Vancouver-Pacific Ridge Exploration Ltd. said June 10 that it continues to build its portfolio of phosphate projects with the recent acquisition of the Phos Property in the Fernie area of southeastern British Columbia. The Phos Property, comprising three claims totaling over 360 acres, covers the central and thickest three kilometer length of the approximately 15 kilometer long Mount Lyne Phosphate deposit. Thickness ranges from one to three meters. Pacific Ridge says the Mount Lyne deposit saw extensive work by Cominco and Crows Nest Resources in the 1980s, both of whom outlined a non-compliant phosphate resource averaging 20 percent P2O5. The deposit is known to contain additional significant levels of rare earth metals and low carbonate content. Under the terms of an agreement with two vendors, Pacific Ridge has the right, subject to regulatory approval, to earn a 100 percent interest in the Phos Property by making staged cash payments totaling $80,000 by December 31, 2009, and staged issuances of shares totaling 1.0 million shares by December 31, 2010. The vendors retain a 2 percent Gross Overriding Royalty (GORR) from potential future production, of which 1 percent is extinguished after $2.0 million is paid. The GORR pertains to all commodities except coal. In the meantime exploration will begin this month at Pacific Ridge’s BC Phosphate Project, located in the Tumbler Ridge area, a program designed to prioritize drilling targets. Initial work at the Phos property will consist of compilation of historic exploration data. At the Baker Basin Uranium project, a proposal for engaging a joint venture participant is under discussion. Pacific Ridge is also considering joint venture participation in its Fyre Lake massive sulphide copper-gold deposit in Yukon. As of March 31, 2008, Pacific Ridge had working capital of approximately $1.4 million.
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