NOT FOR DISSEMINATION IN THE UNITED STATES
Pacific Ridge Exploration Ltd. ("Pacific Ridge"), by way of option/joint venture agreement with Kaminak Gold Corporation ("Kaminak"), is pleased to provide an update on the Baker Basin Uranium project in Nunavut. To date, Pacific Ridge has completed 11 drill holes on the KZ, "694" and Lucky-7 zones, 3 of 7 known uranium mineralized zones located within the Baker Basin Uranium property. Uranium mineralization has been detected, visually and radiometrically, in 9 holes drilled to date. All mineralized core is being split and forwarded for analysis, with assays now pending.
Initial results from surface sampling of the western portion of the recently discovered Lucky-7 uranium zone have been received. The Lucky-7 area covers an exposed northerly-trending structure within Kazan sandstone near the southern boundary of the Baker Basin. The sandstone within and proximal to the northerly-trending structure is both altered and host to uranium mineralization. The surface exposure of the Lucky-7 zone was chip sampled across its width and yielded an assay of 0.27% U3O8 over 3.9 metres. A saw cut channel several metres away yielded 0.19% U3O8 over 3.1 metres. Prospecting of the Lucky-7 area traced boulders of sandstone hosted uranium mineralization over an area of 300 metres in length and a width reaching 150 metres. The average grade of 23 mineralized frost-heaved boulders assayed 0.32% U3O8. The Lucky-7 has opportunity for uranium hosted in the overlying sandstone as well as potential for unconformity style mineralization at the basin floor.
Pacific Ridge is converting a large portion of its prospecting permits to mineral claims with completion of the staking of 55 claims covering 139,000 acres (56,000 hectares).
Contingent on weather conditions, drilling at Baker Basin Uranium project is continuing with more holes planned. Drilling results will be reported as received.
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.