Cariboo Rose Resources Reviews Projects, Stakes New Ground
June 8, 2012
Vancouver, BC, June 8, 2012 – Cariboo Rose Resources Ltd. (TSX-V: CRB) (“Cariboo Rose”) is pleased to review its current projects and also announce the acquisition of a new project. Cariboo Rose has 28,516,577 shares issued and approximately $930,000 in cash.
In 2011 Cariboo Rose and then joint venture partner Fjordland Exploration Inc. (TSX-V: FEX) contributed their respective interests in the Woodjam project to Consolidated Woodjam Copper Corp. (TSX-V: WCC) through a plan of arrangement. Shareholders in Cariboo Rose received shares in Consolidated Woodjam Copper. Cariboo Rose continued “post-plan of arrangement” with four mineral projects located in British Columbia and the Yukon Territory. Cariboo Rose has recently acquired by staking 100% of a fifth project, called Monte Christo, also located in British Columbia and has commenced an exploration program.
The Monte Christo project is in the Cariboo region of south-central British Columbia near the community of Horsefly and covers 3,001 hectares. Two styles of mineralization occur on the claims: copper-mineralized intrusive rubble and a pyritic argillite/shale outcrop which the company interprets to be similar in character to the host rocks gold mineralization at Spanish Mountain, owned by Spanish Mountain Gold Ltd. (TSX-V: SPA). Records indicate that E & B Explorations Inc. (now Imperial Metals Corporation) outlined a broad gold and arsenic soil anomaly in this area in 1984. Cariboo Rose was itself created out of a plan of arrangement with Wildrose Resources Ltd. which is now part of Spanish Mountain Gold, and its management is familiar with the style of mineralization at the Spanish Mountain deposit located 35 kilometres to the northwest.
A review of Cariboo Rose’s other projects is as follows:
The 100% owned Pat Project and the 35% owned Cowtrail Project, 65% of which is owned by Dajin Resources Corp. (TSX-V: DJI), cover porphyry copper-gold targets; these claims are contiguous with the Woodjam Project (51% owned by Gold Fields Ltd. and 49% by Consolidated Woodjam Copper) in the Cariboo region of south-central British Columbia. Gold Fields and Consolidated Woodjam Copper have recently reported an initial resource estimate of 146.5 million tonnes at 0.33% copper for 1.06 billion pounds of copper on the Woodjam South property.
The Canadian Creek Project is under option to Castillian Resources Corp. (TSX-V: CT) which has the option to earn a 60% interest. The project which covers an area of 6,180 hectares is contiguous with Kaminak Gold Corp.’s (TSX-V: KAM) Coffee project to the north and Western Copper and Gold Corp.’s (TSX: WRN) Casino Project to the east. A comprehensive program costing approximately $1.5 million was completed in 2011 and a number of drill targets defined.
The Carruthers Pass Project is under option to La Quinta Resources Corp. (TSX-V: LAQ) and is located in northern British Columbia 70 kilometres south of the Kemess gold-copper mine. The project was acquired by Cariboo Rose from the Phelps Dodge Corporation of Canada (now Freeport McMoran Exploration) in 2003. The agreement provided an option to earn a 100% interest in the project which was satisfied in May of 2012 (subject to a 2% NSR). In 2011 La Quinta completed drilling which included two holes into a slab of massive sulphide. The massive sulphide intercepts, 2.5 and 3.3 metres respectively, returned weighted average values of 6.2% copper, 5.9% zinc 2.37 g/t gold and 192.0 g/t silver.
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: firstname.lastname@example.org
About Cariboo Rose Resources Limited Cariboo Rose Resources is a prospect generating mineral exploration company with five gold, copper and molybdenum exploration projects in British Columbia and the Yukon. Properties include the 100% owned Monte Christo gold-copper project in the Cariboo Region of south-central British Columbia; 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-copper property which is a 35%/65% joint venture with Dajin Resources Corp. (TSX-V: DJI) located in the Cariboo region of south-central British Columbia; the Carruthers Pass copper-zinc-silver property in northern 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.
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