Vancouver, BC, March 19, 2009 - Cariboo Rose Resources Ltd. “Cariboo Rose” (TSX-V: CRB) wish to provide a general update and overview of plans for 2009. The company remains well-financed with no debt and a working capital position of approximately $750,000. The strategic objective for Cariboo Rose is to generate projects: a proven model for reducing risk and dilution to shareholders as option partners are responsible for funding the majority of projects at the earlier and higher risk phases.
The Woodjam copper-gold-molybdenum project is in south central British Columbia approximately 50 kilometres east of Williams Lake. The project is a joint venture between Fjordland Exploration Inc. (TSX-V: FEX) with a 60% interest and Cariboo Rose with a 40% interest. The land holdings are extensive and measure up to 40 kilometres east-west and 30 kilometres north-south encompassing approximately 48,000 hectares. Mineralization at Woodjam is associated with alkalic intrusions occurring within Quesnel Terrane rocks and spatially associated with the slightly younger Takomkane calc-alkaline batholith. This setting and age-date of mineralization of ?? 197 million years for the Southeast Zone are similar to that at the operating Highland Copper Mine, owned by Teck Cominco Ltd. (TSX: TCK.B).
Four zones of porphyry style mineralization have now been identified at Woodjam in the Megabuck, Takom, Deerhorn and Southeast Zones. The Southeast Zone and the Deerhorn Zone are recent discoveries made in 2007 and 2008 respectively. In 2007, the Southeast Zone was discovered beneath a deep accumulation of glacial till and lacustrine sediments with hole 07-79 intersecting 208 metres of copper-gold-molybdenum mineralization averaging 0.34% copper, 0.047 g/t gold and 0.014% molybdenum. In 2008 an additional fourteen diamond drill holes were completed in the Southeast Zone bringing the cumulate drilling (from and including 07-79) to 6,350 metres with higher grade intercepts averaging 0.42% copper, 0.095 g/t gold and 0.010% Molybdenum over an average width of 159 metres. The zone remains open in all directions and to depth with mineralization still averaging 0.17% copper, 0.031 g/t gold and 0.015% molybdenum at the bottom of the hole. The most significant intercept in 2008 included hole 08-84 with 1.01% copper, 0.44 g/t gold and 0.002% molybdenum over 201 metres. Four holes totaling 959 metres were drilled in 2008 outside the area of the Southeast Zone. Results of these holes included hole 08-87 with 0.34% copper and 0.60 g/t gold over 72 metres in the Takom Zone and hole 08-93 with 0.25% copper and 0.62 g/t gold over 51 metres in the newly-discovered Deerhorn Zone.
The Cowtrail property in the Cariboo Mining district, adjacent and to the north of the company’s Woodjam property and 25 kilometres southeast of the Mt. Polley mine is under option to Dajin Resources Corp. (TSX-V: DJI), who may earn a 65% interest in the property. Dajin will be continuing with the exploration and development of the Cowtrail property. Dajin in 2006 completed a geophysical survey, and in 2007, drilled six holes in selected IP chargeability anomalies located on the periphery of a magnetic intrusive body. One of the holes drilled in 2007 intersected 1.16 g/t gold over 18.3 metres, a new discovery, indicating that there is potential on the property for gold-rich porphyry style mineralization.
The Carruthers Pass copper-zinc-silver property is in north-central British Columbia, approximately 70 kilometres south of the Kemess gold-copper mine and 200 kilometres north of Smithers. It is under option to Hawthorne Gold Corp. (TSX-V: HGC), who may earn a 60% interest in the property. A block of massive sulphide with significant values in copper, zinc, silver and gold was discovered protruding from a talus apron on the property by Phelps Dodge Canada. Hawthorne Gold conducted a program at Carruthers Pass in the summer of 2008 to follow up on the source of this boulder with results still pending.
The Pat property in the Cariboo Mining district, adjacent to the company’s Woodjam property was recently optioned to Astorius Resources Ltd. (TSX-V: ASQ.P) by way of an assignment from Alder Resources Ltd. (TSX-V: ALR). A revised NI 43-101 report which recommended a drill program with a budget of $258,000 has been approved by the TSX Venture Exchange. The option agreement between Cariboo Rose and Astorius requires a minimum expenditure of $100,000 before September 30, 2009. The Pat property is in the Cariboo region of south-central British Columbia approximately 50 kilometres southeast of the operating Mount Polley mine, owned by Imperial Metals Corporation (TSX: III). The Pat claims cover a porphyry copper-gold target centred on a strong airborne magnetic anomaly similar in size and intensity to that at Mt. Polley and to a peripheral induced polarization anomaly defined by Cominco Limited in 1991.
The Canadian Creek copper-gold-molybdenum property in the Yukon, approximately 300 kilometres northwest of Whitehorse and 160 kilometres south of Dawson City. This property, which has the potential to host a porphyry style or an intrusion-related deposit, is located to the immediate west of and adjacent to Western Copper Corp.’s (TSX-WRN) Casino deposit. Previous drill highlights on the Canadian Creek property include 150 metres grading 0.49 g/t gold and 26 metres grading 1.04 g/t gold. Cariboo Rose owns a 100% interest in most of the Canadian Creek project and has, with various partners, spent in excess of $2,000,000 with $448,000 in 2007.
Bill Morton, P.Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.
Bill Morton, P.Geo., Director
Paul Way, Business Development Manager
Phone (604) 681-7913, Toll Free: 888-656-6611
About Cariboo Rose Resources Ltd.
Cariboo Rose Resources Ltd. is a Canadian public resource company that trades on the TSX - Venture exchange under the symbol CRB. Cariboo Rose has five gold, copper and molybdenum exploration projects in Western Canada. Cariboo Rose is part of the Eastfield Group. Since its inception in 1987, the Eastfield Group has utilized a successful business strategy that leverages exposure by securing third party exploration financing on the majority of its projects. Other affiliated companies in the group include Eastfield Resources Ltd. (TSX-V: ETF) and Lorraine Copper Corp. (TSX-V: LLC). For more information please visit the Company’s website at www.cariboorose.com.
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.