Pacific Ridge Exploration Ltd.

Pacific Ridge Exploration Ltd.

June 25, 2008 17:28 ET

Pacific Ridge Exploration Ltd.: Exchange Accepts Filing of the Phos Property Agreement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 25, 2008) - Pacific Ridge Exploration Ltd. (TSX VENTURE:PEX) is pleased to announce that the TSX-Venture Exchange (the "Exchange") has accepted for filing the agreement to acquire a 100% interest in the Phos Property, in consideration for making staged cash payments totaling $80,000 by December 31, 2009 and staged issuances of shares totaling 1.0 million shares by December 31, 2010. The vendors retain a 2% Gross Overriding Royalty ("GORR") from potential future production, of which 1% is extinguished after $2.0 million is paid. The GORR pertains to all commodities except coal.

In accordance with the terms of the agreement, the Company has paid $20,000 and issued 100,000 shares to the vendors. The Shares are subject to Exchange and Multilateral Instrument 45-102 hold periods expiring on October 26, 2008.

John S. Brock, President

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

Contact Information

  • Pacific Ridge Exploration Ltd. - Corporate Information
    John S. Brock
    (604) 687-4951
    (604) 688-4670 (FAX)
    G2 Consultants Corporation - Investor Inquiries
    (604) 742-9990 or NA Toll Free: 1-866-742-9990
    (604) 742-9991 (FAX)