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Walhalla Project, White Gold District

Property Location and Description:
The Walhalla Property (the "Property") consists of 1,988 quartz claims covering approximately 41,800 hectares located 120 km southeast of Dawson City in the Yukon. The Property is located in the White Gold District immediately east of and contiguous to Pacific Ridge's Mariposa Project.

The Company holds a 25% interest in the Property and has entered into an option agreement (the "Option") to acquire the remaining 75% interest (see news release dated October 18, 2011). The Option remains subject to Exchange approval.

Phase I Sampling and Prospecting:
The Phase I program, which only covered less than a third of the property, identified strong anomalous gold zones as well as anomalous pathfinder elements such as arsenic and barium. Ridge and spur samples were taken in the western, north-eastern, and south-eastern parts of the property. Significant gold-in-soil anomalies were identified in all areas, warranting a comprehensive Phase II grid/trenching/pit program to identify potential drill targets, as well as continued ridge and spur sampling on the rest of the property. Of particular interest was a gold-in-soil anomaly that returned a value of 3.41 g/t Au – one of the top ten historically in the entire White Gold District.

Geology and Mineralization:
Prospecting on the property identified a large breccia system in float rock extending approximately 2 km long and 200m wide. This part of the property is located along the Teslin Fault, a major regional fault system which splays out on the property, and is mid Cretaceous in age which is the age of most Yukon gold mineralization.

Other parts of this large property are underlain by intrusive and metamorphic rocks similar to those found in the White Gold district to the west, and also those which host the Minto copper-gold mine to the south. Outcrop is very sparse on the property, and the area is considered to be under-explored.

Airborne Geophysical Survey:
The Company contracted Precision GeoSurveys Inc. and is currently flying an east-west oriented helicopter-borne high-resolution aeromagnetic survey over the property. Results from this airborne survey will be used in conjunction with assay results to identify targets for follow-up work such as further ridge and spur soil sampling, prospecting, grid soil-sampling, trenching and drilling.