Cariboo Rose Resources Enters LOI to Grant Option on Carruthers Pass, BC
Vancouver, BC, April 27, 2011 - Cariboo Rose Resources Ltd. (TSX-V:
) (“Cariboo Rose”) is pleased to announce that it has entered into a Letter of Intent (LOI) to option the Carruthers Pass, B.C. massive sulfide project to La Quinta Resources Corporation (TSX-V:
) (“La Quinta”). Under the terms of the LOI, Cariboo Rose will grant a six year option to acquire 90% of the project to La Quinta in exchange for $2 million dollars on exploration, payments of $470,000 dollars and issuing 2 million shares of common stock to Cariboo Rose. La Quinta has also been granted the opportunity to acquire the remaining 10% interest from Cariboo Rose at fair market value. The project is subject to a 2.5% royalty, which may be reduced to 1% royalty by purchase from the underlier, Phelps Dodge Corporation of Canada Limited for $1.5 million. Due diligence on the project is estimated to require between 30 to 75 days, depending on access to the property.
The Carruthers Pass massive sulfide is a volcanogenic massive sulfide located 70 km south of the Kemess copper-gold mine in the Omineca Mining Division. The project consists of 8 claims with 130 units, covering approximately 3,250 hectares. The project, initially staked based on the presence of a large massive sulfide boulder, was bolstered by the discovery in 2008 of in-place massive sulfide mineralization in horizons.
Sampling undertaken during the 2008 program (104 samples in total) returned several anomalous results with the following table representing selective grab samples from the more significant copper rich showings.
Bill Morton, 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
J.W. (Bill) Morton, P.Geo.
President and CEO
Cariboo Rose Resources Ltd.
Paul Way, Business Development Manager
Phone: (604) 681-7913, Toll Free: 888-656-6611; email:
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.