Pacific Ridge Provides Update on Mariposa Gold Property
17 June 2014 - 10:30PM
Marketwired
Pacific Ridge Provides Update on Mariposa Gold Property
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 17, 2014) -
Pacific Ridge Exploration Ltd.'s (TSX-VENTURE:PEX) ("Pacific
Ridge") wholly owned Mariposa Gold property, in the heart of
Yukon's White Gold District, is located approximately 15 kilometres
northeast of Kaminak Gold Corporation's ("Kaminak") Coffee Gold
Project.
On June 10th Kaminak announced positive results of a Preliminary
Economic Assessment that envisages an approximately 11-year open
pit, heap leach mining operation targeting 54 million tonnes at an
average diluted grade of 1.23 grams per tonne gold. Kaminak
reported that using a $US 1250/oz gold price average, annual gold
production is estimated to be 167,000 ounces with an all-in
sustaining cash cost of $US 688 per ounce of gold (see
www.kaminak.com).
Kaminak's news enhances the discovery incentive for all
exploration companies, including Pacific Ridge, that have active
exploration programs within the White Gold District.
The Mariposa project has to date seen $6 million in exploration
expenditures over 3 years. This work included the drilling of 31
holes, with the Skookum Main discovery hole 11MP-01 intersecting
2.6 gpt gold over 39 metres within an 81.5 m interval that graded
1.51 gpt gold. Recent exploration work by Pacific Ridge has shown
that the Skookum Main zone appears to be open along strike and at
depth. Several other high priority targets have been identified
within the property. A recent Mariposa exploration report is
available at www.pacificridgeexploration.com. On-going drilling is
recommended, for which joint venture participation is being
considered.
Gerald G. Carlson, Ph.D., P.Eng., is Pacific Ridge's Vice
President, Exploration and is the Qualified Person responsible for
the supervision and preparation of the technical information in
this disclosure.
On behalf of the Board of Directors,
John S. Brock, President & CEO
Pacific Ridge Exploration Ltd.
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 placements 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, the
timing and receipt of regulatory and governmental approvals for the
transactions described herein, 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 transactions and 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.
Pacific Ridge Exploration Ltd.John S. BrockPresident &
CEO(604) 484-7116www.pacificridgeexploration.com
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