Woodjam North: Drilling at Deerhorn Zone Yields 115.9 m Grading 0.287g/t Gold and 0.321% Copper. Initial Drilling at Spellbound Area Provides Encouraging Results

Vancouver, BC July 27, 2010 — Cariboo Rose Resources Ltd. (TSX-V: CRB) and Fjordland Exploration Inc. (TSX-V: FEX), the Woodjam Joint Venture (“WJV”) 40%-60% partners, have announced that Gold Fields Limited’s (NYSE: GFI) exploration company, Gold Fields Horsefly Exploration Corporation (“Gold Fields”), has forwarded drilling results from the Woodjam North gold-copper property. Drilling on the property, which is located 45 km east of Williams Lake in south-central British Columbia, started earlier this year. Phase One drilling between February and June, 2010 totaled 8,433 m in 34 holes, including 2,330 m on the Takom Zone, 3,921 m on the Deerhorn Zone and 2,182 m on the Spellbound Area. The results reported below are for the last four holes (1,197.6 m) on the Deerhorn Zone and eight holes (2,182 m) on the Spellbound Area.

Deerhorn Zone

Previous drill results were reported in a News Release dated May 18, 2010. Assay results for the four new holes completed in 2010 are reported in the table below:

Hole ID

From (m)

To (m)

Int. (m)*

Au g/t

Cu %

Au Eq. g/t*

DH10-13

75.3

84.0

      8.7

0.11

0.23

0.52

DH10-13

88.0

92.0

4.0

0.22

0.06

0.33

DH10-13

96.0

148.0

52.0

0.08

0.22

0.47

DH10-13

152.0

163.4

11.4

0.06

0.14

0.31

DH10-13

208.0

217.0

 9.0

0.06

0.11

0.26

DH10-14

78.0

84.0

6.0

0.07

0.12

0.29

DH10-14

110.3

226.2

115.9

0.29

0.32

0.87

DH10-15

82.0

141.3

59.3

0.14

0.15

0.42

DH10-15

200.0

226.0

26.0

0.17

0.16

0.46

DH10-16

39.0

60.0

21.0

0.27

0.16

0.55

DH10-16

124.0

184.6

60.6

0.35

0.22

0.75

* Intervals are core lengths; Au Equivalent in g/t calculated using US$950/oz gold, US$2.50/lb copper and the formula: ((%Cu x 22 x Price Cu/lb) + (g/t Au x 0.032151 x Price Au/oz)/(Price Au/oz x 0.032151)). Metallurgical recoveries and net smelter returns are not considered.

These four holes were drilled to define the possible geometry of the mineralized zone in the area around hole DH10-09 which assayed 90.8 m grading 0.58g/t Au and 0.39% Cu, including 30.4 m grading 1.01g/t Au and 0.72% Cu. All four holes intersected mineralization. Hole DH10-14 yielded 115.9 m grading 0.287g/t Au and 0.32% Cu. This hole was lost in mineralization at 226 m; the last 2.0 m graded 0.6g/t Au and 0.28% Cu. Additional step-out holes are planned to further test the zone.

Spellbound Area

Reconnaissance drilling of eight (of 11) holes (totaling 2,182 m) which reached their targets in the Spellbound Area, targeting coincident copper and molybdenum soil anomalies, resulted in the discovery of gold-copper mineralization over a large area located to the east of the Deerhorn Zone and to the north of the Southeast Zone. Three assay intervals greater than 0.24g/t gold equivalent are reported in the table below:

Hole ID

From (m)

To (m)

Int. (m)*

Au g/t

Cu %

Au Eq. g/t*

SB10-04

51.0

55.0

4.0

0.08

0.12

0.30

SB10-09

28.0

36.0

8.0

0.18

0.16

0.47

SB10-09

110.0

119.0

9.0

0.03

0.17

0.33

SB10-10

5.3

13.0

7.7

0.28

0.34

0.89

SB10-10

17.0

23.0

6.0

0.07

0.09

0.24

SB10-10

35.0

68.2

33.2

0.10

0.15

0.37

SB10-10

257.0

272.0

15.0

1.01

0.004

1.02

* Intervals are core lengths; Au Equivalent in g/t calculated using US$950/oz gold, US$2.50/lb copper and the formula: ((%Cu x 22 x Price Cu/lb) + (g/t Au x 0.032151 x Price Au/oz)/(Price Au/oz x 0.032151)). Metallurgical recoveries and net smelter returns are not considered.

The best results from the Spellbound Area are from drill hole SB10-10, located in the southern part of the Woodjam North Property, approximately 1.5 km north of the Southeast Zone on the Woodjam South Property. Intersections included 33.2 m grading 0.103g/t Au and 0.148% Cu, and 15.0 m grading 1.014g/t Au and 0.006% Cu. These intersections occur within broader zones of mineralized Takomkane quartz monzonite containing fine disseminated chalcopyrite and rare molybdenite and bornite in quartz veinlets. The zone remains prospective with a strong affinity to the style of mineralization encountered in the Southeast Zone. Additional induced polarization, ground magnetic and soil sampling surveys are in progress; follow-up drilling is planned.

Fjordland President Tom Schroeter said, “These new drill results from the Deerhorn Zone and the discovery of mineralization in the Spellbound Area on the Woodjam North Property provide a great platform for follow-up drilling in our Phase Two drilling program (5,000 m planned) which has started on the Takom Zone, and will be followed by drilling on the Deerhorn Zone, the Spellbound Area and initial holes on the Corner Lake Area, north of the Deerhorn Zone.”

G. L. Garratt, P.Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release. 

Glen Garratt, P.Geo, Director.

Cariboo Rose Resources Ltd.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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