Vancouver, B.C. - October 20, 2008 - Pacific Ridge Exploration Ltd. (TSX Venture: PEX) reports that on October 15, 2008, Aurora Energy Resources Inc. ("Aurora") (AXU: TSX) announced its 2008 exploration program at the Pacific Ridge Baker Lake Basin uranium property in Nunavut, Canada.
Aurora's President and CEO said that "We believe the Baker Lake Basin property hosts prospects that have potential for rapid growth and resource definition. We are impressed with the 2007 drill results and this year we will focus on delineating mineralization at the Lucky 7 zone."
The 2008 program is planned to include:
- An initial 1,000 metre drill program designed to test the Lucky 7 zone and to have the drill equipment on site for an early start in 2009.
- An airborne magnetic, radiometric and broadband electromagnetic survey designed to cover the property and aid in the design of the 2009 exploration program.
- Geological mapping and a ground magnetic survey about known prospects.
- Introduction to the host community of Baker Lake and consultations with local community groups.
Aurora has the option to earn an initial 51% interest in the Baker Lake Basin Property by making a $15 million exploration expenditure. The principle terms of the agreement were previously announced by Pacific Ridge on September 23, 2008.
"John S. Brock"
John S. Brock
For further information, contact:
Pacific Ridge Exploration Ltd.
John S. Brock
Tel: (604) 604.641.2759
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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.