Vancouver, B.C. – June 25, 2021 - Pacific Ridge Exploration Ltd. (PEX: TSX Venture; PEXZF: OTCBB) ("Pacific Ridge" or the "Company”) is pleased to announce that the following directors were elected at its Annual General Meeting held June 24, 2021: Gerald Carlson, Blaine Monaghan, Bruce Youngman (an independent director), Borden Putnam III (an independent director), and Gary Baschuk (an independent director). In addition, the shareholders re-appointed PricewaterhouseCoopers LLP, Chartered Accountants, as auditor of the Company and approved the Company's rolling incentive stock option plan pursuant to which a maximum of 10% of the issued shares will be reserved for issuance under the plan. The plan is subject to TSX Venture Exchange acceptance.
The following officers were appointed after the Annual General Meeting: Gerald Carlson as Executive Chairman, Blaine Monaghan as President & CEO, Danette Schwab as Vice President Exploration, Salvador Miranda as Chief Financial Officer, and Arie Page as Corporate Secretary.
“I’m very pleased to welcome Gary Baschuk as our newest director,” said Blaine Monaghan, President and CEO of Pacific Ridge. “The Company has built a strong team to advance the Kliyul copper-gold project and we look forward to the fully funded drill program starting next month. Pacific Ridge believes that there is excellent potential to find additional copper-gold mineralization along strike and at depth at Kliyul main zone, which is just one target area along a 4-km long mineralized trend.”
Pacific Ridge also announces that it has entered into an agreement to acquire certain data related to the RDP copper-gold project by issuing 100,000 common shares to the vendor. The agreement is subject to regulatory approval.
About Pacific Ridge
Our goal is to become one of the leading copper-gold exploration companies in British Columbia. Pacific Ridge’s flagship project is the advanced-stage Kliyul copper-gold project, located in the Quesnel Trough, British Columbia, approximately 50 km southeast of Centerra Gold’s Kemess project. Historic drilling at Kliyul encountered significant copper-gold porphyry mineralization, drill hole KLI-15-34 returned 245 metres of 0.75% CuEQ1 (see Pacific Ridge press release dated December 2, 2020). The Company plans to launch a drill program at Kliyul next month.
On behalf of the Board of Directors,
President & CEO
Pacific Ridge Exploration Ltd.
Tel: (604) 687-4951
G2 Consultants Corp.
Telephone: +1 778-678-9050
1 Copper equivalent (CuEQ) is equal to ((Cu (per cent) multiplied by $2.25 multiplied by 22.0642) plus (Au (g/t) multiplied by $1,650 multiplied by 0.032151)) divided by ($2.25 multiplied by 22.0642).
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The technical information contained within this News Release has been reviewed and approved by Gerald G. Carlson, Ph.D., P.Eng., Executive Chairman of Pacific Ridge and Qualified Person as defined by National Instrument 43-101 policy.
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 and other activities and events or developments that Pacific Ridge Exploration Ltd. ("Pacific Ridge") expects to occur, are forward-looking statements. Forward-looking statements in this news release include statements regarding certain data related to the RDP copper-gold project and drill program at the Kliyul copper-gold project this summer. 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 forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploration successes, and continued availability of capital and financing and general economic, market or business conditions. These statements are based on a number of assumptions including, among other things, assumptions regarding general business and economic conditions, that one of the options will be exercised, the ability of Pacific Ridge and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for Pacific Ridge’s proposed programs on reasonable terms, and the ability of third party service providers to deliver services in a timely manner. 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, except as required by applicable law.