NOT FOR DISSEMINATION IN THE UNITED STATES

Pacific Ridge Exploration Ltd. (the "Company") today announced that it has closed the private placements announced March 16, 2006 consisting of a non-brokered unit private placement of 6,500,000 units (the "Units") at $0.25 per unit and a non-brokered flow-through private placement of 6,500,000 shares at $0.25 per share and has received gross proceeds totaling $3,250,000.

Each Unit consists of one common share and one-half non-transferable share purchase warrant. One whole warrant will entitle the holder to purchase one common share at $0.35 per share on or before the earlier of April 24, 2007 or an accelerated expiry date. If the trading price of the Company's common shares closes at a price equal to, or higher than $0.70 per share for a consecutive period of 20 trading days, then at the Company's election, the warrants will expire on the 30th day after the holders receive notice from the Company.

The majority of the net proceeds raised from the sale of up to 6,500,000 Units will be allotted to non-flow-through expenditures to be incurred on the Company's Baker Uranium Project in Nunavut and Fyre Lake Copper-Gold Project in Yukon, as well as working capital.

Gross proceeds raised from the sale of 6,500,000 flow-through shares will be directed to drilling programs on the Company's Baker Uranium Project in Nunavut. Contingent on drill rig availability, funds could also be directed to drilling as well at the Fyre Lake Project in Yukon.

In connection with the private placements, the Company paid a total of $49,487.50 in cash finders' fees and issued a total of 379,900 Units to registered brokers who introduced subscribers to the Company. The Units issued as finder's fees have the same terms and conditions as the Units issued to the subscribers.

All of the securities have a four-month hold period ending August 25, 2006.

"John S. Brock"

John S. Brock
President

For further information, contact:

Corporate Information
Pacific Ridge Exploration Ltd.
John S. Brock
President
Tel: (604) 604.641.2759
www.pacificridgeexploration.com

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

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, exploitation activities and events or developments that Pacific Ridge Exploration Ltd. ("Pacific Ridge") expects to occur, are forward-looking statements. 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 in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing and general economic, market or business conditions. 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.