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Copper Ridge Farms Out Yukon Olympic IOCG Property
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Copper Ridge KRX-TSX.V
Press Release No. 14/2007
Vancouver, BC, July 10, 2007 -- Copper Ridge Explorations Inc. ("Copper
Ridge" or the "Company") announces that it has reached an agreement
whereby Richmond Energy Corp. ("Richmond") will have the right to earn
up to a 65% interest in its Yukon Olympic iron oxide copper-gold
("IOCG") property. The Company's 100% owned Yukon Olympic property is
road accessible, located 120 km north of Dawson City, Yukon.
The target at Yukon Olympic is an Olympic Dam-type IOCG style deposit.
The Olympic Dam deposit in Australia (3.8 billion tonnes at 1.1%
copper, 0.4 kg/t uranium (U3O8) and 0.5 g/t gold) is one of the largest
copper deposits and the largest uranium producer in the world. The
Olympic Dam deposit is characterized by a large magnetic anomaly
flanked by a gravity anomaly that is caused by the dense, iron-rich
breccia body. The Yukon Olympic property occurs in a geological setting
that is similar to Olympic Dam, occurring in host rocks of similar age
and with mineralization and alteration that is of a similar age and
character and having comparable geophysical and geochemical signatures.
Richmond's exploration program will initially focus on the Blackstone
anomaly that consists of a strong, roughly circular magnetic anomaly,
greater than 2 km in diameter, with a partially fringing gravity
anomaly up to 2.5 milligals in strength. The south-eastern portion of
the gravity anomaly correlates with known, copper-bearing hematite
(iron oxide) breccia in Spectacular Creek. For the most part, however,
the source of the combined magnetic and gravity feature is hidden under
younger cover rocks. In 2006, the Company completed 3 lines of Induced
Polarization geophysical surveying over the anomaly and defined three
chargeability anomalies, with related increased conductivity, that
correlate with the gravity anomaly (see attached figure and
www.copper-ridge.com for details). Drilling is planned to test these
targets.
Under the terms of the agreement, Richmond has the right to acquire an
undivided 51% interest in the property by making payments of $190,000,
issuing 500,000 common shares, and completing a minimum of $2,500,000
in exploration work over four years. The first two payments, of $20,000
and $30,000 respectively, and the first year's work program of $250,000
are firm commitments. When Richmond has earned its 51% interest, it
will then have the right to acquire a further 14% interest (for an
aggregate 65% interest) by making another $50,000 payment, issuing
another 500,000 common shares, and delivering a feasibility study
within 5 years.
J. Greg Dawson, P.Geo., Vice President of Exploration for Copper Ridge,
is the Qualified Person for the Yukon Olympic project.
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,
Copper Ridge is exposing its shareholders to a greater chance for
discovery.
Copper Ridge is well financed for the proposed 2007 field program on
its Yukon and British Columbia properties.
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
Fax: 604-688-0835
info@copper-ridge.com
This release was prepared by management of the Company who takes full
responsibility for its contents. The TSX Venture Exchange has not
reviewed and does not accept responsibility for the adequacy or
accuracy of this news release.
Click here for this map:
Associated Image:
http://www.copper-ridge.com/i/misc/2007-07-10NR.jpg
158 KB in size, approx. 30 seconds to download at 56.6Kbps
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Copyright (c) 2007 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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