Pacific Ridge Exploration Ltd. ("Pacific Ridge" or the "Company") is pleased to announce that, subject to regulatory approvals as may be required, it has arranged the sale of its Baker Basin Uranium property to Kivalliq Energy Corporation ("Kivalliq") for a total consideration of $275,000, comprised of:
- 600,000 common shares in the capital of Kivalliq at a deemed price of $0.25 per share
- A cash payment of $55,000 to Pacific Ridge
- A $70,000 private placement in Pacific Ridge of 1,400,000 units, at a price of $0.05 per unit, each unit consisting of one common share and one-half of one share purchase warrant, with each whole warrant exercisable into one common share at a price of $0.10 for 12 months from the date of issuance.
Pacific Ridge explored the Baker Basin property in 2006 and 2007 and then optioned the property to Aurora Energy Resources who, after a short exploration program, relinquished its option in 2009. Since that time, the Baker Basin property has seen no further exploration, with Pacific Ridge having then devoted all its ongoing exploration activity to Yukon.
About Pacific Ridge
Pacific Ridge is a mineral exploration company currently focused on the Yukon's new White Gold and Klondike Gold Districts, with four exploration projects that are well located in the same vicinity and in generally similar geological environments as Kinross Gold's White Gold deposit, Kaminak Gold's Coffee gold deposits and Comstock Metals' QV gold discovery. Pacific Ridge's 262 square kilometre Mariposa gold project covers the prolific Scroggie and Mariposa placer gold creeks. It has seen $6 million in soil sampling, trenching and drilling spent over the past three years resulting in discovery of a number of well mineralized gold zones.
The 78 square kilometre King Solomon Project, located in the heart of the Klondike gold camp, lies at the headwaters of some of the Klondike's most prolific placer gold creeks, including Gold Bottom, Dominion, Sulphur and Quartz creeks.
The 49 square kilometre Gold Cap/Polar-Stewart property adjoins the Kinross White Gold property and contains yet-to-be drilled gold soil anomalies, the strongest of which is a possible easterly extension a gold-in-soil anomaly reported on the White Gold property. The 27 square kilometre Eureka Dome property also covers the headwaters of placer mining creeks.
Pacific Ridge's Fyre Lake property, in Yukon's Finlayson Lake District, hosts a copper-gold-cobalt massive sulphide deposit with a 43-101 compliant indicated mineral resource of 3.6 million tonnes grading 1.57% copper, 0.10% cobalt and 0.61 grams gold per tonne at a 1 percent copper cut-off grade plus an inferred mineral resource, at the same cut-off grade, of 5.4 million tonnes grading 1.48% copper, 0.08% cobalt and 0.53 grams gold per tonne. This open-ended copper and gold deposit has yet to be fully defined by drilling. Joint venture participation is presently being considered for Fyre Lake.
On behalf of the Board of Directors,
John S. Brock
President and CEO
Pacific Ridge Exploration Ltd.