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Wednesday,
September 23, 2009
Gold Fields Initiates $3 Million Program at Woodjam
North Gold--Copper Property, BC
Vancouver, BC,
September 23, 2009 -- Cariboo Rose Resources Ltd (TSX-V: CRB) and Fjordland Exploration Inc. (TSX-V: FEX), Woodjam Joint Venture partners, are
pleased to report on the progress of Gold Fields Horsefly Exploration
Corporation's (a member of the Gold Fields Limited group of companies
(NYSE: GFI)) exploration program on the Woodjam North
gold-copper project, located 45 kilometres east of Williams Lake in central
British Columbia. Since signing the Option and Joint Venture Agreement
granting an option to Gold Fields to earn up to a 70% interest in the
property by spending $19 million in exploration over the next 7 years (see
July 30, 2009 news release for details), Gold Fields has launched a
systematic exploration program, with a budget of about $3 million in the
first year on the 40,750-hectare property.
To date, Gold Fields has completed regional mapping, rock, silt and soil
geochemical sampling over selected areas, geological mapping and
prospecting and a review of previous drill core from the Megabuck, Takom
and Deerhorn zones.
Grid-based line cutting and a 75-line kilometre induced polarization (IP)
geophysical survey have commenced, initially focusing on an area north of
the Megabuck and Deerhorn zones. A 5,000-line kilometre low-level airborne
magnetic and radiometric survey, covering both the Woodjam North property
and the adjoining Woodjam Joint Venture's Woodjam South property (not
included in the Gold Fields Option), is scheduled to commence during the
week of September 21, 2009.
A 6,000-metre diamond drilling program is planned to commence at Woodjam
North in October. The initial drilling (4,000 metres) is designed to test
the areal extent and depth potential of the existing Takom and Deerhorn
gold-copper occurrences, with previous drill results including 0.40 g/t
gold and 0.26% copper over 127.3 metres, and 0.62 g/t gold and 0.25% copper
over 51 metres, respectively. Additional drilling will be designed to test
IP, magnetic and geochemical anomalies identified from new data generated
during the early parts of the program. Although no drilling is planned on
the Megabuck zone this year, a 200-metre wide mineralized envelope
containing gold and copper mineralization has previously been outlined.
With respect to the adjoining Woodjam Joint Venture's Woodjam South
property, which includes the newly discovered Southeast Zone
copper-gold-molybdenum occurrence, where drilling of hole 08-84 in 2008
intercepted 201 metres grading 1.01% copper and 0.44 g/t gold, the
companies look forward to receiving the results of the airborne magnetic
surveys that will be flown as an extension of the survey by Gold Fields on
Woodjam North. This data will be useful in developing additional target
areas on the Woodjam South property.
The Woodjam Joint Venture has recently expanded its Woodjam South holdings
to total 13,388 hectares. The Woodjam Joint Venture continues discussions
with Third Parties interested in advancing the Woodjam South property.
About Gold Fields Limited
Gold Fields Limited is one of the world's largest unhedged producers of
gold with annual attributable production of approximately four million
ounces of from nine operating mines in Peru, Ghana, Australia and South
Africa. The company has attributable ore reserves of approximately 83
million ounces and mineral resources of approximately 251 million ounces.
In addition the company has an extensive exploration portfolio with highly
prospective projects in all of the major gold provinces of the world.
About Cariboo Rose Resources Limited
Cariboo Rose Resources Limited is a Canadian public resource company that
trades on the TSX - Venture exchange under the symbol CRB. Cariboo Rose has
six gold, copper and molybdenum exploration projects in Western Canada.
Cariboo Rose Resources Ltd. (40%) and Fjordland Exploration Inc. (60%)
comprise the Woodjam Joint Venture. Gold Fields Horsefly Exploration
Corporation, a member of the Gold Fields Limited group of companies, may
earn up to a 70% interest in the 40,750-hectare Woodjam North gold-copper
property by spending $19 million on exploration over 7 years; a $3 million
exploration program is currently in progress. The Woodjam Joint Venture
also owns the Woodjam South property which adjoins the Woodjam North
property. For more information please visit the Company's website at www.cariboorose.com.
Glen Garratt, P.Geo.
VP Exploration, Director
Cariboo Rose Resources Ltd.
Contact:
Paul Way, Business Development Manager
Phone (604) 681-7913, Toll Free: 888-656-6611
email: pway@eastfieldgroup.com
The TSX - Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. This news
release may contain certain "Forward-Looking Statements" within
the meaning of Section 21E of the United States Securities Exchange Act of
1934, as amended. All statements, other than statements of historical fact,
included herein are forward-looking statements that involve various risks
and uncertainties. There can be no assurance that such statements will
prove to be accurate, and actual results and future events could differ
materially from those anticipated in such statements. Important factors
that could cause actual results to differ materially from the Company's
expectations are disclosed in the Company's documents filed from time to
time with the TSX - Venture Exchange, the British Columbia Securities
Commission and the US
You can also view this News Release on our website at:
http://www.cariboorose.com/s/NewsReleases.asp?ReportID=364566
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