Vancouver, B.C. – September 22, 2022 – Pacific Ridge Exploration Ltd. (PEX: TSX Venture) (“Pacific Ridge” or the “Company”) is pleased to announce that it has closed the previously announced non-brokered private placement (see news release dated September 4, 2022) with Crescat Capital LLC and DELPHI Unternehmensberatung Aktiengesellschaft, the Company’s two largest shareholders. Pacific Ridge issued 3,391,304 units at a price of $0.23 per unit (“Unit”) for gross proceeds of $780,000 (the “Financing”).

Proceeds from this Financing will be used for additional drilling at Pacific Ridge’s flagship Kliyul copper-gold project, located in the prolific Quesnel Trough in northcentral B.C., and for general working capital.

Each Unit is comprised of one common share of the Company and one-half of one common share purchase warrant, with each whole warrant exercisable to purchase one additional common share at an exercise price of $0.35 for a period of 2 years. Securities issued in this non-brokered private placement include a legend restricting trading of the securities until January 23, 2023. No finders’ fees were payable in connection with the Financing. The Financing is subject to final acceptance of the TSX Venture Exchange.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Pacific Ridge

Our goal is to become British Columbia’s leading copper-gold exploration company. Pacific Ridge’s flagship project is the Kliyul copper-gold project, located in the prolific Quesnel Trough, approximately 50 km southeast of Centerra Gold Inc.’s Kemess mine. In addition to Kliyul, the Company’s project portfolio includes the RDP copper-gold project (optioned to Antofagasta Minerals S.A.), the Chuchi copper-gold project, the Onjo copper-gold project, and the Redton copper-gold project, all located in British Columbia.

On behalf of the Board of Directors,

“Blaine Monaghan”

Blaine Monaghan         

President & CEO

Pacific Ridge Exploration Ltd.

Corporate Contact:

Blaine Monaghan                                             

President & CEO                                              

Tel: (604) 687-4951

Investor Contact:

G2 Consultants Corp.

Telephone: +1 778-678-9050

Email: [email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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