Mr. Steve Balch reports

SPRUCE RIDGE RESOURCES LTD. ANNOUNCES INITIAL DRILL RESULTS BY BENTON RESOURCES INC. ON GREAT BURNT OPTION PROPERTY IN NEWFOUNDLAND

Spruce Ridge Resources Ltd. option partner Benton Resources Inc. has received partial assay results from its inaugural drill program at the Great Burnt copper-gold project in Newfoundland. Spruce and Benton have entered into an option agreement (the "Option Agreement") whereby Benton can earn an undivided 70% interest in Spruce's Newfoundland properties (see Spruce press release dated August 16, 2023).

Highlights of the Drill Program

Benton has issued two press releases to date, the initial release (October 16, 2023) and the updated release (November 01, 2023). Highlights include:

Four drillholes initially completed (GB-23-01 to GB-23-04) with all four holes intersecting significant chalcopyrite mineralization;

GB-23-01 intersected 4.13% Cu over 3.25 m from 69.05 to 72.30 m and 8.01% Cu over 4.30 m from 82.8 to 87.1 m;

GB-23-02 intersected 8.31% Cu over 13.0 m from 161.89 to 174.89 m;

Additional seven drillholes completed with all holes intersecting significant chalcopyrite mineralization;

Remaining assay results pending;

Drilling extends along 350 m strike length;

Drill program has been expanded to 4,000 m; and

True widths are estimated to be 70% of the drillhole intervals

Commenting on the initial drill results, Steve Balch, interim President and CEO, explained that "Benton has had an excellent start to their exploration program, and we are very pleased that they are expanding the drill program. Farther to the north, we believe there is more copper and gold at South Pond, which is also part of our Option Agreement with Benton."

To earn a 70% interest in Spruce's Newfoundland properties, Benton must complete $2.5 million in exploration expenditures within 36 months of the date of the Option Agreement (in addition to other terms). Spruce will comment further on the Benton results at its upcoming Annual General Meeting, which is scheduled for November 30, 2023, at 10:00 am ET.

Cautionary Statement: 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 news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Stephen J. Balch, P.Geo., a "Qualified Person" under NI 43-101 has reviewed and approved the technical contents of this press release.

We seek Safe Harbor.