High Ridge Resources Inc.

High Ridge Resources Inc.

December 24, 2007 17:09 ET

High Ridge Resources Inc. Announces Amended Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 24, 2007) -


High Ridge Resources Inc. ("High Ridge") (TSX VENTURE:HRR) today announced that the proposed brokered private placement with Canaccord Capital Corporation announced on December 11, 2007, will not be proceeding. Instead, High Ridge announced a non-brokered private placement of up to 10,000,000 units (a "Unit") at a price of $0.30 per unit. Each Unit will consist of one common share and one-half of one common share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.45 for a period of 18 months from the completion of the financing.

The Company may pay a finders fee equal to 8% of the gross proceeds raised in connection with the private placement. The securities to be issued under the private placement shall be subject to a four month hold period, and the private placement is subject to the acceptance of the TSX Venture Exchange.

High Ridge plans to use the net proceeds from the sale of the Units for general working capital purposes, and ongoing exploration on High Ridge Resources properties.

About High Ridge Resources Inc.:

High Ridge is focused on large scale exploration projects. The company, with the addition of its gold and poly-metallic acquisition in Peru, also has three advanced exploration projects in British Columbia; the Chuchi property (Cu-Au porphyry) 30 km NW of Terrane's Mt. Milligan project; Newton Mountain (Au-Cu porphyry) 35 km N of Taseko Mine's Prosperity (formerly Fish Lake) Au-Cu project; as well as the above mentioned Silver Bay (Ag, Pb, Zn, and Cu) project.

Forward Looking Statements: The above contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release include statements regarding future exploration programs, operation plans, geological interpretations, mineral tenure issues and mineral recovery processes. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.

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

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