Fjordland Purchases Exploration Data
for Parts of its Milligan Claims, BC
Vancouver, BC, May 12, 2011 ? Fjordland Exploration Inc. (TSX-V: FEX) owns 100% of the
two Milligan properties; Capstone Mining Corp. (TSX: CS) is currently funding
an option agreement with Fjordland on the combined Tak-Milligan Project (which includes the two Milligan
properties), whereby it can earn up to a 70% interest in the Project by
spending $6 million on exploration on or before December 31, 2016. Fjordland`s two Milligan properties lie 3 km west and 5 km
northwest, respectively of Thompson Creek Metals` (TSX-V: TCM) Mt. Milligan
copper-gold deposits, currently being readied for production in central British
Columbia.
During the winter of
2010-2011, Terrane Metals Corp. (acquired by Thompson
Creek in late 2010) tested high-resolution airborne magnetic (2008 surveys) and
Titan-24 IP (2010 survey) targets for deep mineralization in a 11,000 m
drilling program in an area west of the known Mt. Milligan deposits and the
boundary with one of Fjordland`s Milligan properties.
Fjordland has signed an
agreement with Amarc Resources Ltd. (TSX-V: AHR) to
purchase certain proprietary exploration data for parts of Fjordland?s
two Milligan properties. The data, from within Amarc`s
former Chona Project and generated in 2005, include
induced polarization (IP) survey results and inversions, certain magnetic
survey information and drill hole data from two short holes, including
locations, logs and analytical results.
In consideration for the
purchase of the data, Fjordland has agreed to issue Amarc 100,000 common shares of Fjordland,
subject to acceptance by the TSX Venture Exchange. The shares will be subject
to the statutory four-month hold period.
Fjordland President Tom Schroeter says: ?Given the proximity of the Milligan
properties to the known Mt. Milligan deposits and the recently completed deep
drilling program by Terrane, we look forward to
re-evaluating the exploration data received from Amarc
and identifying drill targets for 2011.?
Tom 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 (NYSE and TSX) Mt.
Milligan copper-gold deposits on the west. The Tak-Milligan
properties have been optioned to Capstone Mining Corp. (TSX: CS). Fjordland
and Serengeti Resources Inc. (TSX-V: SIR) 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. (TSX-V: KTN) 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.
Tom Schroeter
President &
CEO
Contact:
John Gomez
Investor Relations
Tel. 604-893-8365