Mr. Blaine Monaghan reports

PACIFIC RIDGE ACQUIRES 100% INTEREST IN RDP COPPER GOLD PROJECT

Pacific Ridge Exploration Ltd. has exercised its option to acquire a 100-per-cent interest in the RDP copper-gold project. RDP is located in north-central British Columbia, 40 kilometres west of the company's 100-per-cent-owned flagship Kliyul copper-gold project.

In May, 2021, the company announced the option to acquire a 100-per-cent interest in RDP by making cash payments of $125,000, issuing 1.2 million shares and spending $810,000 on exploration by Dec. 15, 2023 (see the news release dated May 4, 2021, for further information). Subsequently, Pacific Ridge optioned the project to Antofagasta Minerals SA, a wholly owned subsidiary of Antofagasta PLC, which can earn a 75-per-cent interest in RDP by making cash payments to the company totalling $1.35-million, plus a success payment of $800,000 upon exercise of the option, spending $10-million on exploration over eight years and delivering a National Instrument 43-101 compliant preliminary economic assessment report (see the news release dated Feb. 8, 2022, for further information).

Since 2022, Antofagasta has financed 3,288 metres of diamond drilling in nine holes with drill hole RDP-22-005 intersecting 107.2 metres of 1.39 per cent copper equivalent (CuEq) or 2.06 grams per tonne gold equivalent (AuEq) (0.63 per cent copper, 1.10 g/t gold and 2.91 g/t silver) within 497.2 m of 0.66 per cent CuEq or 0.97 g/t AuEq (0.37 per cent copper, 0.40 g/t gold and 1.60 g/t silver) at the Day target (see the news release dated Oct. 25, 2022, for further information). In addition to diamond drilling, Antofagasta also financed 16 line km of induced polarization surveys, rock sampling and soil sampling at RDP.

"Pacific Ridge has come a long way since making the strategic decision to focus on porphyry copper-gold projects in 2020," said Blaine Monaghan, president and chief executive officer of Pacific Ridge. "With the acquisition of RDP, we now own four highly prospective copper-gold projects 100 per cent, including our flagship Kliyul, and are one of B.C.'s leading copper-gold exploration companies. Pivoting to copper-gold projects in 2020 couldn't have come at a better time as the forecasted demand for copper coupled with heightened political risk in Central and South America has led to senior mining companies becoming much more active in B.C. In 2024, we will continue to advance Kliyul and launch our inaugural drill program at the Chuchi copper-gold project."

About RDP

Located 40 km west of the company's 100-per-cent-owned flagship Kliyul, RDP is greater than 10,000 hectares in size and lies within the Stikine terrane, which is host to numerous significant porphyry deposits in Northern British Columbia, including Kemess, Red Chris, Kerr-Sulphurets and Galore Creek. The eastern margin of Stikine terrane in this part of north-central B.C. has been underexplored historically and has seen increased exploration activity since its coverage in the 2017 Geoscience BC Search Phase III airborne magnetic and radiometric survey.

RDP contains several porphyry copper-gold targets (Roy, Day, Porcupine and Bird) that have been explored intermittently since the early 1970s, including prospecting and mapping, various geochemical surveys, ground and airborne geophysical surveys, trenching, and a limited amount of drilling. The project is underlain by lower Hazelton group volcanic and sedimentary rocks (Lower Jurassic) of andesitic and dacitic composition and the Gyr rhyolite porphyry; and by Late Triassic to Early Jurassic plutonic rocks, including the Fir gabbro and Roy plutonic suite with porphyritic plugs, sills and stocks of monzodiorite composition.

About Pacific Ridge Exploration Ltd.

The company's goal is to become British Columbia's leading copper-gold exploration company. Pacific Ridge's flagship asset is its 100-per-cent-owned Kliyul copper-gold project, located in the Quesnel terrane close to existing infrastructure. In addition to Kliyul, the company's project portfolio includes the RDP copper-gold project (optioned to Antofagasta Minerals), the Chuchi copper-gold project, the Onjo copper-gold project and the Redton copper-gold project, all located in British Columbia. Pacific Ridge would like to acknowledge that its B.C. projects are located in the traditional, ancestral and unceded territories of the Gitxsan Nation, McLeod Lake Indian Band, Nak'azdli Whut'en, Takla Nation and Tsay Keh Dene Nation.

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