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Message: Aurora Announces 2009 Plans for Baker Uranium Project
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Aurora Announces 2009 Plans for Baker Uranium Project

posted on Jan 13, 2009 09:27AM
January 13, 2009
Pacific Ridge Exploration Ltd.: Aurora Announces 2009 Plans for Baker Uranium Project
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 13, 2009) - Pacific Ridge Exploration Ltd. (TSX VENTURE:PEX) announces that on January 12, 2009, Aurora Energy Resources Inc. ("Aurora") (TSX:AXU) reported that:

"The option agreement to acquire an interest in the Baker Lake Basin property in Nunavut requires a minimum of $3.0 million of expenditures in the first year of the agreement (see September 23, 2008 news release, "Aurora Expands Uranium Pipeline to Baker Basin, Nunavut"). During 2008, Aurora completed an airborne geophysical program (radiometric, magnetic, and electromagnetic) over the Baker Lake Basin property, drilling of the Lucky 7 zone, ground geophysics and geological mapping, which required a $1.9 million expenditure. In 2009 Aurora plans to spend $1.1 million to meet its obligations within the option agreement. This is proposed to include a 1,000 metre drill program, as well as geological mapping and testing of anomalies discovered in the 2008 geophysical survey. Aurora will continue its community and government contact program in the Baker Lake region, as well."

Bruce Dumville, Aurora's President and CEO, also reported that during 2009, "The focus is to maintain our strong cash position," and that, "it is prudent for Aurora to conserve its cash...and, as the uranium and capital markets improve, we will also be well positioned for the future." Aurora has reduced its last year's budget of $35 million to $5.9 million in 2009.

Pacific Ridge will update shareholders with respect to results of the 2008 exploration program upon receipt of a final report from Aurora.

Pacific Ridge will end 2008 with the cash component of its working capital in an approximate amount of $1.1 million. The company is considering opportunity for acquisition of additional mineral properties and is also looking for joint venture participation in its Fyre Lake copper-gold massive sulphide project in Yukon as well as its Tumbler-Phosphate project in east central British Columbia.

John S. Brock, President
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