Replies to post #56 on Pacific Ridge Exploration (PEX)

[Tackler]

Pacific Ridge acquiring Haystack property from Teck

2004-09-02 16:14 ET - Property Agreement

The TSX Venture Exchange has accepted for expedited filing documentation pertaining to an option agreement dated Aug. 2, 2004, between Pacific Ridge Exploration Ltd. and Teck Resources Inc. pursuant to which the company may acquire a 100-per-cent interest in 42 claims located in Pershing county, Nevada, known as the Haystack property. In consideration, the company will issue a total of 500,000 units consisting of one share and one 12-month share purchase warrant priced at the market price of the company's shares at the time of issuance (100,000 units on approval and 400,000 units issued in equal yearly tranches on or before May 1, 2008). In addition, the company will incur a total of $4-million (U.S.) in exploration expenditures on or before May 1, 2008, of which $300,000 (U.S.) is due on or before May 1, 2005, of which $50,000 (U.S.) is a firm commitment.