Pacific Ridge Exploration Ltd.
TSX VENTURE : PEX

Pacific Ridge Exploration Ltd.

October 02, 2007 08:30 ET

Pacific Ridge Exploration Ltd.: Lucky-7 Zone; 0.30% U3O8 Over 17.3 Metres, Drilling Continues

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 2, 2007) - Pacific Ridge Exploration Ltd. ("Pacific Ridge") (TSX VENTURE:PEX) is pleased to report uranium assays from two recently completed diamond drill holes testing depth and strike continuity at the Lucky-7 Zone with values reaching 0.30% U3O8 over 17.3 metres.

Lucky-7 Zone

The Lucky-7 Zone is one of 8 significant uranium occurrences located within Pacific Ridge's Baker Basin Project, 40 kilometres south of the community of Baker Lake, Nunavut.

Uranium assays for Lucky-7 drill holes L7-07-07 and L7-07-08 are tabled below:



LUCKY-7 ZONE
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Assay
Interval Intercept ------------------
Hole Section Zone (m) (m)(i) % U3O8 lbs U3O8/t
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L7-07-07 8200N West 557.0-560.0 3.0 0.14 2.8
West 603.4-605.5 2.1 0.21 4.2
East 309.0-312.0 3.0 0.07 1.4
East 295.3-296.8 1.5 0.12 1.5

L7-07-08 8150N West 232.2-249.5 17.3 0.30 6.0
incl 234.4-243.4 9.0 0.51 10.2
East 149.8-150.8 1.0 0.33 6.6

(i) True widths are estimated at between 50% and 70% of drill intercepts


Uranium mineralization at Lucky-7 Zone is associated with fracturing and clay alteration of the Baker Basin Kazan sandstone within a northerly trending sub-vertical structural corridor emplaced with a mafic dyke. Mineralization occurs on both the east and west contacts of the dyke. To date, thicker sections of the dyke appear to be associated with thicker zones of uranium mineralization.

The Lucky-7 Zone, now drilled to a depth of 500 metres, has been traced radiometrically for a 500 metre strike length. The average intercept of uranium mineralization based on 7 holes drilled to date is approximately 7.5 metres grading 0.22% U3O8.

Drilling continues, with additional holes now collared to the south of hole L7-07-08 on section 8100N.

KZ Zone

At the KZ Zone, located 10 kilometres west of the Lucky-7, assays are pending for two recently completed drill holes. Pacific Ridge's 2006 drilling program at KZ intersected 0.31% U3O8 over 11.2 metres, 0.40% over 5.2 metres and 0.27% over 5.8 metres.

2007 Fall Program

Drilling will continue at the Lucky-7 Zone until onset of winter conditions. Results to date are meeting expectations and are sufficient to warrant an expanded drilling program in 2008.

Sample Handling

All samples collected at the Baker Basin Uranium Project are sealed in sample bags at site and forwarded in secure containers to Activation Laboratories in Ancaster, Ontario for uranium analysis. Samples are initially analyzed by a DNC technique utilizing a reactor. High values in excess of 0.5% U3O8 are then re-analyzed by SRF and titration methods. Pacific Ridge employs a QC/QA program that includes random insertion of internal duplicates and blanks into the sample stream as well as check assays by an external laboratory.

Pacific Ridge's disclosure of a technical or scientific nature has been reviewed by Wayne J. Roberts, P.Geo., Vice-President, Exploration of Pacific Ridge and a Qualified Person under the definition of National Instrument 43-101.

Pacific and Kaminak

Under the terms of an agreement dated September 28, 2007, Pacific Ridge has the option to increase its interest from a 60% to a 100% interest by issuing an initial 2.0 million shares to Kaminak and a further 2.0 million shares upon completion and submission to Kaminak of a positive feasibility study. Kaminak will then have the right to back-in to a 20% working interest and become a joint venture partner, by paying Pacific Ridge an amount equal to 40% of the expenditures incurred by Pacific Ridge during the period between signing the agreement and the date Kaminak receives the positive feasibility study. Should Kaminak elect not to exercise its back-in right, Pacific Ridge will retain its 100% interest in the Baker Uranium Project.

This agreement pertains to all commodities except diamonds, and is subject to TSX-Venture exchange approval. Underlying interests are held by Hunter Exploration Group as to a 2% net smelter return interest, as well as Shear Minerals/Stornoway Diamond Corporation, who collectively hold a 8.5% net profits interest.

As at September 30, 2007, Pacific Ridge Exploration Ltd. had working capital in the approximate amount of $2.7 million.

John S. Brock, President

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 "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.

Information Concerning Estimates of Mineral Resources

This news release uses the terms "inferred resources", "indicated resources", "mineral resources" and "resources". Pacific Ridge Exploration Ltd. (the "Company") advises investors that although these terms are recognized and required by Canadian securities regulations (under National Instrument 43-101 "Standards of Disclosure for Mineral Projects"), the US Securities and Exchange Commission does not recognize these terms. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. In addition, "inferred resources" have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, or economic studies except for a Preliminary Assessment as defined under NI 43-101. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable.

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

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