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Ironman Iocg Drilling Underway
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News Release 12/2008
Vancouver, BC, June 26, 2008 -- Copper Ridge Explorations Inc. ("Copper
Ridge" or the "Company") announces that it has been notified by Vale
Inco Limited ("Vale Inco"), a wholly-owned subsidiary of Companhia Vale
do Rio Doce (VALE) (NYSE: RIO), that drilling has commenced on the
Company's Ironman iron oxide copper-gold ("IOCG") project, located 160
km northeast of Dawson City, Yukon. Over the past three years, Copper
Ridge has completed geological, geophysical and geochemical surveys to
define a 1.5 by 2 km gravity anomaly with coincident Induced
Polarization ("IP") chargeability and resistivity geophysical
responses. Vale Inco completed an additional 7 km of IP surveys to
confirm and extend the Copper Ridge results.
On the Ironman property, several copper +/- gold occurrences associated
with Proterozoic-aged iron-rich breccia bodies have been discovered
peripheral to the gravity anomaly (see Copper Ridge's web site --
www.copper-ridge.com). The gravity anomaly has been interpreted as
being caused by rocks of high density, possibly iron-rich breccia, in
the near subsurface. Results from the IP surveys suggest that the
source of the gravity anomaly is also conductive, perhaps caused by
metallic mineralization. Along the main geophysical survey line, the
anomaly is approximately 1,500 m in length. In the immediate area of
the gravity anomaly, a layer of younger limestone covers the older
rocks that host the breccia mineralization. Preliminary interpretation
of the work by Vale Inco confirmed presence of the IP chargeability
anomaly originally defined by Copper Ridge.
Vale Inco has an option to acquire a 70% interest in the Ironman
property by assuming the cash property payments to the underlying owner
and by completing and funding a feasibility study on the property on or
before the sixth anniversary of the agreement. Minimum annual work
programs of $250,000 in the first three years and $500,000 in the
second three years of the option term are required. When Vale Inco has
earned its 70% interest, Copper Ridge will then have the option of
either retaining a 30% participating interest by paying its
proportionate share of costs or reducing to a 20% interest with Vale
Inco carrying all costs to production. The Company would then repay its
20% proportionate share of the capital costs from 70% of its share of
revenue from production.
Mr. J. Greg Dawson, P.Geo., Vice President of Exploration for Copper
Ridge, is the Company's Qualified Person for the Ironman project.
The Company'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. The Company's active 2008 field program on its Yukon and
British Columbia properties is underway.
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
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. The TSX Venture Exchange has not
reviewed and does not accept responsibility for the adequacy or
accuracy of this news release.
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Copyright (c) 2008 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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