Pacific Ridge Agrees Option for Yukon Mining Project with Merah of Australia

Vancouver-based mineral exploration company Pacific Ridge Exploration Ltd. has entered into an agreement to option out an interest in its Fyre Lake mining deposit, located in Yukon, to Merah Resources Limited, an Australia-based resources and energy company. Merah can earn an initial 51% interest in the Fyre Lake property by paying C$650,000 and issuing shares with a value of C$650,000 to Pacific Ridge and completing a minimum of C$3.5 million in exploration over three years. Further conditions allow for Merah to increase its stake in the property.

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