NOT FOR DISSEMINATION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Pacific Ridge Exploration Ltd. (the "Company") announces that on March 23, 2006 it granted stock options under its 10% rolling Stock Option Plan to directors, executive officers, employees and consultants, to purchase a total of 1,210,000 common shares at $0.32 per share exercisable until March 23, 2011. The stock options were granted based on the recommendation of the Company's Compensation Committee and 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 Stock Option Plan. They are subject to acceptance for filing by the TSX Venture Exchange.
"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.