Vancouver, B.C. - June 25, 2008 - Pacific Ridge Exploration Ltd. (TSX Venture: PEX) is pleased to announce that the TSX-Venture Exchange (the "Exchange") has accepted for filing the agreement to acquire a 100% interest in the Phos Property, in consideration for making staged cash payments totaling $80,000 by December 31, 2009 and staged issuances of shares totaling 1.0 million shares by December 31, 2010. The vendors retain a 2% Gross Overriding Royalty ("GORR") from potential future production, of which 1% is extinguished after $2.0 million is paid. The GORR pertains to all commodities except coal.
In accordance with the terms of the agreement, the Company has paid $20,000 and issued 100,000 shares to the vendors. The Shares are subject to Exchange and Multilateral Instrument 45-102 hold periods expiring on October 26, 2008.
"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.