Vancouver, BC -- Pacific Ridge Exploration Ltd. (TSX Venture: PEX) ("Pacific Ridge") has entered into an agreement with True North Gems Inc. ("True North") to acquire 43 mineral claims located within Pacific Ridge's Fyre Lake property, located in the eastern Yukon's Finlayson District. The newly acquired claims are strategically located in proximity to Pacific Ridge's 100% owned Fyre Lake Kona copper-gold-cobalt massive sulphide deposit.
In order to earn a 100% interest in the claims from True North, Pacific Ridge will, subject to TSX Venture Exchange approval, make an initial payment of $15,000 plus 250,000 Pacific Ridge shares and on or before January 31, 2014 will pay an additional $10,000 and 150,000 shares. The agreement is not subject to any underlying royalty interests.
The Kona copper-gold deposit has a NI 43-101 compliant resource that was estimated in 2006 utilizing mineralized intersections from 114 drill holes. The resource includes 3.6 million tonnes grading 1.57% copper, 0.61 grams per tonne (gpt) gold and 0.10% cobalt in the indicated category plus an inferred 5.4 million tonnes grading 1.48% copper, 0.53 gpt gold and 0.08% cobalt. The deposit remains open to expansion at depth. Deeper holes, drilled by Pacific Ridge, intersected 5.6% copper and 2.5 gpt gold over 3.0 metres, 3.2% copper and 2.3 gpt gold over 5.7 metres and 6.1% copper and 0.7 gpt gold over 7.0 metres. The property also hosts attractive geophysical targets adjacent to the Kona deposit and along favourable stratigraphy that have not yet been drill tested. Company management believes that the potential for new discoveries on the property is excellent, including within the newly acquired claims.
Pacific Ridge has spent approximately $6 million in exploration on the Fyre Lake property and is now considering joint venture participation with the objective of increasing Kona tonnage through additional drilling.
On behalf of the Board of Directors,
John S. Brock
President and CEO
Pacific Ridge Exploration Ltd.
For further information, contact:
Pacific Ridge Exploration Ltd.
John S. Brock
President & CEO
Tel: (604) 687-4951
The technical information contained within this News Release has been reviewed and approved by Dr. Gerald 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.
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.