For the option to acquire a 100% interest in the Magalloy 1-14 and Magex 1-12 mineral claims, Gold Fields, on behalf of the WJV, will make cash payments to the vendors totaling $300,000 over a four-year term and will reserve a 1.5% net smelter royalty for the vendors that may be purchased outright for a cash payment of $1.5 million. The cash payments required to be made shall be attributed to Gold Fields’ earn-in expenditures relating to the Woodjam North option agreement with the WJV.
The Magalloy-Magex Property is located 3.5 km to the south-southwest of the Megabuck Zone and 1.0 km to the west of the Takom Zone on the Woodjam North Property. The Magalloy-Magex option is underlain by extensive glacial drift; however, a few exposures of intrusive rocks and Nicola Group volcanic rocks have been mapped. Previous soil, silt and lake geochemical surveys indicate copper and molybdenum anomalies on the Property. Also, a reconnaissance induced polarization (IP) survey, completed in 2008 by the WJV, has outlined a potential 1.2-km southwesterly extension to the large IP chargeability anomaly covering the Takom Zone. The nearest drill hole on the Takom Zone (W07-75), located approximately 350 m east of the Magalloy-Magex Property boundary, returned a 12.3m interval grading 0.13% copper and 0.037g/t gold.
The WJV and Gold Fields plan to explore the Magalloy-Magex option during 2011, as part of their aggressive multi-million dollar exploration programs on the Woodjam North and Woodjam South projects.
G. 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.
About Cariboo Rose Resources Limited
Cariboo Rose Resources Ltd. is a mineral exploration company with six gold, copper and molybdenum exploration projects in British Columbia and the Yukon. The Woodjam North and Woodjam South properties (totaling 56,150 ha) are part of the Woodjam Joint Venture between Cariboo Rose (40%) and Fjordland Exploration Inc. (60%); both properties are now under option to Gold Fields Horsefly Exploration Corporation. Additionally, Cariboo Rose has two other gold-copper exploration projects adjoining the Woodjam Properties, a gold exploration project in the White Gold District of the Yukon, and a copper exploration project south of BC’s Kemess mine. Cariboo Rose trades on the TSX Venture exchange under the symbol “CRB”. For more information please visit the Company’s website at www.cariboorose.com.
About Gold Fields Limited
Gold Fields is one of the world’s largest unhedged producers of gold with attributable, annualized production of 3.6 million ounces per annum from eight operating mines in South Africa, Ghana, Australia and Peru. Gold Fields also has an extensive growth pipeline with both greenfield and near mine exploration projects at various stages of development. Gold Fields has total attributable Mineral Reserves of 77 million ounces and Mineral Resources of 225 million ounces. For more information visit the company’s website at www.goldfields.co.za.
Glen Garratt, P.Geo, Director.
Cariboo Rose Resources Ltd.
Paul Way, Business Development Manager
Phone: (604) 681-7913, Toll Free: 888-656-6611; email: email@example.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.