Pacific Ridge Exploration Ltd. (TSX: V.PEX, Stock Forum)has entered into an agreement with True North Gems Inc. to acquire 43 mineral claims located within Pacific Ridge's Fyre Lake property, located in the eastern Yukon's Finlayson District.
The newly acquired claims are strategically located in proximity to Pacific Ridge's 100% owned Fyre Lake Kona copper-gold-cobalt massive sulphide deposit, the company said in a press release.
In order to earn a 100% interest in the claims from True North, Pacific Ridge will, subject to TSX Venture Exchange approval, make an initial payment of $15,000 plus 250,000 Pacific Ridge shares and on or before January 31, 2014 will pay an additional $10,000 and 150,000 shares. The agreement is not subject to any underlying royalty interests.
Pacific Ridge was unchanged at 3 cents on Monday, leaving the company with a market cap of $2.1 million, based on 70.8 million shares outstanding. The 52-week range is 19.5 cents and 2.5 cents.