Pacific Ridge Exploration Ltd.

Pacific Ridge Exploration Ltd.

April 16, 2013 12:29 ET

Pacific Ridge 2013 Annual General and Special Meeting

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 16, 2013) - Pacific Ridge Exploration Ltd. (TSX VENTURE:PEX) ("Pacific Ridge" or the "Company") reports the results of its 2013 Annual General and Special Meeting. At the meeting all ordinary resolutions placed before the meeting was passed. Shareholders re-elected John S. Brock, C. Douglas Proctor, R.E. Gordon Davis, Sargent Berner and Bruce Youngman as directors of the Company for the ensuing year. PricewaterhouseCoopers LLP, Chartered Accountants were also re-appointed as auditors of the Company and the Company's rolling stock option plan was re-approved. The Board of Directors also approved the re-appointment for the ensuing year of John S. Brock as CEO and President, Gerry Carlson as Vice President Exploration, Lei Wang as Chief Financial Officer and Arie Page as Corporate Secretary.

By way of a special resolution, shareholders approved a proposed consolidation of the issued common shares of Pacific Ridge. At a subsequent meeting of the Company's Board of Directors, approval was given for the share consolidation on a 1 new share for 5 old shares basis. As at the date hereof, there are an aggregate of 71,064,936 common shares issued and outstanding. It is expected that upon completion of the share consolidation there will be an aggregate of approximately 14,212,987 common shares issued and outstanding. Approval of the consolidation was required in order to facilitate future financing of the Company as well as the effecting of a proposed property option agreement with a third party, the details of which will be announced upon execution of such agreement. The share consolidation is subject to TSX Venture Exchange acceptance. Once such acceptance is obtained, Pacific Ridge will issue a further news release and will send shareholders a letter of transmittal advising that the share consolidation has taken effect and instructing shareholders to surrender the certificates evidencing their pre‐consolidation common shares for replacement certificates representing post‐consolidation common shares. The name of the Company will remain the same.

On behalf of the Board of Directors,

John S. Brock, President & CEO

Pacific Ridge Exploration Ltd.

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 and other activities and events or developments that Pacific Ridge Exploration Ltd. ("Pacific Ridge") expects to occur, are forward-looking statements. Forward-looking statements in this news release include statements regarding the placements and future exploration plans and expenditures. 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 forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploration successes, and continued availability of capital and financing and general economic, market or business conditions. These statements are based on a number of assumptions including, among other things, assumptions regarding general business and economic conditions, the timing and receipt of regulatory and governmental approvals for the transactions described herein, the ability of Pacific Ridge and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for Pacific Ridge's proposed transactions and programs on reasonable terms, and the ability of third party service providers to deliver services in a timely manner. 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.

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