VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 5, 2012) - Pacific Ridge Exploration Ltd. (TSX VENTURE:PEX) (the "Company") reports that exploration activity has been underway since early June at its Mariposa Gold Project, located in the Yukon's White Gold District. Diamond drilling at Mariposa is scheduled to commence during the second week of July. The 2012 Phase I exploration program, currently budgeted at $2 million, will initially include approximately 2,500 metres of drilling.
This year's exploration program is designed to further test the extent of gold mineralization encountered at the Skookum Main zone, to groom geochemical and geophysical targets for drilling, and to prospect additional areas of emerging potential. Initial efforts are focused on the Skookum Main zone, where gold values were intersected in 14 of 18 holes drilled in the area during 2011. The best drill intersection contained 2.44 grams per tonne (g/t) gold over 38.9 metres. During the past month, in preparation for a second year of drilling at Skookum Main, additional drill target enhancement and definition has included trenching, pitting, and ground magnetic surveys. This year's drilling will include in-fill holes to define continuity of gold mineralization, as well as step-out holes to test potential extensions of the three-square-kilometre Skookum Main gold zone.
During 2011, soil sampling further defined drill targets in the Big Alex zone, lying immediately west of placer gold mining workings within Scroggie Creek. The results have defined a minimum 1.25-kilometre-long gold-in-soil anomaly with peak results of 591 parts per billion (ppb) gold and 28 parts per million (ppm) molybdenum. Gold values are reported from exposed bedrock to the east of Scroggie Creek, where grab samples have returned up to 3 g/t gold. Detailed ground magnetic surveys, to define prospective structures to host gold mineralization, have recently been completed, in preparation for proposed drilling of this target.
With less than 30% of the 262-square-kilometre Mariposa property having seen prior exploration by Pacific Ridge, the newly recognized Alberta Creek zone will also see exploration this year. Alberta Creek is located about ten kilometres east-southeast of Skookum Main. This area of interest was first identified by widely spaced soils collecting during regional prospecting. During 2011, the results of more than 500 grid-based soil auger sampling identified three open-ended gold-in-soil anomalies of up to 900 metre length. Soil results in the three target areas, AC West, AC Main, and AC Southeast, returned up to 450 ppb gold and 54 ppm molybdenum. Ongoing soil sampling, prospecting, and ground geophysics will be conducted to further define these emerging gold targets for drilling.
At the Pacific Ridge Annual General Meeting held on June 25, all resolutions placed before shareholders were passed. Your directors, John Brock, Gordon Davis, Bruce Youngman, Douglas Proctor, and Sargent Berner were re-appointed to the Board of Directors. John Brock will continue to serve as President and Chief Executive Officer, Janice Fingler as Vice President Exploration, Lei Wang as Chief Financial Officer, and Arie Page as Corporate Secretary.
Pacific Ridge's disclosure of a technical or scientific nature in this press release has been reviewed and approved by Janice Fingler, P.Geo., Vice President Exploration of Pacific Ridge, who serves as a Qualified Person under the definition of National Instrument 43-101.
On behalf of the Board of Directors,
John S. Brock, President and CEO
Pacific Ridge Exploration Ltd.
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, exploration activities and events or developments that Pacific Ridge Exploration Ltd.(the "Company") expects to occur, are forward-looking statements. Forward-looking statements in this news release include statements regarding future exploration plans and expenditures. Although, the Company 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 and 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 others, assumptions regarding general business and economic conditions, the timing and receipt of regulatory and governmental approvals for the transactions described herein, the ability of the Company and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for the Company's proposed transactions and 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 on the forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
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.