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PEX Pacific Ridge Exploration Ltd

0.095
-0.005 (-5.00%)
Last Updated: 16:26:01
Delayed by 15 minutes
Share Name Share Symbol Market Type
Pacific Ridge Exploration Ltd TSXV:PEX TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.005 -5.00% 0.095 0.09 0.095 0.095 0.09 0.095 161,750 16:26:01

Pacific Ridge Accepts Offer for Baker Uranium Property

16/10/2013 2:00pm

Marketwired Canada


Pacific Ridge Exploration Ltd. (TSX VENTURE:PEX) ("Pacific Ridge" or the
"Company") is pleased to announce that, subject to Regulatory Approvals as may
be required, it has arranged the sale of its Baker Basin Uranium property to
Kivalliq Energy Corporation ("Kivalliq") for a total consideration of $ 275,000,
comprised of :




--  600,000 common shares in the capital of Kivalliq at a deemed price of
    $0.25 per share 
--  A cash payment of $55,000 to Pacific Ridge 
--  A $70,000 private placement in Pacific Ridge of 1,400,000 units, at a
    price of $0.05 per unit, each unit consisting of one common share and
    one-half of one share purchase warrant, with each whole warrant
    exercisable into one common share at a price of $0.10 for 12 months from
    the date of issuance.



Pacific Ridge explored the Baker Basin property in 2006 and 2007 and then
optioned the property to Aurora Energy Resources who, after a short exploration
program, relinquished its option in 2009. Since that time, the Baker Basin
property has seen no further exploration, with Pacific Ridge having then devoted
all its ongoing exploration activity to Yukon. 


About Pacific Ridge

Pacific Ridge is a mineral exploration company currently focused on the Yukon's
new White Gold and Klondike Gold Districts, with four exploration projects that
are well located in the same vicinity and in generally similar geological
environments as Kinross Gold's White Gold deposit, Kaminak Gold's Coffee gold
deposits and Comstock Metals' QV gold discovery. Pacific Ridge's 262 km2
Mariposa gold project covers the prolific Scroggie and Mariposa placer gold
creeks. It has seen $6 million in soil sampling, trenching and drilling spent
over the past three years resulting in discovery of a number of well mineralized
gold zones. The 78 km2 King Solomon Project, located in the heart of the
Klondike gold camp, lies at the headwaters of some of the Klondike's most
prolific placer gold creeks, including Gold Bottom, Dominion, Sulphur and Quartz
creeks. The 49 km2 Gold Cap/Polar-Stewart property adjoins the Kinross White
Gold property and contains yet-to-be drilled gold soil anomalies, the strongest
of which is a possible easterly extension a gold-in-soil anomaly reported on the
White Gold property. The 27 km2 Eureka Dome property also covers the headwaters
of placer mining creeks.


Pacific Ridge's Fyre Lake property, in Yukon's Finlayson Lake District, hosts a
copper-gold-cobalt massive sulphide deposit with a 43-101 compliant indicated
mineral resource of 3.6 million tonnes grading 1.57% copper, 0.10% cobalt and
0.61 grams gold per tonne at a 1 percent copper cut-off grade plus an inferred
mineral resource, at the same cut-off grade, of 5.4 million tonnes grading 1.48%
copper, 0.08% cobalt and 0.53 grams gold per tonne. This open-ended copper and
gold deposit has yet to be fully defined by drilling. Joint venture
participation is presently being considered for Fyre Lake.


On behalf of the Board of Directors,

John S. Brock, President & CEO

Pacific Ridge Exploration Ltd.

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 release.


The technical information contained within this News Release has been reviewed
and approved by Gerald G. Carlson, Ph.D., P.Eng., Vice President Exploration of
Pacific Ridge Exploration, and Qualified Person as defined by National
Instrument 43-101 policy.


Forward-Looking Information: This release includes certain statements that may
be deemed "forward-looking statements". All statements in this release, other
than statements of historical facts, that address exploration drilling and other
activities and events or developments that Pacific Ridge Exploration Ltd.
("Pacific Ridge") expects to occur, are forward-looking statements.
Forward-looking statements in this news release include statements regarding the
placements and future exploration plans and expenditures. Although Pacific Ridge
believes the expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of future
performance and actual results or developments may differ materially from those
forward-looking statements. Factors that could cause actual results to differ
materially from those in forward looking statements include market prices,
exploration successes, and continued availability of capital and financing and
general economic, market or business conditions. These statements are based on a
number of assumptions including, among other things, assumptions regarding
general business and economic conditions, the timing and receipt of regulatory
and governmental approvals for the transactions described herein, the ability of
Pacific Ridge and other parties to satisfy stock exchange and other regulatory
requirements in a timely manner, the availability of financing for Pacific
Ridge's proposed transactions and programs on reasonable terms, and the ability
of third party service providers to deliver services in a timely manner.
Investors are cautioned that any such statements are not guarantees of future
performance and actual results or developments may differ materially from those
projected in the forward-looking statements. Pacific Ridge does not assume any
obligation to update or revise its forward-looking statements, whether as a
result of new information, future events or otherwise, except as required by
applicable law.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Pacific Ridge Exploration Ltd.
John S. Brock
President & CEO
(604) 687-4951
www.pacificridgeexploration.com

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