Vancouver, BC, July 23, 2008 - Cariboo Rose Resources Ltd. (“Cariboo Rose”) (TSX-V: CRB) and Fjordland Exploration Inc. (“Fjordland”) (TSX-V: FEX) are pleased to report that a second drill rig has been mobilized to the Woodjam project, located in the road accessible Cariboo region of central British Columbia. Cyr Drilling is expected to arrive on the property later in the week to drill test the Southeast Zone with 2,000 to 2,500 meters planned. The existing drill on site will move to reconnaissance drilling on the Takom and Deerhorn zones.
During the spring of 2008, four drill holes totalling 2,206 meters were completed on the Southeast Zone during Phase one drilling. These holes focused on grid drilling an area 200 meters by 200 meters, within a 1.5 km long induced polarization (IP) chargeability anomaly. All seven holes drilled to date in the Southeast Zone have intersected porphyry-style mineralization from the bedrock surface to the bottom of the holes. Two of these holes (07-72, 07-73) lie 700 meters to the southwest and 250 meters to the south, respectively, from the detailed drilling area. All of the holes were stopped either because of drill rig capability or bad ground conditions. The last hole of this Phase 1 program (08-83) assayed 0.44% copper, 0.006% molybdenum and 0.079 g/t gold over 402 meters which included 0.80% copper, 0.003% molybdenum and 0.123 g/t gold over 71.93 meters.
In late June 2008, the Phase two drill program commenced on the Southeast Zone (see News Release dated June 26, 2008). Hole 08-84, which is a 100-meter step-out to the southwest of hole 08-83, is currently nearing completion. Upon completion of this hole, the drill rig will move on to test selected IP chargeability anomalies over copper-gold targets in the Takom (one hole) and Deerhorn (two holes) anomalies, located west and north of the Southeast Zone, respectively. The Takom hole will be located approximately 90 meters north of hole 07-77 which assayed 0.3% copper and 0.31 grams per tonne gold over 39 meters. The two Deerhorn holes will test a previously undrilled area, east-northeast of the Megabuck copper-gold zone where a potentially significant amount of copper-gold mineralization has been outlined.
With mineralization observed in hole 08-84 similar in character to that in 08-83, the Woodjam Joint Venture is very encouraged about the potential to significantly expand the size of the Southeast Zone. Drilling on this zone is expected to continue until September.
Core samples will be submitted to Acme Analytical Laboratories, a certified facility in Vancouver, BC. Bruce Laird, P. Geo., of Mincord Exploration Consultants Ltd. is supervising the 2008 drilling program and sampling protocol. G.L. Garratt, P.Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.
Cariboo Rose Resources Ltd.
Paul Way, Business Development Manager
Phone (604) 681-7913, Toll Free: 888-656-6611
About Cariboo Rose Resources:
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), and Lorraine Copper Corp. (TSX-V: LLC). For more information please visit the Company’s website at www.cariboorose.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.