Pacific Ridge Announces Amended Fyre Lake Terms and $250,000 Cash Payment
Pacific Ridge Announces Amended Fyre Lake
Terms and $250,000 Cash Payment
Vancouver, British Columbia--(Newsfile Corp. - December 29, 2021) - Pacific Ridge Exploration Ltd.
(TSXV: PEX) (OTCQB: PEXZF) ("Pacific Ridge" or the "Company") has agreed to amended payment
terms to its agreement with BMC Minerals Ltd. ("BMC") for the option to purchase Pacific Ridge's Fyre
Lake property, Yukon, as originally announced by the Company on December 28, 2016.
Previously, the final payment to Pacific Ridge of $1.0 million was due upon BMC obtaining production
financing for its Kudz Ze Kayah project, but in any event no later than December 31, 2021. As
renegotiated, BMC has paid $250,000 to Pacific Ridge and will pay $850,000 by December 31, 2022
or within 10 business days of BMC listing on an internationally recognized stock exchange, whichever
comes first. BMC will continue to pay $75,000 to Pacific Ridge every six months until the final payment of
$850,000 has been paid, with the next payment being due June 30, 2022. 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
Our goal is to become one of the leading copper-gold exploration companies in British Columbia.
Pacific Ridge's flagship project is the Kliyul copper-gold project, located in the Quesnel Trough,
approximately 50 km southeast of Centerra Gold Inc's Kemess mine. In addition to Kliyul, the Company's
project portfolio includes the RDP copper-gold project and the Redton copper-gold project, both located
in British Columbia. Pacific Ridge will continue to search for projects that offer discovery opportunity in
our regions of expertise.
On behalf of the Board of Directors,
"Blaine Monaghan"
Blaine Monaghan
President & CEO
Pacific Ridge Exploration Ltd.
Corporate Contact:
Blaine Monaghan
President & CEO
Tel: (604) 687-4951
www.pacificridgeexploration.com
https://www.linkedin.com/company/pacific-ridge-exploration-ltd-pex-
https://twitter.com/PacRidge_PEX
Investor Contact:
G2 Consultants Corp.
Telephone: +1 778-678-9050
Email:
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.
The technical information contained within this News Release has been reviewed and approved by
Gerald G. Carlson, Ph.D., P.Eng., Executive Chairman of Pacific Ridge and Qualified Person as
defined by National Instrument 43-101 policy.
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. 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/108607