Vancouver, B.C. - August 17, 2010 - Pacific Ridge Exploration Ltd. (TSX Venture: PEX, (the "Company") reports that, encouraging exploration results are being generated from the 2010 exploration program on its Mariposa Gold Property located in the South Klondike area of Yukon. Five gold geochemical anomalies are being defined and additional claims have been staked in order to cover new gold exploration targets discovered during this season.
With additional claims now staked the Mariposa property, Mariposa now consists of 453 mineral claims covering 90 square kilometres. The western boundary of Mariposa lies approximately 30 kilometres northeast of Kaminak Gold's Coffee Creek property and 25 kilometres southeast of the Underworld Resource's White Gold property is now owned by Kinross Gold Corporation.
Pacific Ridge's Mariposa Property is held by way of an option to earn a 100% interest from the Tintina Syndicate, the details of which agreement were previously reported.
Within the Mariposa Property, geochemical soil sampling surveys continue to define new gold exploration targets that require further definition. A 6,500 sample property-wide geochemical soil sampling program is about 30% completed with over 2,100 soil samples collected to date and geochemical results for 1,750 samples now received. Geologic mapping and rock sampling continues and trenching of geochemical anomalies has commenced. Details follow with respect to five gold targets partially outlined to date, each geochemically anomalous in gold and related elements. Geochemical soil sampling has proven to be the most effective tool for gold discovery in the South Klondike. Gold values in excess of 20 ppb (parts per billion) are generally recognized as being anomalous.
"Skookum Jim" (named after the co-discoverer in the original Klondike gold rush) has been established within the central area of the Mariposa claims. The target has a northeast trending strike length of 1100 metres, a width of 600 metres and remains open-ended pending receipt of additional analytical results. Gold in soil geochemical values reach peak values of 1,570 ppb within an anomaly defined in excess of 20 ppb gold. In addition, anomalous values in antimony, bismuth, copper and molybdenum are present. Adjacent to the Skookum Jim anomaly, float samples collected by prior workers (1998) reported gold assays up to 3 grams gold per tonne. Float prospecting in the area suggests that gold mineralization may be hosted within quartz-rich well-altered rocks, a setting similar to other recent gold discoveries in the South Klondike.
"Gertie" (in recognition of the Klondike's "Dance Hall Queen") located 2 kilometres south-west from Skookum Jim is highlighted by 2 distinct parallel geochemical trends (approximately 2 kilometres long and 150 metres wide) as defined by anomalous values of bismuth, arsenic and molybdenum. Gold in soil values, ranging up to 149 ppb Au, are found adjacent to and within the anomalous trends. Historic sampling in the area returned values to 1,333 ppb gold. Float prospecting suggests that the two anomalous trends are underlain by quartz muscovite schist which may be structurally repeated. Along trend, to the east, bedrock schists exposed by placer mining in Mariposa Creek returned a value of 2,530 ppb gold over a 2m chip sample taken from a pyritic granitic dyke.
The Hackly anomaly, located within the eastern part of the original Mariposa claim block, contains anomalous gold values within an area measuring approximately 400 by 700 metres. This target is in close proximity to placer gold workings in Mariposa creek where "hackly" gold nuggets have been recovered. These rough textured nuggets suggest proximity to a potential lode-gold source. The anomalous area exhibits peak gold in soil values reaching 129 ppb gold from this year's sampling and 256 ppb gold from previous sampling in 2009 by Tintina Syndicate. Anomalous values in bismuth and molybdenum are also present.
Maisy ("Maisy Mae" of gold-rush fame) is located within the western portion of the Mariposa claims, south of Cabin Creek. Maisy exhibits gold in soil values up to 73 ppb gold in an area of highly silicified quartz mica schist float that has been traced 400 metres to the northwest. Samples of the siliceous float returned values up to 784 ppb gold and 4,222 ppm copper. Anomalous values in bismuth, molybdenum, arsenic and antimony are also reported.
Big Alex (historically known as "King of the Klondike") is located within the northwest part of the property lies adjacent to Scroggie Creek. Two zones of anomalous gold in soils are emerging with only partial results received to date in an area underlain by pegmatite dykes. Values to 203 ppb Au have been received with elevated values of antimony and molybdenum. To the east, and near Scroggie Creek, 3.0 grams per ton gold has been reported in pyritic quartz breccia within pegmatite dykes and granite bedrock exposed by placer mining. Within the vicinity of Big Alex, gold in quartz nuggets have been placer mined from Scroggie Creek.
Exploration results from Mariposa will be further reported as received.
Elsewhere within the Company's Klondike Kate Project, exploration is planned later in the season on the Gold Cap and Polar Stewart Properties located east of the Underworld/White Gold discovery.
"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.