Pacific Ridge Exploration Ltd. (TSX-V: PEX) announces that it has received a $1.2 million option payment from BMC Minerals (No. 1) Ltd. according to the amended purchase option agreement for its Fyre Lake project as announced December 21, 2018. The final $1.22 million payment required to exercise the option must be paid upon BMC obtaining production financing for its Kudz Ze Kayah project, Yukon, but in any event no later than December 31, 2020. BMC will also pay $75,000 to Pacific Ridge every six months, commencing June 30, 2019, until the final tranche has been paid. 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. The Company plans to use the funds to explore its project portfolio including its Spius porphyry copper prospect in British Columbia and its White Gold District gold projects in Yukon.
Pacific Ridge also announces that it has terminated its option to acquire an interest in the RC Gold project, Yukon.
About Pacific Ridge
Pacific Ridge is a well-funded junior explorer 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 Mariposa, Eureka Dome and Gold Cap gold exploration projects in the Klondike-White Gold District, Fyre Lake in the Finlayson District and Spius Cu-Mo-Au porphyry and TL Zinc in southern British Columbia.
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