Gold Fields Options Woodjam “North” Gold-Copper Project, BC
Vancouver, BC, June 3, 2009 – Cariboo Rose Resources Ltd. (TSX-V: CRB) is pleased to report that the Woodjam Joint Venture, comprising Fjordland Exploration Inc. (TSX-V: FEX) (60%) and Cariboo Rose (40%), has signed a Letter Agreement granting an option to Gold Fields Netherlands Services BV, a member of the Gold Fields Limited group of companies (NYSE: GFI), to earn up to a 70% interest in a portion of the Woodjam gold-copper property, referred to as Woodjam North. This Letter Agreement is subject to a due diligence period of 35 days.
Located in south-central British Columbia, 45 km east of the city of Williams Lake, the Woodjam North property includes the Megabuck, Takom and Deerhorn zones and a large tract of claims to the north, east and west of those targets (in total an area of 40,500 hectares). The option excludes the newly-discovered Southeast copper-gold-molybdenum zone, as well as claims to the south and southwest (in total an area of 7,500 hectares).
Gold Fields may earn an initial 51% interest by expending C$7.0 million in exploration, and making $350,000 in cash payments to the Joint Venture, over a three year period with a minimum expenditure of $1.0 million in the first year. Gold Fields may extend the option to earn a further 19% interest in the Woodjam North property by funding a further C$12.0 million in exploration over a 4-year period. Should Gold Fields elect not to extend the option, then the Woodjam Joint Venture (Fjordland/Cariboo Rose) will have the right to make an offer for Gold Fields’ 51% interest and if it is not accepted it then will have the right of first refusal on any offers to acquire Gold Fields’ vested 51% interest.
The Woodjam Joint Venture is very pleased to have Gold Fields as a partner in exploring the gold-rich porphyry systems at Woodjam and to benefit from its expertise in gold exploration. Fjordland President, Tom Schroeter stated, “This partnership with one of the world’s largest gold producers not only allows for aggressive advancement of the gold-dominant property, but also allows the Woodjam Joint Venture to independently explore and develop the very exciting Southeast Zone copper-gold-molybdenum discovery and pursue new target development on the ‘Woodjam South’ portion of the Property”.
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
G. L. Garratt, P.Geo., Director
The TSX – Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
