce Ridge Resources Announces Shareholder Results

PUSLINCH, Ontario, Aug. 04, 2022 (GLOBE NEWSWIRE) — Spruce Ridge Resources Ltd. (“Spruce” or the “Company”) (TSX-V: SHL) announces that at today’s meeting of shareholders, the following individuals were elected to the Company’s Board of Directors: Vance White, Steve Balch, J. Birks Bovaird, Michael Dehn and Dr. Kasi Sethu Raman. Mr. Dehn was a retiring director of the Company and the other directors are new directors duly elected at the meeting of shareholders.

Also at this meeting, the shareholders approved the renewal of the mandate of Grant Thornton LLP as auditors of the Company and approved the stock option plan of the Company.

John Ryan has stepped down as Chairman and CEO of the company, and Mr. Steve Balch has been named Spruce’s interim Chairman and CEO. Mr. Ryan continues as a consultant to help with an orderly transition. Mr. Ryan said: “I am delighted to welcome the new Board of Directors and look forward to working with the new management.

Property update

Spruce Ridge announces that the appraisal reports for three mining licenses covering its South Pond Copper-Gold property in Spruce’s Great Burnt property (2,890 ha) located in central Newfoundland are filed after the applicable deadlines. The Company has held the mineral claims since 1999. Acceptance of the late filing was sought from the Newfoundland and Labrador Mineral Lands Division. The South Pond copper and gold property was most recently discussed by the Company in its press release dated July 19, 2022. Shareholders are advised that the exploration results discussed in this press release (and in the previous press releases) relate to an area of ​​property for which Spruce may no longer hold the required mining licenses.

The Great Burnt Copper area is contained in a separate mining lease and remains in good standing.

The mining claims covering the Pipestone nickel prospect (4,575 ha) expired due to insufficient appraisal work to keep the claims in good standing. This property was not under active exploration.

History of new administrators

The Company is pleased to provide the following information regarding the members of its newly constituted Board of Directors.

  • Steve Balch, a resident of Ontario, Canada, is a Chartered Geoscientist currently serving as Vice President of Exploration for Canada Nickel Company Inc. He is one of Canada’s leading experts in geophysical techniques used to identify nickel-copper sulfide and platinum group metal targets. . He has 36 years of experience in geophysics, specializing in magnetic and electromagnetic methods, but also with experience in large exploration compilations. After working at Inco for six years in the Sudbury Basin and Voisey’s Bay, Steve joined Aeroquest in 2001 and helped develop the AeroTEM system, focusing on point measurements of the triangular waveform linear. In 2007, Mr. Balch founded Triumph Instruments and developed the AirTEM system, a multi-coil helicopter-borne EM system that is now used in Mexico, China, Canada and Eastern Europe. Steve has also been active in borehole geophysics and worked on the development of new technologies including north-seeking gyroscopes, temperature-compensated induction conductivity probes, and high-sensitivity magnetic gradiometers. He previously served as President and Director of Triumph Instruments and Canadian Mining Geophysics Ltd. He was president, chief executive officer and director of Chevrier Metals Corp. (formerly Tawsho Mining Inc.) as well as a director of RHC Capital Corporation (formerly Rockefeller Hughes Corporation) from 2013 to 2016. Mr. Balch is also a consultant to Noble Mineral Exploration Inc. and other exploration and mining companies. mining.
  • Michael Dehn, resident of Ontario, Canada, is a partner of Avanti Management and Consulting Limited. He has over 21 years of experience in the mining industry, as a director of publicly traded and private junior mining companies, with listings on various stock exchanges. He is currently the President and CEO of Temas Resources Corp. and United Lithium Corp. He has been a director of Spruce since December 2020 and served on its audit committee until today’s meeting of shareholders.
  • H. Vance White, a resident of Ontario, Canada, has been President, Chief Executive Officer and Director of Noble Mineral Exploration Inc. since 2003. He has held director and officer positions with numerous other reporting issuers, including AfriOre Limited and Dickenson. Mines Limited.
  • Dr. Kasi Sethu Raman, a resident of Ontario, Canada, is a prolific mine discoverer and successful entrepreneur with over 52 years of experience in all phases of exploration, mine development and acquisitions. Mr. Raman played a leading role in the recent discovery of Crawford Nickel near Timmins. He was President and CEO of Holmer Gold Mines Ltd. and Director and Advisor of Lake Shore Gold Corp. He has held leadership positions for several other resource companies, including serving as Vice Chairman of the International Corona Resources group of companies. He holds a doctorate. in Geology from Carleton University and a UNESCO Graduate Diploma from the University of Vienna, Austria.
  • J. Birks Bovaird, a resident of Ontario, Canada, is Chairman of the Board of Energy Fuels Inc., a uranium and vanadium mining and development company. He is also a director of Noble Mineral Exploration Inc. Mr. Bovaird’s primary career focus has been providing corporate financial advisory and strategic planning services. He has previously been involved in numerous public resource companies, both in management and as a director, and was previously Vice President of Corporate Finance for one of Canada’s leading accounting firms. He holds the ICD.D designation and is a graduate of the Canadian Directors Education Program.

Caution :

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 press release. No stock exchange, securities commission or other regulatory authority has approved or disapproved of the information contained herein.

This press release contains statements that constitute “forward-looking statements”. Forward-looking statements are statements that are not historical facts and include, but are not limited to, information about possible events, which are based on assumptions and courses of action, and in some cases may be identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “will”, “could”, “could” or “should” appear, or the negative forms of any of these words and other similar expressions. Forward-looking statements include: the intention of the management to review and evaluate the Company’s real estate holdings and exploration initiatives in order to preserve and maximize shareholder value; the Company’s intention to request a waiver from the late filing of valuation reports and statements relating to the future plans of the Company summer. Forward-looking statements are based on various assumptions, including with respect to management plans and stages of processing mineral properties, as well as results of operations, performance, business prospects and opportunities. Although the forward-looking statements contained in this press release are based on what management of the Company believes to be reasonable assumptions as of the date of this press release, such assumptions may prove to be incorrect. Forward-looking statements involve known and unknown risks and uncertainties, they should not be construed as guarantees of future performance or results, and they will not necessarily be precise indications as to whether or not such results will be achieved. A number of factors could cause actual results, performance or achievements to differ materially from the results referred to in the forward-looking statements, including, but not limited to: the failure to develop and implement with success of exploration strategies; failure to successfully recover mineral properties; general business interests; economic, competitive, political and social uncertainties; lack of available capital; the impact of COVID-19 on the Company’s business; and other risks detailed from time to time in the Company’s current filings with securities regulatory authorities, which documents may be viewed at www.sedar.com. The Company cannot assure readers that actual results will be consistent with these forward-looking statements. Readers are cautioned not to place undue reliance on any forward-looking statements contained in this press release. These forward-looking statements are made as of the date of this press release, and the Company disclaims any intention or obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. otherwise requires it.


Steve Balch, President and CEO (Interim)
Phone: 905.407.9586
Email: [email protected]

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