=======================================================================
Copper Ridge Farms Out Its Lucky Joe Copper-Gold Project, Yukon
=======================================================================
Vancouver, BC, June 29, 2009 - Copper Ridge Explorations Inc. ("Copper
Ridge" or the "Company") announces that it has reached an agreement
with Taipan Capital Corp. ("Taipan"), a capital pool company, whereby
Taipan will have an option to earn up to an undivided 65% interest in
the Company's Lucky Joe copper-gold project, Yukon (the "Property").
Taipan intends that this transaction will constitute its qualifying
transaction under the policies of the TSX Venture Exchange. According
to the terms of the agreement, Taipan can earn a 51% interest in the
Property by making payments of $155,000 and issuing 500,000 shares to
Copper Ridge and completing $2,000,000 in exploration over four years.
Taipan will then have the option of increasing its interest in the
Property by an additional 14% interest by issuing an additional 500,000
shares to Copper Ridge and completing an additional $2,500,000 in
exploration on the Property over the next two years.
The Lucky Joe Copper-Gold Property is located in the Yukon
approximately 40 kilometres northeast of Underworld Resources Inc.'s
recent gold discovery. The Property consists of 548 claims with a
total area of approximately 11,000 hectares. The Property is located
50 kilometres south of Dawson City, with access by helicopter. The
Property hosts a unique style of copper-gold mineralization that has
similarities to Capstone Resources' Minto mine, approximately 150 km to
the southeast. Total recent exploration expenditures on the Property
are approximately $2.9 million, of which over $1.5 million was spent by
Kennecott.
In the late 1970's, drilling of a small part on the fringe of this
potentially mineralized area by Riocanex gave values of 0.3% copper to
0.6% copper over thicknesses of 20 to 30 m, with values up to 0.95% Cu
over 5.2 m. Gold was shown to have close to a 1:1 correlation with
copper. When copper assays are in the 0.9% range, gold values are in
the .8 to .9 gm gold/tonne range.
Drilling in 2005 and 2006 encountered a broad area in the core of the
13 km long Bear Cub soil anomaly with low grade, porphyry style
copper-gold alteration and mineralization to depths of in excess of 300
m. Late in 2006, Copper Ridge drilled a hole (LJ06-09) at the south end
of the 7 km long Ryan's Creek trend, on a coincident IP chargeability
and soil copper-gold anomaly. A mineralized zone consisting of trace to
2% chalcopyrite and trace to 2% pyrite was encountered between 48 and
91 m. Within this zone, copper assayed 0.75 % over 3.0 m and gold
assayed 3.0 g/t over 2.4 m. Additional drilling in 2007, 2,000 to 3,500
m north of the initial intersection, encountered 7.3m at 0.905% Cu and
..5 g/t gold in hole LJ07-19, 26.6m at 0.152% Cu in hole LJ07-18 and
15.3m at 0.176%Cu in hole LJ07-22.
Mr. J. Greg Dawson, P.Geo., Vice President of Exploration for Copper
Ridge, is the Qualified Person for the Lucky Joe project and is
responsible for the technical content of this news release. Further
information on Copper Ridge's 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:
Gerald G. Carlson, President & CEO
Copper Ridge Explorations Inc.
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.
=======================================================================
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
Message sent on Mon Jun 29, 2009 at 11:21:14 AM Pacific Time
=======================================================================
.
<
| |
ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Copper Ridge est une société de production minière de cuivre basée au Canada. Copper Ridge est productrice de cuivre, d'argent et d'or au Mexique, et détient divers projets d'exploration au Canada et au Mexique. Son principal projet en production est GAVILANES au Mexique et ses principaux projets en exploration sont 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 et ASH, B AND TAR CLAIMS au Canada. |