Business
Cariboo Rose Options Canadian Creek Property, White Gold District, Yukon
Cariboo Rose Options Canadian Creek Property, White Gold District, Yukon
About this update from Cariboo Rose Resources Ltd.
[{"type":"text","content":"\nCariboo Rose Options Canadian Creek Property, White Gold District, Yukon\n\n\n Jun. 15, 2009 (TheNewswire.ca) -- Vancouver, BC, June 15, 2009 - Cariboo Rose Resources Ltd. (TSXV:CRB) (TSX-V: CRB) has signed a Letter of Intent Option Agreement with Alder Resources Ltd. (TSXV:ALR) (TSX-V: ALR) giving Alder the option to earn a 60% interest in the currently 100% Cariboo Rose owned Canadian Creek Property. The total area of the Canadian Creek claims is 4,800 hectares (12,000 acres). The Canadian Creek property is located in the Whitehorse Mining District of the Yukon Territory 160 km south of Dawson City. The property is also 50 km southeast of the Underworld Resources Inc. (OOTC:UNDWF) (TSXV:UW) (TSX-V: UW) owned White Gold project and approximately 25 km southeast of Kaminak Gold Corp.'s (TSXV:KAM) (OOTC:KMKGF) Coffee property.Alder can earn a 60% interest in the Property by completing certain cash payments (totaling $250,000) to Cariboo Rose, issuing a total of 250,000 shares in its capital to Cariboo Rose, and fulfilling designated exploration expenditures on the property totaling $2,500,000, within the time specified, all to be completed by June 18, 2013. Alder has given a firm commitment to complete the first $250,000 of work by June 18, 2010.Alder has also committed to fund and complete an NI 43-101 compliant report on the Canadian Creek property by January 31, 2010. Upon Alder earning a 60% interest in the Canadian Creek property the parties shall be constituted a joint venture.Bill Morton, P.Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.Bill MortonBill Morton, P.Geo., DirectorContact: Paul Way, Business Development Manager Phone (604) 681-7913, Toll Free: 888-656-6611 email: [email protected] Cariboo Rose Resources Ltd.Cariboo Rose Resources Ltd. 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. The company's Woodjam North property is under option to the Gold Fields Limited group of companies (NYSE: GFI). Cariboo Rose is part of the Eastfield Group. Since its inception in 1987, the Eastfield Group has utilized a successful business strategy that leverages exposure by securing third ...