Pacific Ridge Exploration Ltd. (the "Company") today announced that it has closed the brokered portion of a private placement originally announced on May 31, 2007 and amended on June 7, 2007. The brokered portion consisted of 5,970,000 units (the "Units") at $0.30 per unit and 6,000,000 flow-through common shares at $0.35 per share, for gross proceeds totaling $3,891,000. The Company anticipates that the non-brokered portion of the private placement will close shortly.

Each Unit issued today consists of one common share and one-half of one transferable common share purchase warrant. One whole warrant (a "Warrant") will entitle the holder to purchase one common share of the Company at $0.40 per share on or before December 22, 2008, except that if the closing price of the Company's common shares is equal to or higher than $0.68 per share for a consecutive period of 20 trading days at any time after October 23, 2007 then at the Company's election, the warrants will expire on the 30th day after the holders receive notice of accelerated expiry from the Company.

The majority of the net proceeds raised from the sale of the 5,970,000 Units will be used for the development of the Company's property portfolio and for general working capital purposes.

Gross proceeds raised from the sale of the 6,000,000 flow-through common shares will be used to incur exploration expenses on the Company's Baker Basin Uranium Project located in Nunavut, Canada. The expenses will qualify as "Canadian Exploration Expenses" (for purposes of the Income Tax Act (Canada)) and the Company will use its best efforts to ensure that the expenses also qualify as "flow-through mining expenditures" (for purposes of the Income Tax Act (Canada)). The Company expects to incur and renounce such Canadian Exploration Expenses with an effective date of December 31, 2007.

In connection with the brokered portion of the private placement, the Company paid a cash commission of $252,915 and issued a total of 778,050 Broker Warrants to Dundee Securities Corporation and Haywood Securities Inc. for acting as agents. The Broker Warrants are exercisable at a price of $0.35 per common share for a period expiring on December 22, 2008.

All of the securities issued today have a four-month hold period ending October 23, 2007.

"Wayne J. Roberts"

Wayne J. Roberts
Vice-President, Exploration

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.