Vancouver-Pacific Ridge Exploration Ltd. reports that it has acquired the Wapiti Property, located south of Tumbler Ridge in east central British Columbia. The company said the property is centrally located within its extensive phosphate holdings, which cover over 500 square kilometers. The company describes the Wapiti property as 15 claims totaling over 68 square kilometers and covering an approximately 18 kilometer-long strike length of prospective phosphate-bearing sedimentary rocks ranging in thickness of up to three meters. Pacific Ridge will pay Lateegra Gold Corp. $5,000 and issue 200,000 shares in the capital of Pacific Ridge to Lateegra. Pacific Ridge will then have the option to make exploration expenditures totaling $1 million over the ensuring 36 months to earn a 51 percent stake in the property. Upon earning 51 percent, Pacific Ridge may form a 51-49 percent joint venture with Lateegra, or opt to increase the ratio to 65-35 percent under certain conditions. Pacific Ridge says its phosphate exploration program is underway, and work on Wapiti will be included in its plan.
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