Vancouver, B.C. – March 8, 2021 – Pacific Ridge Exploration Ltd. (TSX Venture: PEX) (“Pacific Ridge” or the “Company”) is pleased to announce that the Company has closed the previously announced flow-through private placement by issuing 8,000,000 units at a price of $0.142 per unit (“FT Unit”) for gross proceeds of $1,136,000 (the “Financing”). DELPHI Unternehmensberatung Aktiengesellschaft (“DELPHI”) acquired all of the FT Units. Proceeds from this Financing will be used to drill the Kliyul copper-gold project, located in British Columbia, this summer.

“I would like to welcome DELPHI as Pacific Ridge’s newest and largest shareholder,” said Blaine Monaghan, President and CEO of Pacific Ridge. “DELPHI’s investment represents a strong vote of confidence in the Company’s team, projects and its goal of becoming one of BC’s leading copper-gold exploration companies.”

Each FT Unit is comprised of one common share of the Company and one-half of one common share purchase warrant, with each whole warrant exercisable to purchase one additional non-flow-through common share at an exercise price of $0.15 for a period of 24 months. Securities issued in this private placement include a legend restricting trading of the securities until July 6, 2021. No finders’ fees were payable in connection with the financing.

All proceeds will be used to incur eligible expenses (“Qualifying Expenses”) that are “Canadian exploration expenses”, within the meaning of subsection 66.1(6) of the Income Tax Act (Canada), which will also qualify as “flow-through mining expenditures”, within the meaning of s. 127(9) of the Income Tax Act (Canada) and will be eligible for the BC 20% Flow-Through Share Tax Credit.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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 advanced-stage Kliyul copper-gold project, located in the Quesnel Trough, approximately 50 km southeast of Centerra Gold’s Kemess project. Historic drilling at Kliyul encountered significant porphyry copper-gold mineralization, drill hole KL-15-34 returned 245 metres of 0.75% CuEQ1 (see Pacific Ridge press release dated December 2, 2020). The Company plans to launch a drill program at Kliyul this summer.

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
https://www.linkedin.com/company/pacific-ridge-exploration-ltd-pex-
https://twitter.com/PacRidge_PEX