VANCOUVER -- Pacific Ridge Exploration Ltd.'s (TSX Venture: PEX) ("Pacific Ridge") wholly-owned Mariposa Gold property, in the heart of Yukon's White Gold District, is located approximately 15 kilometres northeast of Kaminak Gold Corporation's ("Kaminak") Coffee Gold Project.
On June 10, Kaminak announced positive results of a Preliminary Economic Assessment that envisages an approximate 11-year open pit, heap leach mining operation targeting 54 million tonnes at an average diluted grade of 1.23 grams per tonne gold. Kaminak reported that using a US$1250/oz gold price average, annual gold production is estimated to be 167,000 ounces with an all-in sustaining cash cost of US$688 per ounce of gold (see www.kaminak.com).
Kaminak's news enhances the discovery incentive for all exploration companies, including Pacific Ridge, that have active exploration programs within the White Gold District.
The Mariposa project has to date seen $6 million in exploration expenditures over 3 years. This work included the drilling of 31 holes, with the Skookum Main discovery hole 11MP-01 intersecting 2.6 gpt gold over 39 metres within an 81.5 m interval that graded 1.51 gpt gold.
Recent exploration work by Pacific Ridge has shown that the Skookum Main zone appears to be open along strike and at depth. Several other high priority targets have been identified within the property. A recent Mariposa exploration report is available for download here. On-going drilling is recommended, for which joint venture participation is being considered.
Gerald G. Carlson, Ph.D., P.Eng., is Pacific Ridge's Vice President, Exploration and is the Qualified Person responsible for the supervision and preparation of the technical information in this disclosure.
On behalf of the Board of Directors,
John S. Brock
President & CEO
Pacific Ridge Exploration Ltd.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts 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 and other activities and events or developments that Pacific Ridge Exploration Ltd. ("Pacific Ridge") expects to occur, are forward-looking statements. Forward-looking statements in this news release include statements regarding the placements and future exploration plans and expenditures. 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 forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploration successes, and continued availability of capital and financing and general economic, market or business conditions. These statements are based on a number of assumptions including, among other things, assumptions regarding general business and economic conditions, the timing and receipt of regulatory and governmental approvals for the transactions described herein, the ability of Pacific Ridge and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for Pacific Ridge's proposed transactions and programs on reasonable terms, and the ability of third party service providers to deliver services in a timely manner. 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, except as required by applicable law.