NOT FOR DISSEMINATION IN THE UNITED STATES
At the Baker Basin Uranium Project, located approximately 40 kilometres south of Baker Lake in Nunavut, exploration is being conducted by Pacific Ridge Exploration Ltd. ("Pacific Ridge"), in option/joint venture with Kaminak Gold Corporation.
Continuing surface exploration at the recently discovered Lucky-7 zone has identified an additional zone of uranium mineralized boulders assaying in the range of 1.3% U3O8.
The new discovery, called the '7-one' Zone, is located 4 kilometres northeast of the previously announced discovery of the Lucky-7, as was reported on August 16th and September 28th.
The '7-one' zone has been outlined by a 300-metre-long and 100-metre-wide grid-controlled radiometric anomaly. Prospecting within the '7-one' radiometric anomaly defined a north-south boulder trend of frost-heaved mineralized sandstone. Assays of the mineralized boulders range from 0.81% U3O8 to 1.83% U3O8 and average 1.29% U3O8. Uranium mineralization appears as disseminated blebs and thin bedding parallel black seams of pitchblende within coarse grained Kazan sandstone. The Kazan sandstone is the in-filling sediment of the Baker Basin. Evidence of structural control and dyking suggests potential for a sub-vertical mineralizing system, as well as a stratigraphic hosted zone. The '7-one' zone has a similar setting to both the Baker Basin Uranium Project's KZ and Lucky-7 zones that are currently being drill tested. The '7-one' zone has not seen prior drilling.
Assay results from the drilling of three of the uranium zones within the Baker Basin Uranium Project are awaited with uranium assays for the initial four holes planned for release within the next few days.
All samples collected at the Baker Basin project are sealed in sample bags at site and forwarded to Activation Laboratories in Ancaster, Ontario for analysis. All samples are initially analyzed by a DNC technique utilizing a reactor. All uranium assays in excess of 0.5% U3O8 are then re-analyzed by XRF and titration methods.
Wayne J. Roberts, P.Geo, Vice-President, Exploration for Pacific Ridge, a Qualified Person, has reviewed all technical data presented in this release.
"John S. Brock"
John S. Brock
For further information, contact:
Pacific Ridge Exploration Ltd.
John S. Brock
Tel: (604) 604.641.2759
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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.