Pacific Ridge Exploration Ltd. (TSXV:PEX) (OTCQB:PEXZF) ("Pacific Ridge" or the "Company") is pleased to announce that it has reached an agreement with AuRico Metals Inc. ("AuRico"), a wholly owned subsidiary of Centerra Gold Inc. (TSX:CG) (NYSE:CGAU) ("Centerra"), to acquire a 100% interest in the Kliyul and Redton copper-gold porphyry projects (the "Projects") by issuing 16,996,099 common shares to AuRico (the "Agreement"). The Projects are located in the prolific Quesnel Trough in northcentral British Columbia (see Figure 1).

This Agreement replaces a previous agreement with AuRico whereby the Company had the right to acquire up to a 75% interest in the Projects by spending $7.0M on exploration, issuing 3,500,000 common shares, and making cash payments totaling $160,000 by December 31, 2025 (see news release dated January 17, 2020). The Agreement is subject to regulatory approval.

"Owning one of B.C.'s newest and most exciting discoveries outright is great news for Pacific Ridge and its shareholders," said Blaine Monaghan, President & CEO of Pacific Ridge. "Over the last three years we have materially increased the size of the Kliyul mineralized body to the point where we believe that there is excellent potential to outline a sizeable copper-gold porphyry deposit. Lastly, I would like to welcome AuRico as our newest and largest shareholder. I truly believe that today's news is an important milestone that will help to create and unlock future value for the Company and its shareholders."

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Wednesday, May 10, 2023