High Ridge Resources Inc.

High Ridge Resources Inc.

July 10, 2008 06:00 ET

High Ridge Resources Announces Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 10, 2008) - High Ridge Resources Inc. ("High Ridge" or the "Company") (TSX VENTURE:HRR) is pleased to announce a non-brokered private placement consisting of up to 8,333,333 units ("Units") at a price of C$0.30 per Unit, for gross proceeds of up to C$2,500,000.

Each Unit will consist of one previously unissued common share, and one share purchase warrant ("a Warrant") of the Issuer. Each Warrant will entitle the holder, on exercise, to purchase one additional common share of the Issuer (a "Warrant Share") for a period of 24 months from the date of issue of the Warrant at the following CDN exercise prices: (i) $0.45 per share from the Closing until the close of business on the day which is 8 months after Closing;
(ii) thereafter at $0.55 per share until the close of business on the day which is 16 months after Closing; and (iii) thereafter at $0.65 per share until the close of business on the day which is 24 months after Closing.

The Company will pay a finders fee of up to 8% of the proceeds of the Offering payable in cash or Units.

About High Ridge Resources Inc.:

High Ridge is focused on large scale exploration projects in British Columbia and Peru. In addition to the Peruvian gold and polymetallic projects, High Ridge has three advanced exploration projects in British Columbia. These properties include the Chuchi property (Cu-Au porphyry), 30 km northwest of Terrane's Mt. Milligan project; Newton Mountain (Au-Cu porphyry), 35 km 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 km south of Cominco's former Bluebell mine.

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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