Spruce Ridge Intersects 1.3 metres of 8.07 g/t Au at Nora Lake

    NORFOLK COUNTY, ON, Feb. 27 /CNW/ - Spruce Ridge Resources Ltd.
(SHL:TSX-V) today announced additional drill results returned from its 2,000
metre shallow diamond drilling program at its Nora Lake gold property. The
Nora Lake property, (89%-owned by Spruce Ridge), lies in the
Beardmore-Geraldton gold camp approximately 20 km south of Kodiak Exploration
Ltd's Hercules and Golden Mile gold discovery in northern Ontario.
    Assay results have now been received from drill holes NL-06-07 to
NL-08-07. Hole NL-08-07 intersected 8.072 gpt gold over 1.3 metres. Hole
NL-07-07 intersected 1.518 gpt gold over 2.5 metres and 1.389 gpt over 4.5
metres. The mineralized interval occurs at the contact between altered and
sheared mafic volcanics and an intrusive quartz-feldspar porphyry.
Mineralization is associated with quartz veining, pervasive silicification and
heavily disseminated arsenopyrite. Management is very pleased with the early
success of this initial drilling program. An aggressive drilling program will
resume in the spring. John Ryan, President and CEO stated, "I am very excited
about the early results on the Nora Lake drill holes. I am looking forward to
furthering the drill program in the spring."

                               ASSAY RESULTS

         Hole No.       From          To         metres       Au g/t
        ----------   ----------   ----------   ----------   ----------
         NL-06-07         38.6         40.5        1.9        1.088
                            45           46        1.0        0.663
                            47           48        1.0        1.057

         NL-07-07         16.5           21        4.5        1.389
                         23.25        25.75        2.5        1.518

         NL-08-07           22           23        1.0        1.286
                          27.5         26.8        1.3        8.072

    The Nora Lake mineralized zone consists of mafic volcanics cut by an
irregular body of quartz porphyry; both rock types are intensely sheared,
carbonatized and silicified and cut by irregular quartz tourmaline veins, and
carry disseminated to heavy pyrite and arsenopyrite. The main stripped area
exposes mineralization over a length of 130 metres and a width of at least
44 metres. Additional stripping on strike to the east and west gives the zone
a minimum length of 240 metres.
    Stripping in 2007 extended the main trench to the northwest and
southwest, where a newly exposed contact zone of the porphyry intrusion was
found to be well mineralized with pyrite, arsenopyrite and free gold. Channel
sampling gave an average of 17.43 grams of gold per tonne 1.2 metres within a
6.5 metre channel that averaged 3.94 g/T Au.
    All diamond drill holes completed to date are under the main trench.

    Technical information in this news release has been compiled and/or
reviewed by Colin Bowdidge, Ph.D., P.Geo., a director of the Company and a
Qualified Person as defined in NI43-101. Widths of assayed samples are core
lengths; true widths will be determined when the structure has been resolved.
Assays quoted in this news release were performed at Accurassay Laboratories
in Thunder Bay, Ontario using fire assay preparation on 30-gram splits,
followed by AA finish.

    About Spruce Ridge Resources Ltd.

    Spruce Ridge Resources Ltd. is a mineral exploration company engaged in
locating, acquiring and exploring for mineral resources, primarily gold and
uranium. The Company has three prospective gold properties in Northern Ontario
at Nora Lake, Knucklethumb, and Spruce Hull Lake. The Company also has two
prospective uranium properties in Western Newfoundland, Canada: (i) the Deer
Lake Basin property and (ii) the Turner's Ridge uranium, lead and gold
property approximately 30 kilometres to the north. Shares outstanding
are 22,114,182.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this press release.

For further information:

For further information: John Ryan, President & CEO, Spruce Ridge
Resources Ltd., Phone: (519) 428-5327, Email: spruceridge@sympatico.ca;
Lindsay Carpenter, Associate Account Manager, CHF Investor Relations, Phone:
(416) 868-1079, ext. 239, Email: lindsay@chfir.com

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