Pacific Ridge Farms Out Eureka Dome Gold Project, Yukon Warrants Extended
Vancouver, British Columbia--(Newsfile Corp. - April 26, 2018) - Pacific Ridge Exploration Ltd. (TSXV: PEX) ("Pacific Ridge" or the "Company") is pleased to announce that it has agreed to option its Eureka Dome property to Trifecta Gold Ltd. ("Trifecta"). Trifecta can earn a 70% interest in the property by making payments of $200,000, issuing 1,000,000 shares and completing $2.5 million in exploration by December 31, 2022. Once this interest has been earned, Trifecta and Pacific Ridge will form a 70:30 joint venture to further explore and develop the property. The agreement is subject to regulatory approval.
The Eureka Dome Property is located in the Yukon's White Gold District, approximately 55 km northeast of White Gold's Golden Saddle discovery. Placer gold occurrences have been reported in most creeks draining the property and geochemical anomalies suggest the presence of a high level epithermal style alteration system.
Trifecta plans a program of prospecting, geological mapping, soil sampling and silt sampling. If results warrant, this work will be followed by trenching and ultimately, drilling.
Warrant Extension
Pacific Ridge has extended the expiry date of 2,716,250 share purchase warrants from May 3, 2018 to November 3, 2018. The warrants were issued pursuant to a private placement of 5,432,500 units with 2,716,250 warrants attached which closed on November 3, 2016. Each warrant is exercisable to purchase one common share at a price of $0.14 per share. The warrant extension is subject to TSX Venture Exchange approval.
About Pacific Ridge
Pacific Ridge has assembled a portfolio of highly-prospective gold and base metal projects located in the Yukon and British Columbia, where its board and management team have a track record of success. Its holdings include the Mariposa, Eureka Dome and Gold Cap gold exploration projects in the Klondike-White Gold District, RC Gold in the Tintina Gold Belt, Fyre Lake in the Finlayson District and TL Zinc in British Columbia's Monashee Zinc-Lead-Silver District.
On behalf of the Board of Directors,
"Gerald G. Carlson"
Gerald G. Carlson
President & CEO
Pacific Ridge Exploration Ltd.
For further information, contact:
Pacific Ridge Exploration Ltd.
Gerald G. Carlson
President & CEO
Tel: (604) 687-4951
www.pacificridgeexploration.com
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.
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 the exercise of the options and future exploration plans and expenditures. 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.