Vancouver, B.C. - August 14, 2008 - Pacific Ridge Exploration Ltd. (TSX Venture: PEX) - Pacific Ridge is pleased to announce that the first tranche of the non-brokered private placement of Flow-Through Shares announced July 9, 2008 has closed, and the Company has received gross proceed of $205,000 pursuant to the issuance of 1,025,000 Flow-Through Shares priced at $0.20 per share. The shares issued are subject to hold periods expiring December 9, 2008. Finders' fees totaling $3,900 are payable in respect of the first tranche closing.
The Company intends to use the gross proceeds from the sale of the Flow-Through Shares for Canadian Exploration Expenses ("CEE"), within the meaning of the Income Tax Act (Canada) ("ITA"), with the Company using its best efforts to ensure that such CEE qualify as a "flow-through mining expenditure" for purposes of the ITA, related to the exploration of the Company's mineral exploration projects located in British Columbia, Canada. The CEE will qualify for the 15% Federal tax credit available to the individual resident anywhere in Canada, and for individual investors resident in British Columbia the 20% provincial income tax credit. The Company expects to renounce such Canadian Exploration Expenses with an effective date of December 31, 2008.
"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.