Mr. Blaine Monaghan reports

PACIFIC RIDGE IDENTIFIES SIX-KILOMETRE-LONG COPPER-GOLD PORPHYRY TREND AT CHUCHI COPPER-GOLD PROJECT

Pacific Ridge Exploration Ltd. has identified a six-kilometre-long copper-gold porphyry trend at the Chuchi copper-gold project located in the prolific Quesnel terrane in north-central British Columbia 35 km northeast of Centerra Gold Inc.'s Mount Milligan mine.

Since acquiring Chuchi in May, 2022, Pacific Ridge has completed airborne and ground-based geophysics programs and a gridded soil sampling and mapping program at the project. This, combined with compilation and review of historical data, has resulted in the development of an exploration model for a six km long copper-gold porphyry trend that includes several highly prospective target areas, including the BP zone, which hosts a historical geological resource of 50 million tonnes with grades between 0.21 and 0.40 per cent copper and 0.21 and 0.44 gram per tonne (g/t) gold. This historical geological resource is not compliant with National Instrument 43-101 standards. A qualified person has not done sufficient work to classify the historical geological resource as current mineral resources or mineral reserves and Pacific Ridge is not treating the historical geological resource as current mineral resources or mineral reserves. Investors are cautioned that the historical geological resource does not mean or imply that economic deposits exist at Chuchi.

Highlights:

• The BP zone is a 550-metre-by-450-metre-by-650-metre interpreted porphyry intrusive complex 3-D ZTEM (Z-axis tipper electromagnetic) anomaly with two induced polarization anomalies spanning more than one km. Although historic drilling at the BP zone returned significant porphyry copper-gold mineralization, including drill hole CH-90-27 which returned 194 m at 0.21 per cent copper and 0.21 g/t gold. The BP zone has not been adequately drill tested.
• The Digger zone is an open 500 by 250 by 200 m IP anomaly where drill hole CH-91-42 intersected 229.2 m at 0.10 per cent copper and 0.61 g/t gold and ended in mineralization.
• The BP zone and the Digger zone have significant, untested potential for porphyry copper-gold mineralization at depth as many of the historic drill holes were shallow, less than 150 m in depth, and ended in mineralization.
• The Coho zone includes a 400 m by 250 m by 200 m interpreted porphyry intrusive complex 3-D ZTEM anomaly with a two-limbed IP chargeability-high anomaly that spans more than 1.4 km and has a similar geometry as mineralization trends at the nearby Mount Milligan mine. This target has never been drilled.

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"We have always believed that Chuchi, like our flagship Kliyul copper-gold project, represented a significant discovery opportunity and our exploration results have confirmed that potential," said Blaine Monaghan, president and chief executive officer of Pacific Ridge. "We look forward to drilling for discovery at Chuchi and sharing those rewards with shareholders in the very near future."

About Chuchi

Chuchi is more than 16,000 hectares in size and comprises three claim blocks: Chuchi, under option from Centerra, and Chuchi South and Chuchi West, under option from American Copper Development Corp. Chuchi hosts several compelling exploration targets, is road accessible and is located approximately 35 km northwest of Centerra's Mount Milligan mine.

Chuchi has a long history of exploration by companies such as Noranda, BP, Rio Algom, Kiska Metals and AuRico Metals, including 8,886 m of drilling in 48 holes, of which 39 holes targeted the main BP zone. An additional 27 holes were drilled in 1991; the core logging records for this drilling have been lost but assay results and collar locations were recovered in 2019 from a historical Placer Dome Inc. database. Most of the historical drilling was shallow, less than 150 m in depth, with many of the drill holes ending in mineralization. Grades within the mineralized portion of the BP zone have historically been reported as ranging from 0.21 per cent to 0.40 per cent Cu and from 0.21 g/t to 0.44 g/t Au (see news release dated May 9, 2022), but some intervals are considerably higher grade than this and the company believes there are underexplored high-grade centres within the BP zone that have not yet been fully delineated, and the core of the porphyry system has yet to be identified. In addition to the BP zone, Chuchi includes several other targets that could represent porphyry centres along the Hogem batholith margin.

Pacific Ridge recently reached an agreement with the optionors of Chuchi South to issue 550,000 common shares of the company in lieu of a $50,000 cash payment that was due on Feb. 13, 2024. This agreement is subject to TSX Venture Exchange acceptance.

About Pacific Ridge Exploration Ltd.

Pacific Ridge'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, 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.

The technical information contained within this news release has been reviewed and approved by Danette Schwab, PGeo, vice-president, exploration, and a qualified person as defined by National Instrument 43-101 policy.

We seek Safe Harbor.