Pacific Ridge Exploration Ltd. ("Pacific Ridge") recently acquired a major phosphate exploration project (the "Phosphate Project") in eastern central British Columbia. The Phosphate Project consists of a 100 percent interest in two staked groups encompassing 119 mineral claims covering a cumulative 100 kilometre-length (approximately 500 square kilometers) of favourable geology for the hosting of phosphate deposits.
Phosphate rock and the production of phosphoric acid are experiencing a rapidly growing global demand - phosphoric acid has seen price increases from $200 per tonne range to more than $1000 per tonne in the past year.Phosphoric acid is a primary ingredient in fertilizer products, and is produced by leaching mine grade phosphate rock with sulphuric acid.
Pacific Ridge selected the phosphate project area based on the high potential for discovery of large tonnages of phosphate mineralization, coupled with an established area of infrastructure for supporting future mine production.
POTENTIAL FOR DISCOVERY
In 1987 (Bulletin 98), the Geological Survey Branch of the Minerals and Energy division of the British Columbia Department of Mines reported that "... phosphate in eastern central BC occurs as a "blanket-type" horizon of bedded sedimentary phosphate that is laterally very continuous and measuring up to three metres thick in outcrop." Although recognized earlier by coal and oil and gas explorers, the phosphate deposits have, to date, not seen any exploration activity.
In the northern portion of Pacific Ridge's holdings, the phosphate horizon at Mt Palsson was noted as being 1 (one) metre thick, with BC Geological Survey grab samples yielding an average grade of 26.4% P2O5. In the southern portion of the project area, at Meosin Mountain, the phosphate horizon was identified and sampled at several locations, one grab sample graded 23.64% P2O5. Within the northern portion of the Meosin holdings, a 1.3 metre thick section assayed 10.05% P2O5, and in the southern portion, four stacked horizons that were approximately 1 metre thick each were discovered, with assays ranging from 2.1% to 6.9% P2O5. Associated with the phosphate mineralization, reported rare earth values of Lanthanum, Cerium and Yttrium suggest opportunity for added value.
ESTABLISHED AREA OF INFRASTRUCTURE
As with all potential bulk tonnage commodities, existing infrastructure plays an important role in determining positive economics for future production. The Pacific Ridge Phosphate Project is well located near the communities of Tumbler Ridge and Dawson Creek, with access to railroad, an extensive road network, and hydroelectric power. Sulphur, necessary in the creation of sulphuric acid used in the process of upgrading phosphate rock to phosphoric acid, may be sourced from nearby oil and gas refineries. PLANS Within the next month, Pacific Ridge plans to initiate the first ever comprehensive exploration program on the two groups of claims comprising its Phosphate Project.
Pacific Ridge is considering offers of option/joint venture participation in its Baker Uranium project in Nunavut and has approximately $1.3 million in its treasury. Pacific Ridge's disclosure of a technical or scientific nature has been reviewed by Wayne J. Roberts, P.Geo and Vice-President Exploration for Pacific Ridge, a 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.