Pacific Ridge Exploration Ltd.

Pacific Ridge Exploration Ltd.

June 17, 2010 09:30 ET

Pacific Ridge Exploration Crews On-Site at the Mariposa Gold Property, Yukon

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 17, 2010) - Pacific Ridge Exploration Ltd. (TSX VENTURE:PEX) reports that the company has mobilized exploration crews to its Mariposa Gold Property for a second year of exploration in the Yukon's South Klondike.

The Mariposa property, covering an area of approximately 40 square kilometers and held under option from the Tintina Syndicate, is located 25 kilometers southeast of Underworld Resource's White Gold property and about 35 kilometers northeast of Kaminak Gold's Coffee Creek property. Pacific Ridge's 2009 exploration program included prospecting, historic data compilation, geologic mapping and initial soils geochemical surveys. Results from this first year of exploration indicated similar geological and aeromagnetic signatures to the nearby White Gold and Coffee Creek discoveries. In addition to which, Mariposa has seen a 100-year history of placer gold mining that has produced "hackly" gold nuggets suggesting proximity to potential lode gold sources. Mariposa contains a 7- kilometer-long, open ended, zone of favorable rocks for hosting gold mineralization where selected grab samples assay have assayed to 3 grams per tonne gold. Yet to be fully defined gold geochemical anomalies in soils range from 20 ppb to 1300 ppb gold.

Pacific Ridge's 2010 exploration program includes; expanding geochemical sampling grids to further delineate the ultimate dimensions of already established gold anomalies. Back-hoe trenching will then follow in order to facilitate sampling of near-surface bedrock. Contingent on the results of which work, drilling of selected gold targets would then be proposed. 

With a priority being placed on exploration at Mariposa, exploration plans for Pacific Ridge's Gold Cap, Polar/Stewart and Eureka Dome will be deferred until later in the season.

Elsewhere, Pacific Ridge continues to maintain its interests in the Baker Lake Uranium Project in Nunavut and the Fyre Lake Copper, Gold deposit in southeast Yukon. No further work is planned on the Tumbler Phosphate Project in northeastern British Columbia. 

Pacific Ridge's disclosure of a technical or scientific nature has been reviewed by George Norman, P. Geo., Exploration Manger for Pacific Ridge and a Qualified Person under the definition of National Instrument 43-101

John S. Brock, President and CEO

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. Such statements may be identified in this release by the use of words such as 'plans", "will" and "expects" and "may" as well as the use of the future or conditional tense. 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, except as required by applicable law.

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.

Contact Information

  • Pacific Ridge Exploration Ltd. - Corporate Information
    John S. Brock
    President and CEO
    (604) 687-4951
    (604) 688-4670 (FAX)