Vancouver, BC, December 1, 2011 - Cariboo Rose Resources Ltd. (TSX-V: CRB) (“Cariboo Rose”) has successfully spun out its interest in the Woodjam copper-gold project. Shareholders of record will receive approximately 0.70 of a share of Consolidated Woodjam Copper Corp. (TSX-V: WCC). It is management’s intent to continue the same process of wealth creation by identifying and incubating projects until they have reached the point where project ownership can be consolidated with a share distribution to shareholders.
A summary of the four projects remaining in Cariboo Rose following the successful spin out of the Woodjam property interest into Consolidated Woodjam Copper is as follows:
Canadian Creek: The Canadian Creek property consisting of 245 claims covering 6,180 hectares is located in the southern Yukon Territory contiguous on the east with the Western Copper and Gold Corp. (TSX: WRN) owned Casino project and on the north with the Kaminak Gold Corporation (TSX-V: KAM) owned Coffee project. Canadian Creek is subject to an option agreement with Castillian Resources Corp. (TSX-V: CT) that allows Castillian to earn a 60% interest in the property by making $250,000 in payments, issuing 250,000 shares and completing $2,500,000 in exploration by June 2013. In 2011 Castillian pursued an aggressive program of surface geochemical and geophysical surveys and trenching. More than five thousand soil samples were taken in 2011 along with extensive induced polarization and total field magnetic surveys and surface trenching (yet to be compiled and disclosed). Castillian has informally advised Cariboo Rose that it is close to earn-in and that in early 2012 the current option agreement will be superseded with a joint venture agreement. A significant drill program is planned for 2012.
Cowtrail: The Cowtrail project is contiguous with the Woodjam North property (vicinity of Horsefly, BC) owned by Consolidated Woodjam Copper and under option to Goldfields Canada Exploration. Cowtrail is under option to Dajin Resources Corporation (TSX-V: DJI) who must make $110,000 in payments and complete $1,000,000 in exploration by December 31, 2011 to earn a 65% interest. In 2008 Dajin completed several diamond drill holes with one returning and intercept of 18.3 metres grading 1.16 g/t gold. Late in 2011 Dajin completed a new drill program at Cowtrail with results pending.
Pat: The Pat project, covering 1,330 hectares, is also contiguous with the Woodjam North property (vicinity of Horsefly, BC) and is owned 100% by Cariboo Rose. The claims cover a very strong airborne geophysical anomaly. Two drill programs completed by previous partners have so far been unsuccessful although the prospective Quesnellia rocks were encountered in the more northerly drill holes. A very strong induced polarization anomaly located on the eastern side of the claims by Cominco Ltd. in the early 1990s has only been partially drill tested.
Carruthers Pass: The Carruthers Pass project is a massive sulphide (copper, zinc, silver and gold) project located in northern BC. Cariboo Rose can earn (and is close to completing) a 100% interest in Carruthers Pass from Freeport McMoran Copper & Gold Inc. In April 2011, Cariboo Rose optioned a 90% interest in this project to La Quinta Resources Corporation (TSX-V: LAQ). To complete the option La Quinta must pay Cariboo Rose $470,000 in cash, issue 2,000,000 shares and complete $2,000,000 in exploration. Recent results at Carruthers Pass include two drill intercepts in a detached block of massive sulphide mineralization. The two intercepts, 3.05 and 2.50 metres respectively, returned an average grade of 6.24% copper, 5.87% zinc, 2.37 g/t gold and 192.0 g/t silver.
Cariboo Rose remains well financed with under 29 million shares outstanding and is actively searching for new projects to advance.
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.
J.W. (Bill) Morton, P.Geo.
President and CEO
Cariboo Rose Resources Ltd.
Contact:
Paul Way, Business Development Manager
Phone: (604) 681-7913, Toll Free: 888-656-6611; email: pway@eastfieldgroup.com
About Cariboo Rose Resources Limited
Cariboo Rose Resources is a prospect generating mineral exploration company with four gold, copper and molybdenum exploration projects in British Columbia and the Yukon. Properties include the Canadian Creek copper-gold property located in the White Gold District of the Yukon optioned to Castillian Resources Corp. (TSX-V: CT); the Cowtrail gold property optioned to Dajin Resources Corp. (TSX-V: DJI) located in the Cariboo region of south-central British Columbia; the Carruthers Pass copper-zinc-silver property in north-central British Columbia optioned to La Quinta Resources Corporation (TSX-V: LAQ); and the Pat gold-copper property in the Cariboo region of south-central British Columbia. 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.