Baker Lake Uranium Project, Nunavut

The Baker Lake project covers over 190,000 hectares and is host to over 20 uranium prospects.  The property is situated within the Baker Lake Basin which is one of four Proterozoic age basins within the Canadian Shield that are host to uranium deposits, including the Athabasca, Thelon, and Hornby Bay basins.  This geological environment is highly favourable for the discovery of high-grade uranium deposits.

New Baker Lake Agreement - Key Points

• Pacific Ridge Exploration Ltd. exercises the option to acquire a 100% project interest in the Baker Lake Uranium Project in exchange for issuing and delivering 2,000,000 shares of Pacific Ridge to Kivalliq
   
• Aurora Energy Resources Inc. can earn a 51% interest in the Baker Lake Uranium Project by incurring staged exploration expenditures totalling $15 million over a 36 month period
   
• Kivalliq retains a back-in right to acquire a 20% project interest upon the delivery of a pre-feasibility study by Aurora and Pacific Ridge
   
• Please see Kivalliq news release, September 23, 2008, for further details regarding the new agreement

Updated News on Baker Lake Uranium Project