Vancouver, B.C. - October 8, 2008 - Pacific Ridge Exploration Ltd. (TSX Venture: PEX) is pleased to report that Aurora Energy Resources Inc. ("Aurora") (AXU-T) has subscribed to a 2.0 million share private placement in Pacific Ridge, priced at $0.17 per share, for gross proceeds of $340,000.
As announced on September 23, 2008, the private placement was pursuant to the terms of Aurora's option agreement which provided for Aurora the right to acquire an initial 51% interest in Pacific Ridge's Baker Basin Uranium Property upon completing the private placement and making a $15 million exploration expenditure.
The TSX Venture Exchange has provided conditional acceptance of the private placement. The 2.0 million shares issued to Aurora are subject to hold periods expiring February 7, 2009.
Aurora has commenced exploration at the Project, with diamond drilling equipment currently being mobilized to the site and Fugro Airborne Surveys proceeding with an airborne geophysical survey over the 96,000 hectare Baker Basin Uranium Project holdings.
Proceeds raised from the private placement have been added to Pacific Ridge's cash working capital, which now stands at approximately $1,200,000 with no debt.
"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.