March 16, 2006

Proposed Private Placement of Units and Flow-Through Shares

Pacific Ridge Exploration Ltd. (the "Company") today announced that it has agreed to sell up to 6,500,000 units (the "Units") by way of non-brokered private placement to earn gross proceeds of up to $1,625,000. Each unit is priced at $0.25, and will consist of one common share and one-half non-transferable share purchase warrant. One whole warrant will entitle the holder to purchase one common share at $0.35 per share on or before the earlier of 12 months from the closing date or an accelerated expiry date. If the trading price of the Company's common shares closes at a price equal to, or higher than $0.70 per share for a consecutive period of 20 trading days, then at the Company's election, the warrants will expire on the 30th day after the holders receive notice from the Company.

The Company has also announced that it has agreed to sell up to 6,500,000 Flow-Through shares, by way of non-brokered private placement, to Canadian resident investors, each Flow-Through share priced at $0.25 to raise gross proceeds of $1,625,000. The subscription proceeds will be renounced to the investors as "Canadian exploration expense" under the Income Tax Act (Canada).

The majority of proceeds raised from the sale of up to 6,500,000 Units will be allotted to non-flow-through expenditures to be incurred on the Company's Baker Uranium Project in Nunavut and Fyre Lake Project in Yukon, as well as working capital.

Proceeds raised from the sale of 6,500,000 Flow-Through Units will be directed to drilling programs on the Company's Baker Uranium Project in Nunavut and Fyre Lake Project in Yukon.

In connection with the private placements, the Company has agreed to pay finders' fees either in cash or Units equal in number to 7% of the number of Units or Flow-Through shares purchased by investors introduced to the Company by finders. Any Units issued as a finder's fee will have the same terms and conditions as the Units issued to the investors.

The private placement and payment of finders' fees are subject to acceptance for filing by the TSX Venture Exchange.


"John S. Brock"

John S. Brock
President

For further information, contact:

Corporate Information
Pacific Ridge Exploration Ltd.
John S. Brock
President
Tel: (604) 604.641.2759
www.pacificridgeexploration.comwww.pacificridgeexploration.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Forward-Looking Information
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.