VANCOUVER, Oct. 16 /CNW/ - Copper Ridge Explorations Inc. ("Copper Ridge"
or the "Company") announces that it has entered into a property option
agreement with Lomiko Resources Inc. ("Lomiko") whereby Lomiko may acquire up
to a 60% interest in the Company's 100% owned Joss'alun copper property (the
"Property"), located 75 km southeast of Atlin, British Columbia. Lomiko may
acquire an initial 51% interest in the Property by issuing 440,000 common
shares to the Company, paying $10,000 cash and incurring $2,500,000 in
exploration expenditures over a four year period. Lomiko may then acquire an
additional 9% interest in the Property (for a total of 60%) by issuing an
additional 200,000 common shares and by incurring an additional $1,500,000 in
exploration expenditures over the fifth and sixth year period. A portion of
the Joss'alun Property is subject to a 1% NSR.
Joss'alun is a recent, high-grade copper massive sulphide discovery made
by the BC Geological Survey and acquired by Copper Ridge in 2002. The
mineralization consists of a series of lenses of semi-massive chalcopyrite
with pyrite, with initial grab samples assaying 3.35% to 10.15% copper, within
oceanic basalt volcanic rocks, in a geological environment that appears to be
favorable for Besshi-style volcanogenic massive sulphide mineralization, the
most famous British Columbia example being Windy Craggy (143 Million tonnes of
1.7% copper).
Imperial Metals (TSX: III) drilled nine holes in September 2003. Holes
NAK-03-03 through NAK-03-07 intersected widespread copper mineralization on
the Joss'alun Property. Copper occurs as stringers, disseminations and pods of
mainly chalcopyrite. Highlights include hole NAK-03-05 with 17.75 and 6.92
metres of 0.94% and 1.15% copper respectively, hole NAK-0307 with 53.45 and
33.62 metres of 0.34% and 0.41% per cent copper respectively and NAK-0309 with
3.15 metres of 1.06% copper. These results confirm that the volcanic
stratigraphy at Nak hosts considerable copper mineralization over a large area
and is open along strike in both directions and to depth.
J. Greg Dawson M.Sc. P. Geo, V.P. Exploration for Copper Ridge, is the
Qualified Person for the Joss'alun project.
Copper Ridge'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, Copper Ridge is reducing the exploration risks
for its shareholders and exposing them to a greater chance for discovery.
Copper Ridge is well financed and is enjoying a busy field season on its Yukon
and British Columbia properties.
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.
