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Re: News Releases - Friday, June 05, 2009
Copper Ridge to Sell Interest in Four Gold Projects to Golden
Predator
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Vancouver, BC, June 5, 2009 -- Copper Ridge Explorations Inc. ("Copper
Ridge" or the "Company") announces that, further to its news release of
May 29, 2009, it has signed a Letter Agreement with Golden Predator
Royalty & Development Corp. (TSX.V: GPD -- "Golden Predator") whereby
Golden Predator will acquire Copper Ridge's interest in the Scheelite
Dome, Ogopogo and Willoughby gold projects. Copper Ridge will also
assign its opportunity to acquire the Quitovac gold project in Mexico,
for which it is in the final stages of negotiation.
The consideration payable by Golden Predator to Copper Ridge is
$750,000, to be paid in units of Golden Predator at a deemed price of
$0.50 per unit. Each unit will consist of one share of Golden Predator
and one non-transferable warrant. Each warrant will be exercisable for
one share of Golden Predator for a period of two years at a price of
$0.75 for the first six months and $0.90 for the remaining 18 months.
The number of units is adjustable under certain circumstances. In
addition, should any of the properties become the subject of a positive
bankable feasibility study ("BFS") prior to December 31, 2011, then up
to 500,000 shares of GPD will be payable to Copper Ridge capped at
$1,000,000 in value, if a BFS is delivered from January 1, 2012 through
December 31, 2013 this cap will be raised to $1,500,000, if delivered
from January 1, 2014 through December 31, 2015 it will be raised to
$2,000,000, and it will be raised to $2,500,000 per project thereafter.
In addition Copper Ridge has retained a 1% NSR on the Willoughby
project and if secured, the Quitivac project, and a 2% NSR on the
Ogopogo project which will be reduced to a 1% NSR in the event of a US
federal production royalty.
The agreement is subject to a number of conditions precedent, including
regulatory approval, the completion of the private placement described
in Copper Ridge's news release dated May 29, 2009 and, in the case of
the Quitovac project, completion of that acquisition by Copper Ridge.
Copper Ridge will focus its exploration efforts on base metal projects,
in particular copper-gold and zinc, with it's portfolio of 8 projects,
including:
Clear Lake Zn-Pb-Ag, Yukon: Clear Lake is a pyritic zinc-lead-silver
massive sulphide deposit, sigmoidal in shape, approximately 1,000 m in
length and up to 120 m wide. Zinc-lead rich lenses are 5 to 30 m thick,
450 m in length and extend at least 300 m down dip. The Company is
considering a surface geophysical exploration program to be followed by
a drilling program designed to upgrade the current historical Clear
Lake resource to NI 43-101 standards and to test three of the highest
priority adjacent exploration targets.
Babine Cu-Au-Mo, B.C.: The Babine porphyry copper-gold project includes
the Nak and Dorothy deposits, located in the Babine copper-gold
porphyry belt that includes the Bell and Granisle mines, the Morrison
deposit and numerous undeveloped prospects. The Bell and Granisle mines
together produced 130 million tonnes of ore grading 0.4% copper (Cu),
0.15 g/t gold (Au) and 0.75 g/t silver. The Company plans a surface
exploration program to further define targets identified during its
2007 and 2008 programs.
Lucky Joe Cu-Au, Yukon: The Lucky Joe project hosts a unique style of
copper-gold mineralization, with similarities to Capstone's Minto Mine
- possibly a gold-rich copper porphyry or an Iron Oxide Copper-Gold
(IOCG) deposit type. Soil anomalies and a correlation with linear
magnetic anomalies indicate a large aerial extent of potential
mineralization while geological observations suggest that the
mineralization is near surface, with a strong correlation between gold
and copper. Further soil surveying and surface geophysical programs are
planned for 2008 to prepare the Ryan's Creek zone for drilling.
Yukon Olympic Cu-Au, Yukon: The target at Yukon Olympic is an Olympic
Dam-type iron oxide copper-gold (IOCG) deposit. Mineralization,
alteration and age of the host rocks and the mineralized breccia are
similar to the giant Olympic Dam deposit in Australia.
Kalzas W, Yukon: Kalzas is a large, porphyry style tungsten deposit
with a higher grade core zone. The tungsten mineral wolframite occurs
in sheeted veins, stockworks and disseminations within altered
Proterozoic schist and quartzite.
Borealis U, Yukon: The Borealis uranium project covers the Deadman
Stock, a mid Cretaceous multiphase granitic unit of the Tombstone Suite
intrusive complex. Uranium mineralization is associated with a late
stage phase of syenite dykes within the stock and occurs as
structurally controlled lenses of pitchblende and as disseminations of
uraninite within the syenite.
Copper Ace Cu-Mo, B.C.: The Copper Ace copper porphyry properties
surround the Gibraltar Mine. Drilling has shown that the "mine series"
tonalite extends from the Gibraltar area onto the Copper Ace South
property.
Joss'alun Cu, B.C.: Copper mineralization at Joss'alun consists of a
series of lenses of semi-massive chalcopyrite with lesser pyrite within
basaltic oceanic volcanic rocks, in a geological environment that
appears to be favourable for Cyprus-type volcanogenic massive sulphide
mineralization. Samples collected within the discovery area included
7.33% copper over 35 cm, 3.35% copper over 90 cm and grab samples of
7.34% copper, 10.15% copper and 7.55% copper.
Mr. J. Greg Dawson, P.Geo., Vice President of Exploration for Copper
Ridge, is the Qualified Person for the above projects and is
responsible for the technical content of this news release. Further
information on Copper Ridge's entire exploration portfolio can be found
at www.copper-ridge.com
Copper Ridge's exploration philosophy focuses on maximizing the
potential for success in a high-risk business. With grass roots mineral
exploration, where the entry cost is low but the potential reward can
be very high, success will be contingent on exploration skill and on
carefully managed risk. Our management team brings tenacity, technical
skill and experience, all crucial ingredients for discovery. By
exploring a broad array of projects, focusing on the right commodities,
in areas of high mineral potential and in mining-friendly jurisdictions
and by sharing the risks on some projects with joint venture partners,
the Company is exposing its shareholders to a greater chance for
discovery.
Contact:
Copper Ridge Explorations Inc.
Gerald G. Carlson, President & CEO
Suite 500 -- 625 Howe Street
Vancouver, B.C. V6C 2T6
Phone: 604-688-0833; 1-888-278-2288
info@copper-ridge.com
TSX Venture Exchange: KRX --- Pink Sheets: CRXOF --- Berlin: 502845
This release was prepared by management of the Company who takes full
responsibility for its contents. Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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Copyright (c) 2009 COPPER RIDGE EXPLORATIONS INC. (KRX) All rights
reserved. For more information visit our website at
http://www.copper-ridge.com/ or send mailto:info@copper-ridge.com
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Copper Ridge is a copper producing company based in Canada. Copper Ridge produces copper, gold and silver in Mexico, and holds various exploration projects in Canada and in Mexico. Its main asset in production is GAVILANES in Mexico and its main exploration properties are KALZAS, DUKE ISLAND, BABINE, GOLD DOME, BOREALIS, COPPER ACE, JOSS'ALUN, LUCKY JOE, YUKON OLYMPIC, OGOPOGO, WILLOUGHBY, CLEAR LAKE, HART RIVER CLAIMS, LUCKY JOE AND SHAMROCK and ASH, B AND TAR CLAIMS in Canada. |