Pacific Ridge Raises $895,000 After Closing Second Tranche of Non-Brokered Private Placement

October 26, 2009

Vancouver, B.C. - October 26, 2009 - Pacific Ridge Exploration Ltd. (TSX Venture: PEX) is pleased to announce that the second tranche of the non-brokered private placement of Flow-Through Units and Non-Flow-Through Units announced on July 24, 2009 and subsequently amended on August 24, 2009 has closed. The Company has raised an aggregate $895,000 in both tranche closings, $760,000 of which was received in its oversubscribed Flow-Through private placement by the issuance of 3,800,000 Flow-Through Units at $0.20 and $135,000 was received pursuant to the issuance of 675,000 Non-Flow-Through Units at $0.20 per Unit.

The second tranche closing consisted of the issuance of 2,800,000 Flow-Through Units priced at $0.20 per Unit for gross proceeds of $560,000 and the issuance of 75,000 Non-Flow-Through Units priced at $0.20 per Unit for gross proceeds of $15,000. All of the securities issued pursuant to the second tranche closing are subject to hold periods expiring February 22, 2010. Finders Fees totaling $32,400 are payable.

Each Flow-Through Unit is comprised of one flow-through share of the Company and one-half of one transferable warrant, each whole warrant (a "Warrant") entitling the holder to purchase one non-flow-through share of the Company at a price of $0.25 for 12 months. Each Non-Flow-Through Unit is comprised of one non-flow-through share of the Company and one-half of one Warrant.

The Company intends to use the gross proceeds from the sale of Flow-Through Units for Canadian Exploration Expenses ("CEE"), within the meaning of the Income Tax Act (Canada) ("ITA"), with the Company using its best efforts to ensure that such CEE qualify as a "flow-through mining expenditure" for the purpose of the ITA, related to the exploration of the Company's mineral exploration projects located in Yukon Territory, Canada. The CEE will qualify for the 15% Federal tax credit available to the individual resident anywhere in Canada. The Company expects to renounce such Canadian Exploration Expenses with an effective date of December 31, 2009.

Funds received from the second tranche closing bring Pacific Ridge's cash position to approximately $1,200,000. The company currently has approximately 25.7 million shares issued and outstanding.

"John S. Brock"

John S. Brock

For further information, contact:

Corporate Information
Pacific Ridge Exploration Ltd.
John S. Brock
Tel: (604) 687-4951

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.


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