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2011 News

Drilling at Woodjam North (Deerhorn Zone) Intersects 160.3 m Grading 1.03g/t Gold and 0.25% Copper, Including 39.6 m Grading 2.07g/t Gold and 0.47% Copper

May 12, 2011

Vancouver, BC, May 12, 2011 - Fjordland Exploration Inc. (TSX-V: FEX) and Cariboo Rose Resources Ltd. (TSX-V: CRB), 60%-40% 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 drill results from an additional 4 holes of the 2011 drilling program on the Deerhorn Zone of the Woodjam North gold-copper property. The property is located 45 km east of Williams Lake in south-central British Columbia.

The focus of this phase of drilling has been on the southwest side of the Deerhorn geophysical anomaly. Holes previously defining the mineral trend are DH09-03, 10-04, 05, 20, 21, 23, 25 and DH11-26. The higher-grade shoot appears to plunge moderately to the southeast and has dimensions of approximately 300 m in strike, 100 m in width and 200 m in depth and remains open. This higher grade shoot is enclosed within a much larger, lower grade envelope containing quartz (locally sheeted) with magnetite, vein-hosted and disseminated chalcopyrite mineralization in potassic-altered zones of fine-grained Nicola volcaniclastic rocks with interfingering monzonitic dykes.

The Phase One 2011 drilling program commenced on February 10th and ended on April 4th; 9 holes totaling 2,050.71 m were completed. Assay results for the remaining 4 holes are pending. The program was designed to expand the mineralized zone intersected in previously reported holes DH10-21 (156.6 m grading 1.14g/t Au and 0.29% Cu, including 64 m grading 1.92g/t Au and 0.26% Cu) and DH11-26 (151.5 m grading 0.83g/t Au and 0.21% Cu, including 68.8 m grading 1.17g/t Au and 0.35% Cu). Drilling continues to return very good results.

Deerhorn Zone Drilling Highlights:




























































































Hole ID

From (m)

To (m)

Int. (m)

Au g/t

Cu%

Au Eq g/t**

DH11-27

162.90

167.40

4.4

0.11

1.10

2.10

 

233.0

251.2*

18.2

0.16

0.12

0.37

DH11-29

60.0

153.6*

93.6

0.52

0.17

0.83

including

105.2

125.6

20.4

1.05

0.30

1.58

DH11-30

65.0

225.3

160.3

1.03

0.25

1.47

including

102.0

225.3

123.3

1.30

0.28

1.82

including

107.0

159.0

52.0

1.73

0.40

2.45

including

112.0

151.6

39.6

2.07

0.47

2.91

including

181.9

219.0

37.0

1.38

0.26

1.83



** 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. * = End of Hole.


Hole DH11-27 was lost in a fault, just prior to reaching the target depth in the favourable Deerhorn latite tuff/ andesite sequence. Nonetheless, two mineralized intervals were encountered; the last 18.2 m assay interval ends at the bottom of the hole and the gold values appear to be increasing at the bottom.

Holes DH11-28 and 29 were terminated in a fault zone at 74.98 m and 153.60 m respectively, prior to reaching the target depth.

Hole DH11-30 intersected disseminated, fine-grained chalcopyrite with magnetite and hematite hosted by fine-grained volcaniclastic rocks and narrow monzonitic dykes between 65 and 225.3 m. This 160.3-m interval assayed 1.03g/t Au and 0.25% Cu, including a high grade interval over 39.6 m grading 2.07g/r Au and 0.47% Cu, plus additional significant intervals (see Table). Below 225.3 m was an unmineralized monzonite body; the hole was lost at 261.8 m.

In addition, a second mineralization trend in the Deerhorn Zone, to the north of the zone reported in this release and with approximate dimensions of 700 m in length and 100 m in width, was previously indicated by drilling in 2010. No further testing has yet taken place on this trend.

The drill rig was moved to the Southeast Zone on the Woodjam South Property, where two drill rigs are now grid-drilling in anticipation of a resource calculation at the end of the program later this fall. Results from the Southeast Zone drilling will be released when they are received from Gold Fields.
Core samples were analyzed by ALS Laboratory Group, a certified facility in North Vancouver, BC. Glen 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 annulized 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 77 million ounces and Mineral Resources of 225 million ounces. For more information visit the company’s website at www.goldfields.co.za.

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: pway@eastfieldgroup.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
View previous April 27, 2011 Cariboo Rose Resources Enters LOI to Grant Option on Carruthers Pass, BC
Return to the 2011 news release list.
View next May 18, 2011 Drilling at Woodjam North (Deerhorn Zone) Intersects 207.5 m Grading 1.00g/t Gold and 0.18% Copper, Including 90 m Grading 1.90g/t Gold and 0.29% Copper
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