Vancouver, B.C. - January 6, 2011 - Pacific Ridge Exploration Ltd. (TSX Venture: PEX) (the "Company") reported that it has entered into a consulting agreement to retain G2 Consultants Corp. of Vancouver, B.C., to provide financial public relations services. G2 Consultants will assist the Company in expanding its profile and conveying the Company's key messages to the investment community beyond the Company's existing investor base.
The consulting agreement has a twelve month term commencing on November 15, 2010 and expiring on November 14, 2011, subject to earlier termination upon 30 days notice. G2 Consultants will be paid $5,000 per month for the first four months, $7,000 per month for the following four months, and $8,000 per month for the remaining four months of the term, plus approved expenses for selected services. Barry D. Russell, principal of G2 Consultants Corp., and the Company are at arm's length. The agreement with G2 Consultants Corp. is subject to acceptance for filing by the TSX Venture Exchange.
Based in Vancouver, B.C., G2 Consultants is a full-service consulting firm that assists public companies in achieving their marketplace objectives. G2 Consultants provides its clients with a comprehensive suite of services, including: strategic consulting, corporate communications, administration, creative and design services.
The Company granted 250,000 incentive stock options to G2 Consultants Corp. at an exercise price of $0.30 per share exercisable until January 6, 2016, subject to the terms and conditions of the Company's stock option plan. These options vest as to 25% after three months, 25% after six months, 25% after nine months and 25% after twelve months.
The Company also granted incentive stock options under its 10% rolling stock option plan to directors, officers, employees and consultants, to purchase a total of 830,000 common shares at $0.30 per share exercisable until January 6, 2016. The incentive stock options vest as to 50% on the date of grant and 50% in one year, subject to the terms and conditions of the Company's stock option plan.
The options are subject to acceptance for filing by the TSX Venture Exchange.
On behalf of the Board of Directors,
"John S. Brock"
John S. Brock
President
Pacific Ridge Exploration Ltd.
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.
Pacific Ridge Retains Public Relations Consultants and Grants Incentive Stock Options
January 6, 2011