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Gold Fields Granted Option on Woodjam South Property, BC
Gold Fields Granted Option on Woodjam South Property, BC
About this update from Cariboo Rose Resources Ltd.
[{"type":"text","content":"\nGold Fields Granted Option on Woodjam South Property, BC\n\n\n May 26, 2010 (TheNewswire.ca) -- Vancouver, BC May 26, 2010 - Cariboo Rose Resources Ltd. (TSXV:CRB) (TSX-V: CRB) and Fjordland Exploration Inc. (TSXV:FEX) (TSX-V: FEX), the Woodjam Joint Venture (\"WJV\") 60%-40% partners, are pleased to report that effective May 20, 2010, Gold Fields Horsefly Exploration Corporation, a member of the Gold Fields Limited group of companies (NYSE: GFI) has been granted an option on the WJV's Woodjam South property. Gold Fields can earn a 70% stake in Woodjam South by undertaking, among other conditions, a minimum of US$15 million in expenditures and completing a comprehensive feasibility study.Located in south-central British Columbia, 45 km east of the city of Williams Lake, the Woodjam South property includes the Southeast copper-gold-molybdenum zone, discovered by the WJV in 2008 and claims to the south and southwest (in total an area of 13,807 hectares), subsequently acquired by the WJV. To date, the WJV has completed 18 diamond drill holes totaling 7,700 m on the Southeast Zone, all of which are mineralized from the overburden/bedrock interface to the bottom of the holes. An exploration highlight is hole 08-84 that averaged 0.69% Cu, 0.27g/t Au and 0.006% Mo over 359.1 m, including 1.01% Cu and 0.44g/t Au over 200.8 m. Less than one-quarter of the 1.5 km by 1.0 km induced polarization anomaly has been tested. In addition, an airborne magnetometer survey completed by Gold Fields during 2009 identified several additional targets on the Woodjam South property which require follow up.Gold Fields can earn an initial 51% interest in the Woodjam South property by spending US$7 million in exploration over a 3.5-year period, with a minimum expenditure of US$2 million in the first 18 months. In addition, Gold Fields will subscribe to a common share private placement of C$200,000 from Cariboo Rose and C$300,000 from Fjordland. The price per share will be 150% of the volume weighted average price as quoted on the TSX Venture Exchange for 10 trading days following the 20th day after the commencement date (completion of due diligence). During the initial option period, the WJV will be the operator of the project, while Gold Fields will provide technical direction.Gold Fields can extend the option a further 19% for a total 70% interest in the...