Pacific Ridge Announces Amended Fyre Lake Terms
Pacific Ridge Announces Amended Fyre Lake Terms
Vancouver, British Columbia--(Newsfile Corp. - December 21, 2018) - Pacific Ridge Exploration Ltd. (TSXV: PEX) ("Pacific
Ridge" or the "Company") announces that it has agreed to amended payment terms to its agreement with BMC Minerals (No. 1)
Ltd. ("BMC") for the option to purchase Pacific Ridge's Fyre Lake property, Yukon, as originally announced by the Company on
December 28, 2016. The final payment to Pacific Ridge of $2.42 million, due on the second anniversary of the closing of the
original agreement (January 16, 2019), will now be made in two tranches, with $1.2 million payable by December 31, 2018 and
the remaining $1.22 million due upon BMC obtaining production financing for its Kudz Ze Kayah project, but in any event no later
than December 31, 2020. BMC will also pay $75,000 to Pacific Ridge every six months, commencing June 30, 2019, until the
final tranche has been paid. All other terms and conditions of the agreement remain the same, including the bonus payment of
$1,000,000 that is due if and when BMC's Kudz Ze Kayah property has reached commercial production for one year.
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 Spius Cu-Mo-Au porphyry and TL Zinc in southern British Columbia.
About BMC Minerals
BMC MINERALS (NO. 1) LTD (BMC Minerals) is a 100% owned subsidiary of BMC (UK) LIMITED (BMC) a private UK-based
resources development company engaged in the assessment, acquisition and development of base metals projects which have
robust economics and deliver long term positive benefits to the local communities within which they operate.
BMC Minerals is currently developing the Kudz Ze Kayah project in south east Yukon, Canada. The project is expected to
operate for a minimum of 10 years producing high grade zinc, copper and lead concentrates with significant gold and silver
credits. The project is progressing through the Yukon Environmental and Socio-economic Board assessment process with
production scheduled for 2021.
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.