Deerhorn Zone: 89.5 m of, 1.16 g/t gold, 0.26% copper
Takom Zone: 101.0 m of, 0.58 g/t gold, 0.43% copper
Vancouver, BC, January 12, 2010 – Cariboo Rose Resources Ltd. (TSX-V: CRB) and Fjordland Exploration Inc. (TSX-V: FEX), the Woodjam Joint Venture (“WJV”) 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)) has forwarded the results of drilling completed between October and mid-December, 2009 on the Woodjam North gold-copper property, located 45 kilometres east of Williams Lake in central British Columbia. The drill program will continue in early February, 2010.
Gold Fields tested two areas, completing 11 core holes for 3,589.6 m in the Takom Zone and 3 core holes for 993.6 m in the Deerhorn Zone for a total of 4,583.3 m. Both these areas tested and stepped out from mineralization previously outlined by the WJV on the Woodjam North property and lie several kilometers south and east respectively, from the previously drilled Megabuck Zone. The Southeast Zone discovery lies on the Woodjam South property several kilometers east of the Takom Zone and is not included in the Gold Fields option. Previously reported drill holes completed in 2008 by the WJV in these areas includes: hole WJ08-87 in the Takom Zone which returned 0.60 g/t Au and 0.34 % Cu over 71.8 m and hole WJ08-93 in the Deerhorn Zone which returned 0.50 g/t Au and 0.22 % Cu over 69.0 m.
Highlights of the assay results received include the following intervals over core lengths: 0.58 g/t Au and 0.43% Cu over 101.0 m (from 114.0 m in hole TK09-001 at Takom); and 1.16 g/t Au and 0.26% Cu over 89.50 m (from 165.0 m in hole DH09-003 at Deerhorn).
Most of the drill holes intersected copper-gold mineralization indicating that further drilling will be required to define the mineralized zones. Drill hole locations may be viewed on the website: www.cariboorose.com. A summary of significant drill intercepts follows:
Au Eq g/t *
Au Eq g/t *
*(intervals are core lengths; DH = Deerhorn Zone; TK = Takom Zone; NSR = no significant results; eoh = end of hole; Au Equivalent (Au Eq) was calculated using US$950/oz gold, US$2.50/lb copper. The calculation to derive Au Eq = ((%Cu x 22 x price Cu/lb) / (price Au/oz x 0.03215)) + Au g/t)
Cariboo Rose and Fjordland management are excited about the new drilling results that continue to show the substantial discovery and grade potential of the Woodjam North property.
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 budgeted approximately $3 million for the first-year work program including drill testing, IP geophysical surveying, soil geochemistry and high resolution airborne geophysical surveying on the 40,750-hectare property. This program will resume in February and will comprise further drill testing of the Takom and Deerhorn Zones as well as other target areas.
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. Gold Fields, as operator of the exploration program has quality assurance-quality control procedures in place.
Glen Garratt, P.Geo.
VP Exploration, Director
Cariboo Rose Resources Ltd.
Paul Way, Business Development Manager
Phone: (604) 681-7913, Toll Free: 888-656-6611; email: email@example.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 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 13,807 hectare Woodjam South property which adjoins the Woodjam North property. 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.