Cariboo Rose Resources and Fjordland Exploration Shareholders Approve Spin-out of Consolidated Woodjam Copper Corp.

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[{"type":"text","content":"\nCariboo Rose Resources and Fjordland Exploration Shareholders Approve Spin-out of Consolidated Woodjam Copper Corp.\n\n(via Thenewswire.ca)\n\n \nVancouver, BC, October 5 2011 - Cariboo Rose Resources Ltd. (\"Cariboo Rose\") (TSX-V: CRB) and Fjordland Exploration Inc. (\"Fjordland\") (TSX-V: FEX), 40%-60% partners in the Woodjam Joint Venture (\"WJV\"), report that at special meetings of both companies held on Friday, September 30, 2011 shareholders approved the spin-out of the Woodjam project.\n\n\n \nThe purpose of the spin-out transaction is to preserve the interests of Cariboo Rose and Fjordland shareholders in the Woodjam properties by transferring them to a stand-alone corporate entity focused on the exploration and development of the properties. Pursuant to a statutory plan of arrangement, the interests of Cariboo Rose and Fjordland are to be transferred into a newly incorporated company to be called Consolidated Woodjam Copper Corp. (\"CWC\") which then will hold a 100% interest in the Woodjam project. The Woodjam project is subject to an earn-in option by Gold Fields. This transaction will also facilitate the advancement and recognition of the other mineral exploration projects held by Cariboo Rose and projects held by Fjordland.\n\n\n \nFrom 2001 to the end of 2011, approximately $18,000,000 will have been spent at the Woodjam gold-copper project by the WJV and Gold Fields Horsefly Exploration Corporation (\"Gold Fields\"), an exploration company owned and controlled by Gold Fields Limited (NYSE: GFI). The 2011 budget for Woodjam is $6,000,000 of which approximately $5,000,000 is allocated to the Woodjam South property, primarily for delineation resource drilling. Currently 3 drill rigs are operating at Woodjam - 2 core rigs at Woodjam North and 1 reverse circulation rig at Woodjam South.\n\n\n \nCariboo Rose will receive and distribute 20,000,000 common shares of CWC to shareholders who will receive approximately 0.7 of a CWC share for every share of Cariboo Rose they own. Fjordland Exploration will receive and distribute 30,000,000 common shares of WCC to shareholders who will receive approximately 0.4 of a CWC share for every share of Fjordland they hold. CWC will receive $150,000 of funding from Fjordland $100,000 of funding from Cariboo Rose.\n\n\n \nThe shares of Consolidated Woodjam Copper Corp. are proposed t...

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