Vancouver, BC, July 30, 2009 – Cariboo Rose Resources Ltd. (TSX-V: CRB) and Fjordland Exploration Inc. (TSX-V: FEX) report that the Woodjam Joint Venture (WJV), comprising Fjordland (60%) and Cariboo Rose (40%), has signed an Option and Joint Venture Exploration Agreement granting an option to Gold Fields Horsefly Exploration Corporation, a member of the Gold Fields Limited group of companies (NYSE: GFI), to earn up to a 70% interest in the northern portion of the Woodjam gold-copper property (Woodjam North Property). Gold Fields may earn an initial 51% interest by expending $7 million in exploration, and making $350,000 in cash payments to the WJV, over a three year period with a minimum expenditure of $1 million in the first year. Gold Fields may extend the option to earn a further 19% interest in the Woodjam North property by funding a further $12 million in exploration over a 4-year period (see CRB/FEX News Release, June 3, 2009 for further details).
To date, the WJV has spent approximately $7 million on the entire Woodjam property, including an estimated $4.7 million and $2.3 million on the Woodjam “North” and “South” Properties, respectively. The “North” Property (40,500 hectares) includes the Megabuck, Takom and Deerhorn zones; the “South” Property (7,500 hectares) includes the newly-discovered Southeast Zone.
The first year program, with a budget of about $3 million proposed by Gold Fields, consists of the following:
- A low-level airborne magnetic and radiometrics geophysical survey covering the entire area of the claim block.
- Grid-based line cutting and induced polarization geophysics focused on selected targets.
- Following data compilation and interpretation, a core drilling program of up to 6,000 metres is planned that will initially focus within the areas of known mineralization. Additional drill locations will be dependent on the compilation of geology, airborne-magnetic and IP results.
- Gold Fields has had crews on the Property for the past several weeks reviewing previous drill core, collecting soil samples and conducting geological mapping and prospecting programs.
The exploration program is managed and financed by Gold Fields Horsefly Exploration Corp. Gold Fields has recently appointed David Bailey, P.Geo, Ph.D., as Manager of the Woodjam North project. Dr. Bailey is a recognized expert in the Quesnel Terrane rocks in British Columbia.
The Property is road accessible and located in south-central British Columbia, 45 km east of Williams Lake; a regional centre for forestry, exploration, cattle ranching, tourism and two operating copper-gold-molybdenum mines (Mt. Polley and Gibraltar). Previous drilling on the Woodjam North Property totals approximately 21,260 metres in 91 holes. At the Megabuck deposit, 67 holes totaling 17,236 metres have been drilled defining a 200 metre wide, moderately plunging, mineralized envelope. Hole 04-32 assayed 1.03 g/t Au and 0.14% Cu over 274.9 metres. Gold-copper mineralization consists of quartz-chalcopyrite-magnetite stockwork veins in sub-alkaline monzonitic intrusions which are hosted by volcaniclastic and sedimentary rocks of Late Triassic to Early Jurassic age.
The Takom Zone, located 2.1 km south of the Megabuck Zone, has seen a limited amount of previous drilling (18 holes totaling 3,366 metres) mostly to shallow depths. Successive drilling programs have returned progressively better results; the highest grade and most northerly hole assayed 0.40 g/t Au and 0.26% Cu over 127.3 metres, including 32.8 metres grading 1.04 g/t Au and 0.45% Cu.
The Deerhorn Zone, located 800 metres to the northeast of the Megabuck Zone, was discovered in September, 2008, as a result of a 2-hole drilling program testing a large IP anomaly. Both holes, located 100 metres apart, intersected strong gold-copper mineralization near the overburden/bedrock interface. The second of the two holes included an intercept of 0.62 g/t Au and 0.25% Cu over 51 metres. Deerhorn is thought to be a very significant discovery due to its similar character and spatial association to the Megabuck area.
The Woodjam Joint Venture (WJV) retains the Woodjam South property, including the recently discovered Southeast Zone copper-gold-molybdenum occurrence where the WJV has completed 18 drill holes totaling 7,700 metres, all of which are mineralized from the bedrock interface to the bottoms of the holes. Hole 08-84 assayed 0.69% Cu, 0.27 g/t Au and 0.006% Mo over 359.1 metres, including 1.01% Cu and 0.44 g/t Au over 200.8 metres. Less than one quarter of the 1.5 km by 1.0 km induced polarization anomaly has been tested. The WJV intends to extend Gold Fields’ airborne geophysical survey to cover the Woodjam South property. The WJV will be planning a program on the Woodjam South Property to evaluate these claims, most of which have not seen modern exploration, and to advance the Southeast Zone.
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.
Glen Garratt
G. L. Garratt, P.Geo., Director
Contact:
Paul Way, Business Development Manager
Phone (604) 681-7913, Toll Free: 888-656-6611
Email: pway@eastfieldgroup.com
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 gold, copper and molybdenum exploration projects in Western Canada. 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. Other affiliated companies in the group include 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.
About Gold Fields Ltd.
Gold Fields Limited is one of the world’s largest unhedged producers of gold with annual attributable production of approximately four million ounces per annum from nine operating mines in Peru, South Africa, Ghana and Australia. The company has total attributable ore reserves of 83 million ounces and mineral resources of 251 million ounces. In addition, the company has an extensive exploration portfolio with highly prospective projects in all of the major gold provinces of the world.
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.