NOT FOR DISSEMINATION IN THE UNITED STATES
Pacific Ridge Exploration Ltd. ("Pacific Ridge") is now mobilizing its exploration crew to the Baker Uranium Project in Nunavut. The program will commence with surface exploration of uranium occurrences reported by prior workers. Drilling will follow in July.
Pacific Ridge has been advised by joint venture partner, Newmont Canada Limited, a subsidiary of Newmont Mining Corporation (NYSE & ASX: NEM; TSX: NMC), that its crews are presently being mobilized to the Matrix Gold Project, also in Nunavut, where an initial 1200 metres of drilling is expected to begin within a month.
Baker Uranium Project
The Baker Uranium Project covers approximately 206,000 hectares or a 60-kilometre-length along the southern margin of the paleoproterozoic Baker Lake Basin where explorers during the period 1969 to 1981 outlined numerous airborne radiometric anomalies and drilled over 60 holes in 4 of 20 uranium targets. Prior drill holes had attractive intersections with reported values of 0.89% U3O8 over 5.4 metres and another of 0.35% U3O8 over 13.6 metres in hole K2-10, as well as 1.68% U3O8 over 2.4 metres in hole T-5. All drilled targets remain wide open for expansion of structurally controlled uranium mineralization.
The 2006 field program will begin with field verification and sampling of reported uranium zones as well as a regional program of prospecting over 20 additional uranium targets that were not followed up by prior explorers along the 60-kilometre-length of the basin margin.
Four of the targets that have seen prior drill testing will be verified with a minimum 20-hole follow-up drilling program.
Pacific Ridge, operator of the Baker Project, has the option to make an exploration expenditure of $3.0 million and issue 400,000 Units, thereby earning a 60% interest in the project from Kaminak Gold Corporation. The exploration budget will be $1.6 million.
Matrix Gold Project
Pacific Ridge has been advised by its operating joint venture partner, Newmont Canada Limited, a subsidiary of Newmont Mining Corporation (NYSE & ASX: NEM; TSX: NMC), that crews are being mobilized to the Matrix gold Project in Nunavut with plans to immediately begin a 1200-metre drilling program in search of gold-bearing conglomerates in a geological setting similar to the million-ounce Witwatersrand Basin in South Africa. Newmont may earn up to a 70% interest in the Matrix Gold Project leaving each of Pacific Ridge and Kaminak Gold 15%, respectively.
Fyre Lake Project
Pacific Ridge planned to continue with resource definition drilling of the Kona copper-gold-cobalt massive sulphide deposit in the Yukon but delays in permitting, along with lack of drill rig availability, may jeopardize the conducting of this program in 2006.
Pacific Ridge's disclosure of a technical or scientific nature are prepared under the supervision of Wayne J. Roberts, P.Geo, Pacific Ridge's Vice-President of Exploration, who serves as the Qualified Person under the definition of National Instrument 43-101.
"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.