Pacific Ridge Provides Update on Kliyul and Redton Properties
Pacific Ridge Provides Update on Kliyul and
Redton Properties
Vancouver, British Columbia--(Newsfile Corp. - July 21, 2020) -
Pacific Ridge Exploration Ltd. (TSXV:
PEX) ("Pacific Ridge" or the "Company") reports that it has now filed technical reports with respect to
the previously-announced acquisitions of the Kliyul and Redton gold-copper porphyry projects located in
the Omineca Mining Division, British Columbia, as required by the TSX Venture Exchange. The
Company has now satisfied all requirements to receive final TSX Venture Exchange acceptance of the
acquisitions.
Pacific Ridge has the right to earn a 51% interest in the Kliyul and Redton properties from Aurico Metals
Inc. by making cash payments totaling $100,000, issuing 2.0 million shares and spending $3.5 million on
exploration by December 31, 2023. The Company then has the right to increase its interest in the
properties to 75% by making additional payments totaling $60,000, issuing 1.5 million shares and
completing an additional $3.5 million in exploration by December 31, 2025.
The Company also announces that it has granted Freeform Communications Inc. 200,000 incentive
stock options in accordance with an investor relations agreement announced on July 3, 2020. The stock
options are exercisable for 2 years at a price of $0.05 per share and vest in stages over 12 months with
25% vesting each quarter.
About Pacific Ridge
Pacific Ridge is a well-financed junior exploration company that 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 new Kliyul and Redton
copper-gold porphyry projects in north-central British Columbia, the Mariposa, Eureka Dome and Gold
Cap gold exploration projects in the Klondike-White Gold District, Fyre Lake Cu-Au-Co massive
sulphide deposit in the Finlayson District and the Spius Cu-Mo porphyry prospect in southern British
Columbia.
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/60227