Pacific Ridge moves on B.C. phosphate property

Vancouver-Pacific Ridge Exploration Ltd. has signed a binding letter agreement with Lateegra Gold Corp. in respect of the Wapiti Phosphate Property which agreement now supersedes the letter that was previously reported on July 29, 2008. The Wapiti Property, located south of Tumbler Ridge in east-central British Columbia, is centrally located within Pacific Ridge’s extensive phosphate holdings, which now cover over 500 square kilometers. Pacific Ridge has paid $5,000 and issued 200,000 of its shares to Lateegra, with the option to make exploration expenditures totaling $1.0 million over the ensuing 36 months to earn a 51 percent interest in the property. Upon earning an initial 51 percent interest in the property, Pacific Ridge may elect either to: form a joint venture with Lateegra (51 percent Pacific Ridge and 49 percent Lateegra); or, increase its interest in the property to 65 percent by paying a further $250,000 and issuing a further 1.0 million shares to Lateegra, and incurring an additional $1.0 million in exploration expenditures on the property, over the ensuing 24 months, after which a joint venture would be formed (65 percent Pacific Ridge and 35 percent Lateegra). Pacific Ridge says its phosphate exploration program is underway and work on the Wapiti property has been included in that work plan.