Cariboo Rose Resources Ltd. (“Cariboo Rose”) (TSX-V: CRB) is pleased to announce that Alder Resources Ltd. (“Alder”) (TSX-V: ALR) has received TSX Venture Exchange approval to option a 60% interest in the Pat project. The agreement with Cariboo Rose will allow Alder to earn its interest by conducting $1.2 million in exploration and making cash and share payments totaling $150,000 and 200,000 shares over a four year period. The option agreement also requires that Alder fund an initial $258,000 drill program.
The Pat property encompasses an area of 4,400 hectares and is located in the Cariboo region of south-central British Columbia approximately 50 kilometres southeast of the operating Mount Polley Mine, owned by Imperial Metals Corporation (TSX: III).
The Pat claims cover a published government magnetic anomaly, similar in size and intensity to that at Imperial Metals’ Mt. Polley mine, and a peripheral induced polarization anomaly outlined by Cominco Limited in 1991. In 2006 four drill holes totaling 439 metres were completed on the Pat project, which was the first significant work to have been completed since 1991. The first two holes, bottoming at 98 and 129 metres in the centre of the airborne magnetic anomaly were unable to get through a succession of overlying sand and gravel. These holes, located 700 metres apart, are now all the more intriguing given the degree of magnetic signature with this amount of cover. One of the remaining holes, located approximately one kilometre to the north, encountered altered and weakly mineralized volcanic rocks with select intervals exceeding 900 parts per million copper, supporting the concept that the buried magnetic feature has porphyry copper potential.
A report on the Pat property prepared pursuant to National Instrument 43-101 will shortly be filed on SEDAR and on the Cariboo Rose Resources Ltd. website at www.cariboorose.com.
J.W. Morton, P.Geo is the qualified person who has reviewed and takes responsibility for this news release.
J.W. (Bill) Morton, P.Geo
Paul Way, Business Development Manager
Toll Free: 888-656-6611
About Cariboo Rose Resources Ltd.
Cariboo Rose Resources Ltd. is a Canadian public resource company that trades on the TSX - Venture exchange under the symbol CRB and holds title to five prospective mineral exploration projects in Western Canada. Four of Cariboo Rose’s properties are currently optioned to funding partners and one is a joint venture. Cariboo Rose is a spin-off from Wildrose Resources (TSX-V: WRS).
Cariboo Rose Resources is part of The Eastfield Group. Since its inception in 1987, the Eastfield Group has utilized a successful business strategy that amplifies its exposure by securing third party exploration financing on the majority of its projects. This has allowed the company to minimize share dilution and risk, while maximizing leverage. The other companies in the Eastfield Group are Eastfield Resources (TSX-V: ETF) and Wildrose Resources.
The TSX - Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain certain “Forward-Looking Statements” within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time with the TSX - Venture Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.