Pacific Ridge Exploration Ltd. said Jan. 18 that it closed the recently announced Fyre Lake option to BMC Minerals (No. 1) Ltd., a Canadian subsidiary of BMC (UK) Ltd.

The Fyre Lake copper-gold-cobalt massive sulfide deposit is located in Canada's Yukon Territory.

In addition to the initial C$25,000 deposit, BMC paid the remaining C$50,000 upon closing of the transaction as well as the initial C$300,000 option payment.

Under the one-year option, BMC will pay a further C$2.2 million one year after to maintain and exercise the option, in addition to the C$375,000 already paid.

Meanwhile, pursuant to the two-year option, BMC must pay C$300,000 one year after closing and C$2.4 million in two years, in addition to the C$375,000 already paid.