Vancouver, B.C. - September 23, 2009 - Pacific Ridge Exploration Ltd. (TSX Venture: PEX) reports that the company has added the Mariposa gold property to its portfolio of four gold targets already held in the Yukon's South Klondike region.
The Mariposa property, consisting of 203 mineral claims, covering approximately 50 square kilometers and located approximately 50 kilometers east of Underworld's Whitegold discovery, lies within a regional major northwest trending structural corridor hosting gold and copper deposits.
The Mariposa claims cover a 14 kilometre length of a geological setting analogous to the Whitegold style of gold mineralization. The Mariposa vendors, who have been exploring the property for the past 10 years, have defined an open ended 7- kilometre length of altered quartz mica schist favorable for hosting gold mineralization within the Klondike region. Initial soil sampling at the western exposed end of the host schist has defined an open-ended 2 kilometre-long gold soil anomaly contoured above 20 ppb gold. Preliminary soil sampling by the vendor has also outlined a second open-ended gold target, measuring a kilometer square and overlying nearby intrusive rocks. There also appears to be a relationship between aeromagnetic anomalies and indications of gold mineralization. All streams draining the property are known to contain placer gold, of which Scroggie Creek has had a long history of placer gold production which continues today. The placer miners recovery of "hackly" gold nuggets may suggest the presence of nearby lode gold sources.
During the balance of this season, Pacific Ridge will continue with geochemical surveys at the Mariposa property to further define existing gold anomalies in preparation for next season's plan for trenching followed by drilling.
On Pacific Ridge's Goldcap, Stewart-Polar, Eureka and Moose properties, geochemical sampling and geological mapping are in progress.
Subject to receipt of regulatory acceptance, Pacific Ridge will make an initial payment of $20,000 and 250,000 shares. Pacific Ridge will have the option to earn 100% over the next 5 years by making payments in the aggregate amount of $120,000 and 2,000,000 shares and minimum exploration expenditures of $600,000. The vendors will also be entitled to receive an additional 1,000,000 shares upon a production notice having been made plus an additional 1,000,000 shares upon commencement of commercial production. The vendors will also receive a 2% NSR royalty from production, of which 1% can be bought down by Pacific Ridge for $1 million.
As previously reported, Pacific Ridge has received $320,000 from the closing of a private placement offering of Flow-Through and non-Flow Through Units.
Pacific Ridge's disclosure of a technical or scientific nature has been reviewed by Wayne J. Roberts, P. Geo., Vice President, Exploration of Pacific Ridge and a Qualified Person under the definition of National Instrument 43-101.
"John S. Brock"
John S. Brock
President and CEO
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.