Vancouver, BC, July 9, 2009 - Cariboo Rose Resources Ltd. (TSX-V: CRB) has been informed that Hawthorne Gold Corp. (TSX-V: HGC) has terminated its option of the Carruthers Pass property in north-central BC. Hawthorne has forwarded a report outlining the results of their 2008 exploration program. The report details sampling carried out on cliffs above a high-grade boulder protruding from a talus apron. Two significant new bedrock massive sulphide occurrences were located and sampled. Other mineralized zones were also located but massive sulphides were not observed. Previous sampling of the large massive sulphide boulder returned significant values in copper, zinc, silver and gold. Grab samples by Phelps Dodge in 2001 from this exposure returned the following:
Sampling undertaken during the 2008 program (104 samples in total) returned several anomalous results with the following table representing selective grab samples from the more significant copper rich showings.
The prospecting/sampling program identified at least two mineralized or sulphide-bearing altered horizons which vary between two to four metres thick and can be traced across the outcrop exposures for at least 100 metres. Within these horizons, pods of massive sulphides occur and which are represented by the samples above. It is strongly suspected that these are the source of the boulder occurrence.
An airborne geophysical survey over the property was completed in 2004. A total of 295 line kilometres were flown utilizing a DIGHEM multi-coil, multi-frequency electromagnetic system supplemented with a high sensitivity magnetometer. The geophysical contractor, Fugro Airborne Surveys of Toronto, reports that “the surveyed property contains several anomalous features, many of which are considered to be of moderate to high priority as exploration targets”. The Fugro report itemizes fourteen target areas that contain discrete electromagnetic anomalies attributable to bedrock sources. These targets have had little follow-up exploration.
The Carruthers Pass property consists of 130 mineral claim units covering 3,250 hectares located approximately 70 kilometres south of the Kemess gold-copper mine and 200 kilometres north of Smithers. Under the terms of a 2003 agreement with Phelps Dodge, Cariboo Rose may earn a 100% interest in the Carruthers Pass Property by completing $750,000 ($187,000 remaining) in exploration and issuing shares valued at $120,000 (cash or shares, $40,000 remaining) before the sixth anniversary of the agreement (May 31, 2012). Phelps Dodge retains a back-in privilege to earn a 60% interest by incurring exploration expenditures that are the greater of 200% of prior expenditures or $1,500,000 (with the back-in election to be made before the expiry of the 90 day period following the earlier of May 31, 2011 or the completion of 2,500 metres of drilling [1,100 remaining]). Phelps Dodge may earn an additional 10% interest by completing a feasibility study within three years of earning its back-in interest. Should Phelps Dodge elect not to exercise its back-in privilege it will be entitled to a 2 1/2% net smelter return royalty that may be reduced to 1% by payment of $1,500,000.
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.
G. L. Garratt, 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 six gold, copper and molybdenum exploration projects in Western Canada. The company’s Woodjam North property in the Cariboo region of BC is under option to the Gold Fields Limited group of companies (NYSE: GFI) and the company’s Canadian Creek Project, in the White Gold District of the Yukon is under option to Alder Resources (TSX-V: ALR). 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.