Vancouver, B.C. -- October 30, 2008 -- Pacific Ridge Exploration Ltd. (TSX Venture: PEX) announces that it has appointed Lei Wang, CGA as Chief Financial Officer of the Company effective October 30, 2008 subsequent to the resignation of Jeannine Webb, CGA. Ms. Wang has over 10 years international experience in the natural resource sector. Ms. Wang has been integrally involved in all areas of financial reporting, regulatory compliance, and corporate finance activities including SOX 404 and TSX listing. She is also Controller of Quaterra Resources Inc., a junior exploration company listed on the TSX Venture Exchange and AMEX and Controller of Manex Resource Group, a private company providing comprehensive financial, corporate and geological management services to publicly listed companies.
Pacific Ridge reported that today it granted incentive stock options under its 10% rolling stock option plan to directors, officers and consultants, to purchase a total of 1,500,000 common shares at $0.17 per share exercisable until October 30, 2013. The incentive stock options vest as to 25% on the date of grant, 25% in one year and 50% in two years, subject to the terms and conditions of the Company's stock option plan. The options are subject to acceptance for filing by the TSX Venture Exchange.
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.