Vancouver, B.C., February 26, 2008 – Cariboo Rose Resources Ltd. (TSX-V: CRBCRB) and Fjordland Exploration Inc. (TSX-V:FEX) the Woodjam Joint Venture (60% FEX, 40% CRB) partners, are pleased to announce two property acquisitions adjoining their Woodjam property in the Cariboo region. In both cases, the acquisitions were completed to cover prospective ground along a postulated SW-NE trend of mineralization, adjacent to the west/southwest boundaries with the Megabuck and Takom zones respectively, where significant intersections of “porphyry-style” copper and gold mineralization have previously been outlined by geophsical surveys and encountered by diamond drilling.
For a 100% clear title and ownership in the Big - Moose Horn mineral property, Fjordland and Cariboo Rose will pay to John Bot, President of Botco Mining and Exploration, the cash sum payment of $2,500 and issue 30,000 shares of Fjordland Exploration Inc. and 20,000 shares of Cariboo Rose Resources Ltd. on the Effective Date, subject to acceptance by the TSX Venture Exchange.
For the right and option to acquire a 100% interest in the Magalloy 1-14 and Magex 1-12 mineral property, Fjordland and Cariboo Rose will pay to Herb Wahl and Jack Brown-John, as to 50% each as beneficial owners of the property, the cash sum payment of $25,000, plus issue 20,000 shares of Cariboo Rose Resources Ltd. and 30,000 shares of Fjordland Exploration Inc. on the Effective Date of the option agreement. On or before the first, second and third anniversaries of the Effective Date, the Joint Venture must make annual cash payments of $25,000, plus issue annually 20,000 shares of Cariboo Rose and 30,000 shares of Fjordland. On or before the fourth anniversary of the Effective Date, the Joint Venture must make a cash payment of $100,000, plus issue 40,000 shares of Cariboo Rose and 60,000 shares of Fjordland. The respective contributions to the cash payments required to be made shall be on a Sixty/Forty basis (60% Fjordland/40% Cariboo Rose). This transaction is subject to acceptance by the TSX Venture Exchange.
The Joint Venture partners plan on conducting exploration on these two new acquisitions during 2008, as part of their aggressive exploration program on the Woodjam project.
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. Cariboo Rose has six mineral exploration projects in Western Canada, two of which border the Woodjam property. Cariboo Rose is part of the Eastfield Group. Since its inception in 1987, the Eastfield Group has utilized a successful business strategy that leverages exposure by securing third party exploration financing on the majority of its projects. The other companies in the Eastfield Group are Eastfield Resources (TSX-V: ETF) and Wildrose Resources (TSX-V: WRS). For more information visit the Company’s website at: www.cariboorose.com.
Bill Morton
J.W. (Bill) Morton, P.Geo
President
Contact:
Paul Way, Business Development Manager
Phone (604) 681-7913, Toll Free: 888-656-6611
Email: pway@eastfieldgroup.com
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.
TSX:CRB