Vancouver, BC, September 23, 2009 – Cariboo Rose Resources Ltd (TSX-V: CRB) and Fjordland Exploration Inc. (TSX-V: FEX), Woodjam Joint Venture partners, are pleased to report on the progress of Gold Fields Horsefly Exploration Corporation’s (a member of the Gold Fields Limited group of companies (NYSE: GFI)) exploration program on the Woodjam North gold-copper project, located 45 kilometres east of Williams Lake in central British Columbia. Since signing the Option and Joint Venture Agreement granting an option to Gold Fields 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 launched a systematic exploration program, with a budget of about $3 million in the first year on the 40,750-hectare property.
To date, Gold Fields has completed regional mapping, rock, silt and soil geochemical sampling over selected areas, geological mapping and prospecting and a review of previous drill core from the Megabuck, Takom and Deerhorn zones.
Grid-based line cutting and a 75-line kilometre induced polarization (IP) geophysical survey have commenced, initially focusing on an area north of the Megabuck and Deerhorn zones. A 5,000-line kilometre low-level airborne magnetic and radiometric survey, covering both the Woodjam North property and the adjoining Woodjam Joint Venture’s Woodjam South property (not included in the Gold Fields Option), is scheduled to commence during the week of September 21, 2009.
A 6,000-metre diamond drilling program is planned to commence at Woodjam North in October. The initial drilling (4,000 metres) is designed to test the areal extent and depth potential of the existing Takom and Deerhorn gold-copper occurrences, with previous drill results including 0.40 g/t gold and 0.26% copper over 127.3 metres, and 0.62 g/t gold and 0.25% copper over 51 metres, respectively. Additional drilling will be designed to test IP, magnetic and geochemical anomalies identified from new data generated during the early parts of the program. Although no drilling is planned on the Megabuck zone this year, a 200-metre wide mineralized envelope containing gold and copper mineralization has previously been outlined.
With respect to the adjoining Woodjam Joint Venture’s Woodjam South property, which includes the newly discovered Southeast Zone copper-gold-molybdenum occurrence, where drilling of hole 08-84 in 2008 intercepted 201 metres grading 1.01% copper and 0.44 g/t gold, the companies look forward to receiving the results of the airborne magnetic surveys that will be flown as an extension of the survey by Gold Fields on Woodjam North. This data will be useful in developing additional target areas on the Woodjam South property.
The Woodjam Joint Venture has recently expanded its Woodjam South holdings to total 13,388 hectares. The Woodjam Joint Venture continues discussions with Third Parties interested in advancing the Woodjam South property.
About Gold Fields Limited
Gold Fields Limited is one of the world’s largest unhedged producers of gold with annual attributable production of approximately four million ounces of from nine operating mines in Peru, Ghana, Australia and South Africa. The company has attributable ore reserves of approximately 83 million ounces and mineral resources of approximately 251 million ounces. In addition the company has an extensive exploration portfolio with highly prospective projects in all of the major gold provinces of the world.
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. 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.