Vancouver, BC, November 18, 2009 - Cariboo Rose Resources Ltd. (TSX-V: CRB) and Fjordland Exploration Inc. (TSX-V: FEX), Woodjam Joint Venture 40%/60% partners, are pleased to report that Gold Fields Horsefly Exploration Corporation (a member of the Gold Fields Limited group of companies (NYSE: GFI)) commenced drilling on October 10th on the Woodjam North gold-copper property, located 45 kilometres east of Williams Lake in central British Columbia.
To date, approximately 3,300 metres of drilling has been completed on the Takom Zone, following up a 2008 intersection grading 0.34% copper and 0.6 g/t gold over 72 metres, as well as a small portion of the much larger 3-kilometre wide induced polarization anomaly. The planned 6,000-metre diamond drilling program is designed to initially test the extent and depth potential of the existing Takom and Deerhorn gold-copper occurrences. Additional drilling will be designed to test IP, magnetic and geochemical anomalies identified from new data generated from the 2009 surveys.
As of mid-November, Gold Fields has completed the following additional exploration:
- Geological mapping over all areas covered by soil and induced polarization (IP) surveys;
- Approximately 85 line-kilometres of line-cutting and an induced polarization survey, at 100 metre line-spacing, over the Corner Lake grid, which extends northwards from the Megabuck and Deerhorn Zones;
- Approximately 90% of a planned 5,000 line-kilometre airborne magnetic-radiometric survey, on lines spaced 100 metres apart;
- 500 gravity stations on a nominal 250 metre spacing with local more detailed 100 metre nominal spacing over the Takom area;
- Soil sampling survey consisting of 4,250 samples collected over the Takom-Corner Lake grid;
Gold Fields has an option to earn up to a 70% interest in the property by spending $19 million in exploration over the next 7 years (see July 30, 2009 News Release for details). Gold Fields has budgeted approximately $3 million for the first-year work program of the option agreement on the 40,750-hectare property.
About Gold Fields Limited
Gold Fields is one of the world’s largest unhedged producers of gold with attributable production of 3.6 million ounces* per annum from nine operating mines in South Africa, Ghana, Australia and Peru. Gold Fields also has an extensive growth pipeline with both greenfields and near mine exploration projects at various stages of development. Gold Fields has total attributable Mineral Reserves of 81 million ounces and Mineral Resources of 271 million ounces.
*Based on the annualized run rate for the first quarter of F2010.
About Cariboo Rose Resources Limited
Cariboo Rose Resources Limited 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. Cariboo Rose Resources Ltd. (40%) and Fjordland Exploration Inc. (60%) comprise the Woodjam Joint Venture. Gold Fields Horsefly Exploration Corporation, a member of the Gold Fields Limited group of companies, may earn up to a 70% interest in the 40,750-hectare Woodjam North gold-copper property by spending $19 million on exploration over 7 years; a $3 million exploration program is currently in progress. The Woodjam Joint Venture also owns the Woodjam South property which adjoins the Woodjam North property. For more information please visit the Company’s website at www.cariboorose.com.
Glen Garratt, P.Geo.
VP Exploration, Director
Cariboo Rose Resources Ltd.
Contact:
Paul Way, Business Development Manager
Phone (604) 681-7913, Toll Free: 888-656-6611
Email: pway@eastfieldgroup.com
The TSX - Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.