AMMENDED July 29, 2009
Vancouver, B.C. - July 28, 2009 - Pacific Ridge Exploration Ltd. (TSX Venture: PEX) reports further on its Klondike Kate Gold project, located in the Yukon's South Klondike region, 90 kilometres south of Dawson City. The Klondike Kate Gold project now consists of four properties comprised of 361 mineral claims. Exploration programs on each of the Klondike Kate properties will commence in early August.
Pacific Ridge was attracted to the area by Underworld Resource's gold discovery on its White Gold Property. Pacific Ridge through contacts with Yukon prospectors and its files of historic exploration data commenced a program of land acquisition in the month of May resulting in the staking of the Goldcap, Eureka and Moose properties, each of which has demonstrated exploration potential for gold discovery. This work was followed by the option of the Stewart/Polar Property.
The Underworld gold discovery was made through follow-up of gold anomalies generated by a large-scale soil sampling geochemical program. Underworld reports seven separate anomalous gold zones identified by soil geochemistry along a 7.5 kilometer trend wherein there have been two drill discoveries made so far. On their Golden Saddle zone drill intersections grade to 3.89 grams gold over 60.5 metres with higher grade holes reaching 9.2 grams over 31.1 metres. Based on work-to-date, industry observers are suggesting that Underworld is creating a new geologic model for the discovery of lode gold deposits within the Klondike with implications for regional distribution of the White Gold mineralizing system. Historic gold production from Klondike placer gold deposits is reported to be 13 million ounces gold.
During the past three months the South Klondike area has seen a staking rush where approximately 6,000 mineral claims have been staked with estimates of 24 exploration companies now holding ground in the area.
Klondike Kate Gold Project
The Pacific Ridge 2009 exploration program, directed to establishment of drill targets, will include soil sampling, geologic mapping and magnetometer surveys followed, where warranted, by trenching on each of the four properties currently held.
Pacific Ridge owns a 100 percent interest in the approximate 14 square kilometer Goldcap property. The claims are tied on to the northeastern boundary of Underworld's White Gold property and are located approximately 5 kilometres northeast of their Golden Saddle zone. Pacific Ridge staked the Goldcap on the basis of its geologic setting for White Gold style mineralization, that being a hydrothermal mineralizing system invading a schist/mafic sequence of rocks. In addition, the combination of an aeromagnetic anomaly and a Geological Survey of Canada silt sample that provided the highest anomalous gold geochemical response in the Southern Klondike, enhances prospectivity for discovery.
The Polar/Stewart Property is tied on to the eastern border of Pacific Ridge's Goldcap Property. This 35 square kilometer property was acquired by way of an option agreement with Ryanwood Exploration, headed by Dawson City prospector Shawn Ryan, who is credited with the initial discovery of the Underworld White Gold Property. Pacific Ridge can earn a 100% interest in the Stewart/Polar property, subject to a 2% net smelter return interest ("NSR"), by making staged payments over the next 4 years totaling $300,000 and 1,250,000 Pacific Ridge shares upon obtaining regulatory approval. The 2% NSR can be bought down to 1% for a $1.0 million payment.
The Stewart/Polar acquisition was based on its favorable geological setting and an aeromagnetic anomaly flanked by anomalous gold in soils produced from reconnaissance sampling by Ryanwood.
Located approximately 55 kilometres north of the White Gold discovery, Pacific Ridge owns a 100% interest in the 27 square kilometer Eureka Property located within 5 kilometres of road access. The claims were staked over the eastern flanks of Eureka Dome and adjoin claims held by Strategic Metals on the west side of Eureka Dome. This exploration target is distinguished by placer gold occurrences in most creeks draining all sides of Eureka Dome. Placer gold occurrences can indicate potential for discovery of lode gold deposits. The Eureka property also boasts a similar geochemical footprint of gold-associated trace elements as found on the White Gold property.
Located on-strike to the southeast of the Eureka, the 100 % owned Moose property, with an anomalous gold anomaly and a nearby placer gold creek, warrants exploration.
Pacific Ridge will continue with its program of outside exploration directed to identification of additional gold exploration targets for its Klondike Kate property portfolio.
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
"John S. Brock"
John S. Brock
President and CEO
For further information, contact:
Pacific Ridge Exploration Ltd.
John S. Brock
Tel: (604) 604.641.2759
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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.
Pacific Ridge Provides Update on the Klonkike Kate Gold Project, Yukon
AMMENDED July 29, 2009