Gold Fields Commences 5,000 m Drilling Program on Southeast Zone at Woodjam South
July 29, 2010
Vancouver, BC July 29, 2010 – Cariboo Rose Resources Ltd. (TSX-V: CRB) and Fjordland Exploration Inc. (TSX-V: FEX), the Woodjam Joint Venture (“WJV”) 40%-60% partners, have announced that Gold Fields Limited’s (NYSE: GFI) exploration company, Gold Fields Horsefly Exploration Corporation (“Gold Fields”), has provided an update on its work on the Woodjam South Property. The commencement date for the agreement was July 2, 2010. Drilling commenced on July 6, 2010; part of a 5,000-m planned program.
Located in south-central British Columbia, 45 km east of Williams Lake, the 13,827-hectare Woodjam South Property contains the Southeast Zone copper-gold-molybdenum mineralization discovered by the WJV in 2007. To date the WJV has completed 18 diamond drill holes totaling 7,700 m in the Southeast Zone, all of which are mineralized from the overburden/bedrock interface to the bottom of the holes. One of these holes (WJ08-84) averaged 0.69% Cu, 0.27g/t Au and 0.006% Mo over 359.1 metres (m), including 1.01% Cu and 0.44g/t Au over 200.8 m. Less than one-quarter of the 2.0 km by 1.0 km wide induced polarization anomaly has been tested. In addition, an airborne magnetometer survey completed in 2009 identified several additional targets on the Woodjam South Property; these will be followed-up.
The planned drilling is in the immediate area of the previous drilling and will test for lateral and depth extensions of the copper-gold-molybdenum mineralization of the Southeast Zone. Elsewhere on the Woodjam South Property, a program of induced polarization and ground magnetic surveying will be completed over prospective target areas that were identified from the 2009 airborne magnetometer survey.
Fjordland President Tom Schroeter said, “After a year hiatus from drilling on the significant Southeast Zone discovery, due to depressed economic and market conditions during 2008-2009, we are very pleased to have a company with Gold Fields’ credentials mount the beginning of a major exploration drilling program to define a resource for the zone, as well as testing the rest of the Property which hosts several airborne magnetic anomalies. We believe that the size of the mineralized body will increase significantly as a result of this year’s drilling.”
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.
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 3.6 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 greenfield 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 three quarters of F2010.
Glen Garratt, P.Geo, Director.
Cariboo Rose Resources Ltd.
Contact:
Paul Way, Business Development Manager
Phone: (604) 681-7913, Toll Free: 888-656-6611; email: 