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Pacific Ridge completes Fyre Lake option to BMC unit

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.