VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 7, 2011) - Fjordland Exploration Inc. (News - Market indicators) and Cariboo Rose Resources Ltd. (TSX VENTURE:CRB), 60%-40% partners in the Woodjam Joint Venture ("WJV"), and Gold Fields Limited's (NYSE:GFI) exploration company Gold Fields Horsefly Exploration Corporation ("Gold Fields"), have signed an option agreement with private vendors for the 625-hectare Magalloy-Magex Property. Magalloy-Magex is located in the Woodjam North Property, currently being explored by Gold Fields under an option agreement with the WJV. The Woodjam North Property is located 45 km east of Williams Lake, in south-central British Columbia. The option agreement was completed to cover prospective ground along an interpreted SW-NE trend of mineralization, which includes the Megabuck and Takom zones on the Woodjam North Property, where significant "porphyry-style" copper and gold mineralization has been identified by drilling.
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 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 12.3-m 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.
T.G. Schroeter, P.Eng./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 Fjordland Exploration Inc.
Fjordland Exploration is a mineral exploration company focused on the discovery of gold, copper and molybdenum deposits in British Columbia. Of the 28 properties Fjordland owns, the Woodjam North and Woodjam South properties (totaling 56,150 ha) are part of the Woodjam Joint Venture between Fjordland (60%) and Cariboo Rose Resources Ltd. (40%); both properties are under separate option agreements to Gold Fields Horsefly Exploration Corporation. Fjordland also has a 100% interest in 7 properties known as "Tak" totaling 52,342 ha in the Woodjam area. Fjordland has a 100% interest in the 2,192 ha "Milligan" project, adjoining Thompson Creek Metals Company Inc.'s Mt. Milligan copper-gold deposits on the west. The Tak-Milligan properties have been optioned to Capstone Mining Corp. Fjordland and Serengeti Resources Inc. are 41%/59% partners exploring 12 properties (QUEST Project) totaling 56,670 ha in the Quesnel terrane north of Woodjam for precious and base metals. Fjordland has a 100% interest in 8 properties totaling 60,047 ha in the Iron Range area and has an option agreement on 7 properties totaling 21,222 ha with Kootenay Gold Inc. in southeastern BC. Fjordland's shares trade on the TSX Venture Exchange under the symbol "FEX". For more information visit Fjordland's website at www.fjordlandex.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.
Tom Schroeter, President & CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the release.