Vancouver, B.C. – December 29, 2021 – Pacific Ridge Exploration Ltd. (PEX: TSX Venture; PEXZF: OTCQB) (“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
