High Ridge Resources Inc.
TSX VENTURE : HRR

High Ridge Resources Inc.

March 22, 2007 09:15 ET

High Ridge Announces Details of New Acquisitions in the San Mateo Area, Peru

High Grade Polymetallic Potential: Silver, Lead, Zinc, Copper, and Gold

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 22, 2007) - High Ridge Resources Inc. ("High Ridge") (TSX VENTURE:HRR) today announced that its wholly-owned subsidiary Minera High Ridge del Peru S.A.C. was granted an option to acquire a 100% interest in 37 mining concessions located within the Matucana cadastral sheet 24-k held by Sindicato Minero Pacococha S.A. and Compania Minera Sunicancha S.A. These assets totalling 1223.75 hectares are all in good standing.

"The acquisition of these new mining concessions serves to further consolidate High Ridge's presence in the San Mateo area by targeting highly prospective ground contiguous to our previously acquired Chanape property (see news release February 8, 2007). High Ridge is continuing to execute on our mandate to acquire and advance projects with a mix of commodities and significant resource potential in Peru as well as British Columbia, Canada," stated Gary Anderson, High Ridge President & CEO.

The new acquisitions are located within old and active mining districts SE of San Mateo approximately 125 kilometres ENE of Lima in the Province of Huarochiri, Department of Lima. The concessions are within the Pacococha district and can be accessed along the well maintained Central Highway to the town of San Mateo, 100 kilometres east of Lima, with the remaining distance to the concessions being by gravel and dirt roads, and trails.

High Ridge has obtained numerous internal reports, maps, plans and sections prepared by former geologists and consultants of the Pacococha Mine and Milpo, which cover the newly acquired properties. The following information has been taken from these reports which were not prepared in accordance with the requirements of NI 43-101. References to the authors and dates of the reports are indicated in parentheses.

New Acquisitions

High Ridge's newly acquired concessions form two separate groupings (see the map below). The larger and relatively untouched contiguous group of claims, the Rosicler-El Domo property, includes an over three kilometre long, largely exposed mineralized quartz vein system and the related alteration zone named Rosicler, as well as associated, strongly altered volcanic dome (El Domo).

The second group of concessions is referred to as the Pacococha-Germania claims and includes several vein systems. Most veins have been previously mined, but none were drilled, and their potential at depth, below the lowermost drift and/or bottom of the nearest valley, is unknown. All veins show a strong mineral zoning, with different segments of the veins being richer in different minerals.

The predominant rock types found in the area are Cenozoic andesitic volcanic flows, interlayered with tuffs and rhyolites, of the Rimac group and Millotingo formation; the composite thickness of these units is 700-1000 metres. The volcanic rocks have been intruded by several fine-grained diabase or diorite porphyry stocks, which have pyritized, silicified, kaolinized, and otherwise altered adjacent volcanics (Salazar, 1983; Mineralogical Record, 1997).

To view the map accompanying this press release please click on the following link: http://www.ccnmatthews.com/docs/HRR0322.jpg

Rosicler-El Domo Property

The property is located 2.5-3 kilometres NW of the Pacococha Lake. The Rosicler vein trends NE and is exposed on elevations between 4550 and 4800 metres, and has been only scarcely mined. The vein is epithermal and consists of two different mineralized sections; the SW-central section contains silver-bearing, polymetallic mineralization; the NE section is dominated by silver mineralization and anomalous gold values (Velarde, 1997; Arellano, 2005). There are two additional and little known mineralized vein systems present on this property, Virgen del Buen Paso and Midas, both of which are parallel to the Rosicler vein.

In the Rosicler vein, milky and grey quartz contains disseminated mineralization represented mainly by chalcopyrite, galena, bornite, spahalerite, and pyrite (Velarde, 1997; Miranda, 2005). Mineralization is also present as stringers in the wall-rock. In total, the reserves within the Rosicler vein are estimated to be minimum 215,000 tonnes (Arellano, 2005). The grades throughout the vein are not well determined, but the exposure created by "informal" mining in the southern segment of the vein yielded 5.3 Oz Ag/t, 2.57% Cu, 2.5% Pb, and 2.15% Zn (Arellano, 2005).

Pacococha-Germania Claims

The Pacococha-Germania claims encompass main sections of numerous veins, which form two sets: one southern, in the Germania area, and another, central-northern, in the Pacococha area.

Germania area

In the Germania area, High Ridge has obtained four known vein systems; two of them, Sin Complemento and Belgica V, were scarcely mined in the past, whereas the other two, Germania and Peru, were previously mined to a certain extent. The mineralization in these veins is characterized by presence of galena, sphalerite, tetrahedrite, and lesser chalcopyrite, pyrite, pyrrhotite, arsenopiryte, and rhodochrosite.

The estimated potential of the 1500 metres long Sin Complemento vein and the approximately 500 metres long Belgica V vein is approximately 290,000 tonnes with average grades of 4.29 Oz Ag/Tc, 2.57% Pb, 4.17% Zn, 1.69% Cu (Cayo and Davalos, 2001).

The Germania and Peru veins represent two, out of three, major veins of the former Germania mine. Both veins were mined between early 1950's and 1980's; in 1950's by Compania Minera Germania and subsequently, during the 1960's and 1970's, by the Pacococha and Milotingo companies. Both veins still contain known mineralized blocks with average grades of 4.23 Oz Ag/Tc, 2.30% Pb, 3.80% Zn, and 2.00% Cu for Germania, and 3.50 Oz Ag/Tc, 2.50% Pb, 3.00% Zn, and 2.00% Cu for Peru (Cayo and Davalos, 2001).

Pacococha area

In the Pacococha area, High Ridge has acquired the main sections of the following veins: Santiago Menor and Santiago Major, BJ 19, Purisima, Diez de Mayo, and Cuatro de Julio. High Ridge has also secured claims surrounding the northeastern segment of the Carolina vein, the central Victoria vein, and the central-northeastern segment of the San David vein system.

Many of these veins have formed the core of the Pacococha Mine, owned by Sindicato Minero Pacococha S.A., and have been mined in the past to varying degrees (Cayo, 1993). However, the available Pacococha mine data indicates that they contain approximately 480,000 tonnes of polymetallic ore with 1.43 - 6.51 Oz Ag/Tc, 0.1 - 7.03% Pb, 0.49 - 11.88% Zn, and 0.84 - 3.69% Cu (Cayo, 1993).

The foregoing grades and tonnage information are historical estimates which were not prepared in accordance with the requirements of NI 43-101. High Ridge has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves, and High Ridge is not treating the historical estimates as current mineral resources or mineral reserves. Accordingly, readers should use caution when considering this information and should not rely upon the accuracy of such information.

Payments in consideration of the concessions

As consideration for the Rosicler-El Domo and Pacococha-Germania concessions, High Ridge must pay the aggregate sum of US $6,000,000 to the vendors and issue a total of 3,000,000 common shares of High Ridge to the vendors. High Ridge is obligated to make the payments of cash and the issuance of common shares over 5 1/2 years. The vendors have retained a 2.5% net smelter royalty ("NSR") and High Ridge has the option to purchase a 1.5% NSR for US $1,000,000.

Finders' fees, payable in cash and stock, and calculated on the basis of 5% of the value of the entire transaction (US $300,000 and 150,000 High Ridge shares) are payable on a pro-rated basis in accordance with the payment schedule established between High Ridge and the vendors.

About High Ridge Resources Inc.:

High Ridge is focused on large scale exploration projects in Peru and Canada. In addition to the recent Peruvian acquisitions, High Ridge has three advanced exploration projects in British Columbia. These properties include the Chuchi property (Cu-Au porphyry), 30 kilometres northwest of Terrane's Mt. Milligan project; Newton Mountain (Au-Cu porphyry), 35 kilometres north of Taseko Mine's Prosperity project - formerly Fish Lake (Au-Cu porphyry); and the Silver Bay (Ag, Pb, Zn, and Cu porphyry) project, 10 kilometres south of Cominco's former Bluebell mine.

A. Szybinski, Ph.D. (Geology), the Vice President of Exploration of High Ridge, is the "qualified person" responsible for the contents of this news release.

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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