Pacific Ridge Exploration Ltd.: Mariposa Exploration Program, Results Pending and Management Change
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/05/12 -- Pacific Ridge Exploration Ltd. (TSX VENTURE: PEX) (the "Company") reports today that at the Mariposa gold property, located within the Yukon's White Gold District, the 2012 exploration field work came to a close in early October. This year, the fourth year of exploration at Mariposa, saw 2448 metres of diamond drilling completed in 14 holes within the Skookum Jim and Big Alex target areas. Approximately 800 metres of trenching tested 15 gold-in-float zones within the Skookum Jim Main and West targets. Over 3,000 soil and silt samples were collected, largely from the eastern regions of the 262 kilometre square Mariposa property. Mariposa 2012 exploration expenditures to date are in the order of $1.7 million. Cash working capital is currently $ 900,000.
During the week of October 8th Pacific Ridge will release this season's Mariposa drilling results, which report will then be followed by trenching results at a later date.
On September 21, 2012, Janice L. Fingler, M.Sc., P.Geo., resigned from her position as Vice President Exploration effective September 25, 2012. The Company's Board of Directors has accepted Ms. Fingler's resignation and wishes her well in her future endeavors.
Pacific Ridge's disclosure of a technical or scientific nature in this press release has been reviewed and approved by Jerry Solomon, M.Sc., P.Geol., 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
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, 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. This news release uses the terms "inferred resource", "indicated resource" and "mineral resource". Pacific Ridge Exploration Ltd. (the "Company") advises investors that although these terms are recognized and required by Canadian securities regulations (under National Instrument 43-101 "Standards of Disclosure for Mineral Projects"), the US Securities and Exchange Commission does not recognize these terms. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. In addition, "inferred resources" have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, or economic studies except for a Preliminary Assessment as defined under NI 43-101. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable. 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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Corporate Information
Pacific Ridge Exploration Ltd.
John S. Brock
President and CEO
(604) 687-4951
www.pacificridgeexploration.com