The Canadian Creek property is located in the Yukon Territory approximately 160 kilometres south of Dawson City. The Canadian Creek property borders Kaminak Gold Corporation’s (TSX-V: KAM) Coffee Gold property immediately south of the recently discovered Sugar Zone. On its eastern claim boundary the property is bordered by the large tonnage Casino copper-gold-molybdenum porphyry deposit owned by Western Copper & Gold Corp. (TSX: WRN). The property encompasses 320 claims covering 6,180 hectares and is prospective for both copper-gold porphyry mineralization (Casino style) and lode gold mineralization (Kaminak style).
The terms of the acquisition include a $30,000 cash payment and the assumption of certain unpaid contractor liabilities. Coastal Gold acquired an option to earn a 60% interest in the Canadian Creek property in 2010 by way of an assignment of a 2009 agreement between Cariboo Rose and Alder Resources Ltd. for terms which included $250,000 in payments, the issuance of 150,000 shares plus an additional share issuance equal to $30,000 value and the completion of $2,500,000 in exploration. The final $100,000 option payment and final share issuance ($30,000 equivalent) were not completed.
Cariboo Rose has also commenced exploration on the Koster Dam property in partnership with Badger Minerals Ltd., a private corporation. The Koster Dam project is a joint venture (70% owned by Cariboo Rose and 30% by Badger Minerals) located immediately southwest of the Gang Ranch and approximately 18 kilometres north of the former producing Blackdome gold-silver mine (80 kilometres southwest of the City of Williams Lake) in BC. Koster Dam is road accessible and located in a semi-arid landscape at an average elevation of 1,200 metres. The exploration program is covering an area of high gold (in heavy mineral concentrates) outlined in the late nineteen eighties.
The Koster Dam property was staked by Cariboo Rose following a review of an unpublished report completed in the mid 1980’s during active mining at Blackdome. Heavy mineral samples from several small drainages within the area of the claims returned very high gold values with some exceeding 10 g/t Au. A subsequent search of assessment records indicates that part of the current claims was staked a few years later and re-sampled confirming the initial results with heavy mineral sample results of up to 20 g/t Au being obtained. The assessment report indicates that only four rock samples were collected and it appears that follow-up was minimal.
Cariboo Rose has 28,516,577 shares issued and approximately $900,000 in cash
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.
J.W. (Bill) Morton, P.Geo.
President and CEO
Cariboo Rose Resources Ltd.
Paul Way, Business Development Manager
Phone: (604) 681-7913, Toll Free: 888-656-6611; email: email@example.com
About Cariboo Rose Resources Limited
Cariboo Rose Resources is a prospect generating mineral exploration company with six gold, copper and molybdenum exploration projects in BC and the Yukon. Properties 100% owned include the Canadian Creek copper-gold property located in the White Gold District of the Yukon, the Monte Christo gold-copper project in the Cariboo Region of south-central BC and the Pat gold-copper property in the Cariboo region of south-central BC. Joint Venture projects include the 35% owned Cowtrail gold-copper property located in the Cariboo region of south-central BC and the 70% owned Koster Dam gold project in south-central BC. Projects optioned out include the Carruthers Pass copper-zinc-silver property in north-central BC. 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.
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