Vancouver, B.C. - September 20, 2010 - Pacific Ridge Exploration Ltd. (TSX Venture: PEX)(the "Company") reports that a non-brokered private placement of 500,000 units announced on August 19, 2010 has now closed, with gross proceeds of $95,000 received by the Company. Each unit was comprised of one common share priced at $0.19 and one transferable share purchase warrant, entitling the holder to purchase one common share at a price of $0.25 per share for 12 months. The shares and warrants issued pursuant to the private placement carry a legend restricting trading of the securities until January 17, 2011. Finder's fees are payable and the private placement is subject to regulatory approval.
In addition, on September 4, 2010, 700,000 share purchase warrants were exercised at a price of $0.25 per share with the Company receiving gross proceeds of $175,000.
As previously reported on August 20, 2010, non-flow-through gross proceeds in the amount of $504,000 and flow-though proceeds in the amount of $532,000 have been received by the Company from non-brokered private placements.
Share purchase warrants with an exercise price of $0.25 and expiry date of October 21, 2010 are in the process of seeing some early exercise.
In summary, financings and warrant exercises over the past month have added $1,306,000 to the Company's treasury.
The Company will be exhibiting at the Cambridge House Investment Conference being held in Toronto on September 24th and 25th. Shareholders and investors are invited to visit Manex Resource Group's booth number 514 where John Brock, President of the Company, will be in attendance.
"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.