Vancouver, BC, November 22, 2010 - Cariboo Rose Resources Ltd. (TSX-V: CRB) and Fjordland Exploration Inc. (TSX-V: FEX), 40%-60% partners in the Woodjam Joint Venture (“WJV”), report that Gold Fields Limited’s (NYSE: GFI) exploration company, Gold Fields Horsefly Exploration Corporation (“Gold Fields”), has forwarded additional drilling results from the 2010 drilling program on the Woodjam North gold-copper property, located 45 km east of Williams Lake in south-central British Columbia.
The highest gold-copper grades were intersected in drill hole DH10-21 that graded 1.14g/t Au and 0.29% Cu (1.65g/t Au Equivalent) over 156.6 m, including a higher-grade intercept of 64.0 m grading 1.92g/t Au and 0.39% Cu (2.62g/t Au Equivalent). In total, six drill holes comprising 1,455.4 m were completed in September and October, 2010 on the Deerhorn Zone, as part of a much larger Phase Two (5,127.3 m in 21 holes) drilling program at Woodjam North. A drill location map may be viewed at http://www.cariboorose.com/i/maps/WJN-DH-Drilling.pdf.
Deerhorn Zone: Significant Drill Results
|Hole ID||From (m)||To (m)||Int. (m)||Au g/t||Cu%||Au Eq g/t*|
*Au Equivalent in g/t calculated using US$950/oz gold, US$2.50/lb copper and the formula: ((g/t Au + (%Cu x 22 x Price Cu/lb))/ (Price Au/oz x 0.032151)). Metallurgical recoveries and net smelter returns are not considered.
Hole DH10-21 was one of three step out holes designed to test a mineralized zone, previously encountered in hole DH09-03 (89.5 m grading 1.16g/t Au and 0.26% Cu, including 26 m grading 3.25g/t Au and 0.60% Cu, reported in a News Release dated January 12, 2010). Hole DH10-21 was collared approximately 90 m south of hole DH09-03. Gold Fields plans to resume drilling later in November to continue defining this zone of mineralization. Drilling is expected to continue until the Christmas break in mid-December.
Holes DH10-20 and DH10-22, one on each side of hole DH10-21, were also collared to the south of hole DH09-03. Hole DH10-20 was lost in a fault zone prior to hitting its target; it returned an intersection of 10.4 m grading 0.17g/t Au and 0.15% Cu. Hole DH10-22 also failed to penetrate through the fault zone and the target was not reached.
Elsewhere on the Deerhorn Zone, holes DH10-17 and DH10-18 were drilled to test the northeast and southwest strike extensions of a northern zone of gold-copper mineralization. Both holes, located approximately 625 m apart, encountered narrow intervals containing minor gold and copper. Hole DH10-19 was drilled approximately 275 m northwest of hole DH10-09, along the northern extension of the northwest-southeast trending induced polarization anomaly which measures approximately 1100 m by 850 m. No significant mineralization was encountered.
During the first phase of drilling at Deerhorn in 2010 (13 holes totaling 3,921 m) several significant assay intervals were reported in previous News Releases (dated May 18, 2010 and July 27, 2010). The highlight drill intersection (DH10-09) was a 90.8 m section grading 0.58g/t Au and 0.39% Cu, including a higher grade intercept of 30.4 m grading 1.10g/t Au and 0.72% Cu. To date, gold-copper mineralization has been traced by drilling along this northern zone over a strike length of approximately 700 m.
As of November 2010 on the Woodjam North property, Gold Fields has completed 13,560 m of drilling in 52 holes, testing the Deerhorn Zone (19 holes = 5,376.4 m), the Takom Zone (17 holes = 4,636.4 m), the Spellbound Area (11 holes = 2,181.7 m) and the Deerhorn-Corner Lake Area (5 holes = 1,365.5 m).
Gold Fields holds an option (dated July 29, 2009) to earn up to a 70% interest in the Woodjam North Property by spending $19 million in exploration over seven years. The option to earn an initial 51% interest requires Gold Fields to spend $7 million in exploration by July 29, 2012.
Core samples were analyzed by ALS Laboratory Group, a certified facility in North Vancouver, BC. Tom Schroeter, P.Eng./P.Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.
About Cariboo Rose Resources Limited
Cariboo Rose Resources Ltd. is a mineral exploration company with six gold, copper and molybdenum exploration projects in British Columbia and the Yukon. The Woodjam North and Woodjam South properties (totaling 56,150 ha) are part of the Woodjam Joint Venture between Cariboo Rose (40%) and Fjordland Exploration Inc. (60%); both properties are now under option to Gold Fields Horsefly Exploration Corporation. Additionally, Cariboo Rose has two other gold-copper exploration projects adjoining the Woodjam Properties, a gold exploration project in the White Gold District of the Yukon, and a copper exploration project south of BC’s Kemess mine. Cariboo Rose trades on the TSX Venture exchange under the symbol “CRB”. For more information please visit the Company’s website at www.cariboorose.com.
About Gold Fields Limited
Gold Fields is one of the world’s largest unhedged producers of gold with attributable production of 3.5 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 greenfield and near mine exploration projects at various stages of development. Gold Fields has total attributable Mineral Reserves of 78 million ounces and Mineral Resources of 281 million ounces. For more information visit the company’s website at www.goldfields.co.za.
Glen Garratt, P.Geo, Director.
Cariboo Rose Resources Ltd.
Paul Way, Business Development Manager
Phone: (604) 681-7913, Toll Free: 888-656-6611; email: email@example.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.