Vancouver, B.C. - January 13, 2009 - Pacific Ridge Exploration Ltd. (TSX Venture: PEX) announces that on January 12, 2009, Aurora Energy Resources Inc. ("Aurora") (AXU:TSX) reported that:
"The option agreement to acquire an interest in the Baker Lake Basin property in Nunavut requires a minimum of $3.0 million of expenditures in the first year of the agreement (see September 23, 2008 news release, "Aurora Expands Uranium Pipeline to Baker Basin, Nunavut"). During 2008, Aurora completed an airborne geophysical program (radiometric, magnetic, and electromagnetic) over the Baker Lake Basin property, drilling of the Lucky 7 zone, ground geophysics and geological mapping, which required a $1.9 million expenditure. In 2009 Aurora plans to spend $1.1 million to meet its obligations within the option agreement. This is proposed to include a 1,000 metre drill program, as well as geological mapping and testing of anomalies discovered in the 2008 geophysical survey. Aurora will continue its community and government contact program in the Baker Lake region, as well."
Bruce Dumville, Aurora's President and CEO also reported that during 2009 "The focus is to maintain our strong cash position" and that " it is prudent for Aurora to conserve its cash...and, as the uranium and capital markets improve, we will also be well positioned for the future." Aurora has reduced its last year's budget of $35 million to $5.9 million in 2009.
Pacific Ridge will update shareholders with respect to results of the 2008 exploration program upon receipt of a final report from Aurora.
Pacific Ridge will end 2008 with the cash component of its working capital in an approximate amount of $1.1 million. The company is considering opportunity for acquisition of additional mineral properties and is also looking for joint venture participation in its Fyre Lake copper-gold massive sulphide project in Yukon as well as its Tumbler-Phosphate project in east central British Columbia.
"John S. Brock"
John S. Brock
For further information, contact:
Pacific Ridge Exploration Ltd.
John S. Brock
Tel: (604) 604.641.2759
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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, exploitation activities and events or developments that Pacific Ridge Exploration Ltd. ("Pacific Ridge") expects to occur, are forward-looking statements. 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 in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing and general economic, market or business conditions. 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.