At its Annual General Meeting on Thursday October 19, 2006, the Wildrose Resources Ltd. Plan of Arrangement to create a new company, Cariboo Rose Resources Ltd., was approved by 99% of shareholders. Under the Plan of Arrangement, Wildrose will retain ownership of its interest in the Spanish Mountain gold project, near Likely, BC, and Cariboo Rose will receive $1,000,000 of exploration funding and the remainder of the Wildrose British Columbia and Yukon mineral projects. These include the Woodjam gold-copper project, near Horsefly, BC, the Carruthers Pass project in north-central BC, the Canadian Creek copper-gold-molybdenum project in the Yukon and the Cowtrail and Pat projects in the Cariboo district of central BC.
Wildrose will apply to the Supreme Court of British Columbia on October 24, 2006 for final court approval of the Arrangement. On receipt of that approval, application will be made to the TSX Venture Exchange to list Cariboo Rose. It is expected that the Effective Date will be set for early November. The Effective Date is the date on which all shareholders of record will be identified. Those shareholders will subsequently receive one share of Cariboo Rose for every share of Wildrose that they own, while still retaining their Wildrose shareholdings. Shareholders purchasing Wildrose shares after the Effective Date will not receive Cariboo Rose shares. There are currently 19,938,648 shares issued in Wildrose, and Cariboo Rose will have the equivalent number of shares issued. Exercise of share purchase warrants and stock options are expected to increase the number of Wildrose and Cariboo Rose shares to be issued.
Although late in the season, the Spanish Mountain gold project is still very active with two core drills testing the boundaries of the Main Zone and a reverse circulation (RC) drill testing targets further afield. A second RC rig will be added next week for a total of four drills active on the project. Analytical labs are severely backlogged (over fifty Spanish Mountain drill holes completed and awaiting assay) so the flow of drill results will continue well into the new year. This project is receiving serious attention from major companies and mining analysts.
The Woodjam Project, soon to be in Cariboo Rose, has also been very active and drilling will soon be reactivated. A backlog of drill assays also exists from the last phase of drilling completed three weeks ago. This gold-copper property will be the most advanced project in Cariboo Rose with 10,000 metres of drilling this year.
The management of Wildrose are very excited about the creation of Cariboo Rose Resources Ltd. and believe that Woodjam and the other excellent exploration projects will have renewed interest once they are not overshadowed by the activity of the Spanish Mountain project. The new arrangement will not only bring added benefit to the existing shareholders but will improve the ability of management to advance the projects.
G. L. Garratt, P.Geo.,
Wildrose Resources Ltd.
Contact: B&D Capital Partners Director and Vice President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain certain “Forward-Looking Statements” within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time with the TSX Venture Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.