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 amend the payment terms for its agreement with BMC Minerals Ltd. (“BMC”) for the option to purchase the Fyre Lake property in Pacific Ridge, Yukon, as originally announced by the Company on December 28, 2016.

Previously, the final payment to Pacific Ridge of $1.0 million was due when BMC secured 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 due June 30, 2022. All other terms and conditions of the agreement remain. the same, including the $1,000,000 premium payment that is due if and when BMC’s Kudz Ze Kayah property reaches 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 pit, 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 and the Redton copper-gold project, both located in British Columbia. Pacific Ridge will continue to seek projects that offer discovery opportunities in our areas of expertise.

On behalf of the Board of Directors,

Blaine Monaghan

Blaine Monaghan
President and CEO
Pacific Ridge Exploration Ltd.

Corporate Contact:
Blaine Monaghan
President and CEO
Tel: (604) 687-4951

Investor contacts:
G2 Consultants Corp.
Telephone: +1 778-678-9050
Email: [email protected]

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 in this press 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 policy- 101.

Forward-looking information: This press release includes certain statements that may be considered “forward-looking statements”. All statements contained in this release, other than statements of historical fact, that relate to 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 that the expectations expressed in these forward-looking statements are based on reasonable assumptions, these statements are not guarantees of future performance, and actual results or developments may differ materially from these forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include market prices, exploration success and the continued availability of capital and financing and general economic, market or business. These statements are based on a number of assumptions, including, among other things, assumptions regarding general business and economic conditions, the fact that any of the options will be exercised, the ability of Pacific Ridge and other parties to meeting stock market and other regulatory requirements in a timely manner, the availability of financing for programs offered by Pacific Ridge on reasonable terms, and the ability of third-party service providers to provide services in a timely manner. Investors are cautioned that such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Pacific Ridge undertakes no 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.

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