Vancouver, B.C. - October 27, 2010 - Pacific Ridge Exploration Ltd. (TSX Venture: PEX) reports that the company has received $359,375 from the exercise of 1,437,501 share purchase warrants with an exercise price of $0.25 and an expiry date of October 21, 2010. The company now has 37,090,077 common shares issued and outstanding.
On September 20, 2010, it was previously reported that 700,000 share purchase warrants were exercised at a price of $0.25 per share with the company then receiving gross proceeds in the amount of $175,000.
With respect to the Pacific Ridge Mariposa, Gold Cap and Polar/Steward Properties located within the Yukon's South Klondike-White Gold area, additional assay results from trench sampling and soil sampling surveys remain pending and will be reported when received and compiled during the balance of this year. Plans for the Pacific Ridge 2011 exploration program are underway, additional exploration staff have been engaged and the company will soon issue a request for tenders from diamond drilling conctractors.
"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.