High Ridge Resources Inc.

High Ridge Resources Inc.

May 07, 2007 09:15 ET

High Ridge Resources Inc. Announces Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 7, 2007) - High Ridge Resources Inc. ("High Ridge") (TSX VENTURE:HRR) today announced a brokered private placement of 3,000,000 units ("Units") at C$0.45 per Unit for gross proceeds of approximately C$1,350,000.

Each Unit consists of one common share and one share purchase warrant (a "Warrant"). Each warrant entitles the holder to purchase one additional common share for a period of 18 months after closing at a price of C$0.60 per common share, subject to an acceleration provision such that if, at any time four months or more after the closing, the price per High Ridge share on the TSX Venture Exchange is C$0.90 or higher for ten (10) consecutive business days, then High Ridge may give the investors notice that the Warrants must be exercised or they will expire within 30 days.

Bolder Investment Partners (Bolder) the Underwriter will receive a 8% cash commission, of which the Agent may elect to be paid up to half in Units, together with an option (the "Agents Warrants") to acquire that number of Units that is equal to 10% of the number of Units issued. The Agents Warrants entitles the Underwriters to purchase Units, exercisable at the offering price of the Units for a period of 18 months following closing of the Offering. The securities are subject to a four month hold period.

The net proceeds of the offering will be used to fund further development of High Ridge's properties in British Columbia and Peru.

About High Ridge Resources Inc.:

High Ridge is focused on large scale exploration projects in Peru and Canada. The recent Peruvian acquisitions, include the gold - polymetallic Chanape, Rosicler-Domo, Germania, Pacococha claims, all located in the San Mateo area east of Lima, and the high grade gold Vetaspata property in south eastern Peru. 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.

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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