Vancouver, BC, May 21, 2008 - Cariboo Rose Resources Ltd. (“Cariboo Rose”) (TSX-V: CRB) and Fjordland Exploration Inc. (“Fjordland”) (TSX-V: FEX) continue to hit long drill intercepts of porphyry-style copper-molybdenum mineralization in the Southeast Zone of the Woodjam Project in central British Columbia. Hole 08-82, the latest hole from which assays have been received, intersected 570.9 metres grading 0.35% copper equivalent. Similar to the other four holes drilled in the newly discovered Southeast Zone, hole 08-82 ended in mineralization (due to drill capacity) leaving the mineralized zone open to expansion at depth and in all directions. Drilling is expected to resume in July to continue to expand the zone that has so far been tested over a strike length of 800 metres.
Southeast Zone Drilling Summary
A total of 2,206 metres in four holes have been completed in the Southeast Zone since the program was started in February 2008. Hole 08-82 represents a 50-metre step-out to the northeast from discovery hole 07-79. Core samples have been delivered to the laboratory for hole 08-83 (a 100 metre step-out to the south of hole 07-79). To date significant grades of porphyry-style copper-molybdenum mineralization have been intersected in all holes drilled. Mineralization starts at the bedrock surface and continues to the bottom of the holes to a depth of at least 700 metres. A summary of significant results for hole 08-82 with the results for previously reported holes 08-79 to 08-81 is provided in the following table:
Drill Hole | From (m) | To (m) | Core length (m) | Cu% | Mo% | Cu Equivalent % |
08-82 | 129.5 | 700.4 | 570.9 | 0.24 | 0.013 | 0.35 |
Previously Reported | ||||||
07-79 | 145.2 | 348.8 | 203.6 | 0.34 | 0.014 | 0.45 |
08-80 | 189.9 | 581.6 | 391.7 | 0.22 | 0.012 | 0.32 |
08-81 | 172.2 | 393.2 | 221.0 | 0.28 | 0.016 | 0.41 |
All holes bottomed in mineralization and were lost due to bad ground conditions or rig capability. | ||||||
Note: Copper equivalent calculations use metal prices of US$1.00/lb for copper and US$8.00/lb for molybdenum. Copper equivalent has not been adjusted for metallurgical recoveries which will depend on the completion of metallurgical testing not yet initiated. CuEQ equals Cu % + [Mo% x Price per pound for Mo/Price per pound for Cu.].
The style and grades of mineralization in the Southeast Zone are comparable with those at significant copper-molybdenum mines in BC such as Teck Cominco’s (TSX: TCK.B) Highland Valley Copper deposit (2007 reserves of 318.7 Mt grading 0.43% Cu and 0.008% Mo) and Taseko Mines’ (TSX: TKO) Gibraltar deposit (2007 reserves of 383.6 Mt grading 0.31% Cu and 0.009% Mo). The IP anomaly that defines the Southeast Zone measures 1.5 by 1.0 kilometres.
In addition to diamond drilling approximately 60 line-kilometres of deep-penetrating induced polarization (IP) geophysical surveys, able to locate sulphides up to 500 metres in depth have been completed. This survey was completed over selected target areas, including the newly acquired Magalloy option, west of the Takom gold-copper zone. Preliminary data suggests that the size of the previously outlined IP chargeability high anomaly over the Takom Zone extends significantly westwards onto the Magalloy option; the anomaly now measures 3.0 km by 3.0 km in area and will be an area for future drill testing. The Woodjam Project is located in the road accessible Cariboo region of central British Columbia.
Analyses were performed by Acme Analytical Laboratories, a certified facility in Vancouver, BC, using multi-element (ICP-ES) procedures, with gold and silver determined using fire assay procedures. External standards were inserted into the sample sequence at a ratio of one standard per twenty-five samples. Bruce Laird, P.Geo, of Mincord Exploration Consultants Ltd. is supervising the 2008 drilling program and sampling protocol. Bill Morton, P.Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.
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 Ltd. (TSX-V: ETF), Lorraine Copper Corp. (TSX-V: LLC) and Wildrose Resources Ltd. (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.