October 2, 2007
Pacific Ridge Exploration Ltd. ("Pacific Ridge") is pleased to report uranium assays from two recently completed diamond drill holes testing depth and strike continuity at the Lucky-7 Zone with values reaching 0.30% U3O8 over 17.3 metres.
Lucky-7 Zone
The Lucky-7 Zone is one of 8 significant uranium occurrences located within Pacific Ridge's Baker Basin Project, 40 kilometres south of the community of Baker Lake, Nunavut.
Uranium assays for Lucky-7 drill holes L7-07-07 and L7-07-08 are tabled below:
LUCKY-7 ZONE
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Hole Section Zone Interval Intercept Assay
(m) (m) * % U3O8 lbs U3O8/t
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L7-07-07 8200N West 557.0 - 560.0 3.0 0.14 2.8
West 603.4 - 605.5 2.1 0.21 4.2
East 309.0 - 312.0 3.0 0.07 1.4
East 295.3 - 296.8 1.5 0.12 1.5
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L7-07-08 8150N West 232.2 - 249.5 17.3 0.30 6.0
incl 234.4 - 243.4 9.0 0.51 10.2
East 149.8 - 150.8 1.0 0.33 6.6
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* True widths are estimated at between 50% and 70% of drill intercepts
Uranium mineralization at Lucky-7 Zone is associated with fracturing and clay alteration of the Baker Basin Kazan sandstone within a northerly trending sub-vertical structural corridor emplaced with a mafic dyke. Mineralization occurs on both the east and west contacts of the dyke. To date, thicker sections of the dyke appear to be associated with thicker zones of uranium mineralization.
The Lucky-7 Zone, now drilled to a depth of 500 metres, has been traced radiometrically for a 500 metre strike length. The average intercept of uranium mineralization based on 7 holes drilled to date is approximately 7.5 metres grading 0.22% U3O8.
Drilling continues, with additional holes now collared to the south of hole L7-07-08 on section 8100N.
KZ Zone
At the KZ Zone, located 10 kilometres west of the Lucky-7, assays are pending for two recently completed drill holes. Pacific Ridge's 2006 drilling program at KZ intersected 0.31% U3O8 over 11.2 metres, 0.40% over 5.2 metres and 0.27 % over 5.8 metres.
2007 Fall Program
Drilling will continue at the Lucky-7 Zone until onset of winter conditions. Results to date are meeting expectations and are sufficient to warrant an expanded drilling program in 2008.
Sample Handling
All samples collected at the Baker Basin Uranium Project are sealed in sample bags at site and forwarded in secure containers to Activation Laboratories in Ancaster, Ontario for uranium analysis. Samples are initially analyzed by a DNC technique utilizing a reactor. High values in excess of 0.5% U3O8 are then re-analyzed by SRF and titration methods. Pacific Ridge employs a QC/QA program that includes random insertion of internal duplicates and blanks into the sample stream as well as check assays by an external laboratory.
Pacific Ridge's disclosure of a technical or scientific nature has been reviewed by Wayne J. Roberts, P.Geo., Vice-President, Exploration of Pacific Ridge and a Qualified Person under the definition of National Instrument 43-101.
Pacific and Kaminak
Under the terms of an agreement dated September 28, 2007, Pacific Ridge has the option to increase its interest from a 60% to a 100% interest by issuing an initial 2.0 million shares to Kaminak and a further 2.0 million shares upon completion and submission to Kaminak of a positive feasibility study. Kaminak will then have the right to back-in to a 20% working interest and become a joint venture partner, by paying Pacific Ridge an amount equal to 40% of the expenditures incurred by Pacific Ridge during the period between signing the agreement and the date Kaminak receives the positive feasibility study. Should Kaminak elect not to exercise its back-in right, Pacific Ridge will retain its 100% interest in the Baker Uranium Project.
This agreement pertains to all commodities except diamonds, and is subject to TSX-Venture exchange approval. Underlying interests are held by Hunter Exploration Group as to a 2% net smelter return interest, as well as Shear Minerals/Stornoway Diamond Corporation, who collectively hold a 8.5% net profits interest.
As at September 30, 2007, Pacific Ridge Exploration Ltd. had working capital in the approximate amount of $2.7 million.
"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.