Vancouver, B.C. - March 9, 2009 -- Pacific Ridge Exploration Ltd. (TSX Venture: PEX) announces that on March 2, 2009, Aurora Energy Resources Inc. ("Aurora") (AXU:TSX) reported that:
"Our efforts in the 2008 exploration program were rewarded with encouraging results," said Mr. Bruce Dumville, Aurora's President and CEO. "We believe we have collected valuable information that puts us on a promising road to a new discovery, with indications of continuity of mineralization in existing mineralized zones."
The 2008 program included an initial 603 metre, two-hole drill program designed to further test the Lucky 7 zone -- an intrusion-related mineralized zone initially discovered in 2006 and drill results included one drill hole containing 17.3 metres of 0.30% U3O8. Results of Aurora's 2008 drill program are shown in the table below.
| Hole ID | From (m) | To (m) | Length | %U3O8 |
|---|---|---|---|---|
| L7-08-11 | 144.00 | 146.00 | 2.00 | 0.13 |
| and | 216.00 | 218.00 | 2.00 | 0.08 |
| L7-08-12 | 274.00 | 278.50 | 4.50 | 0.22 |
In addition to the drilling, a 7001 kilometre, 150 metre spaced, airborne magnetic, radiometric and broadband electromagnetic survey was completed in October, designed to cover the property and aid in the design of the 2009 exploration program. Similarly, a 435 kilometre ground magnetic survey, with 50 metre spacing, was completed around the known Lucky 7, Niner and 7-1 zones. "The interpretation of these results indicates that mineralized structures are continuous over kilometres and there is significant potential to host unconformity style mineralization," said Mr. Dumville.
Geological mapping about mineralized zones and a comprehensive geochemical sampling program of the areas about mineralization were also completed in 2008 in an effort to better characterize the alteration system associated with mineralization, aiding in planning for the 2009 season.
The Baker Lake Basin is geologically similar in age and character to the Athabasca Basin and the proximal Thelon Basin, which hosts Areva's Kiggavik-Sissons project (148 million pounds U3O8 at 0.24% based on Areva's December 3, 2007 news release, "Kiggavik Uranium Feasibility Study in Nunavut to Proceed"). Like the Athabasca and the Thelon basins, the Baker Lake Basin has unconformity associated mineralization and a 60-kilometre length of the southern boundary of the Baker Lake sedimentary basin, a favorable setting for high-grade uranium occurrences. The Baker Lake Basin also contains sediment-hosted and intrusion-associated, near-surface mineralization. A complete listing of drill results for 2006 and 2007 can be viewed at: http://www.aurora-energy.ca/files/PR_06-07_DrillResults.JPG.
Pacific Ridge, on October 8, 2008 reported that Aurora had subscribed to a 2.0 million share private placement in Pacific Ridge, priced at $0.17 per share, for gross proceeds of $340,000. The private placement was pursuant to the terms of Aurora's option agreement which provided for Aurora the right to acquire an initial 51% interest in Pacific Ridge's Baker Basin Uranium Property upon completing the private placement and making a $15 million exploration expenditure over the ensuing three years.
Pacific Ridge ended 2008 with the cash component of its working capital in an approximate amount of $1.1 million. Exploration results from the 2008 Tumbler Ridge Phosphate project in east central British Columbia will be reported in the near term. The company is examining opportunity for acquisition of additional mineral properties and is also considering joint venture participation in its Fyre Lake copper-gold massive sulphide project in Yukon.
"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
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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.