Pacific Ridge relinquishes Nevada claim
2004-04-27 16:08 ET - News Release
Mr. Blaine Monaghan reports
NO FURTHER WORK PLANNED AT GOLDEN ARROW
Pacific Ridge Exploration has advised Nevada Sunrise LLC, on April 27, 2004, that Pacific Ridge will not be proceeding with further work at the Golden Arrow property located in Nye county, Nevada, and accordingly, the option agreement between Pacific Ridge and Nevada Sunrise was terminated effective that date. Pacific Ridge's decision to relinquish the Golden Arrow property was based on exploration results not meeting corporate objectives.
Pacific Ridge is continuing with a program of exploration in Nevada with plans to drill the SNO property in Elko county this summer as well as finalizing agreements on additional properties currently undergoing technical due diligence.
Exploration activity also continues in Nunavut, Yukon and British Columbia.
In Nunavut, Pacific Ridge is responding to terms offered by a potential joint venture participant on the Matrix Gold project. The Matrix Gold project covers gold-bearing conglomerates in a similar geologic setting to Witwatersrand gold mineralization in South Africa.
In Yukon, Pacific Ridge is considering proposals for continued drilling of the Fyre Lake project, where the Kona massive sulphide 8.2-million-tonne VMS deposit grading 2.1 per cent copper, 0.11 per cent cobalt and 0.73 gram per tonne gold remains open-ended for resource expansion.
In B.C., a joint venture partner will be sought for continued exploration of diamond-bearing kimberlitic diatreme dikes at the Xeno project.
