🕐29.06.11 - 17:27 Uhr
FJORDLAND AND CARIBOO ROSE TO SPIN-OFF WOODJAM COPPER-GOLD-MOLYBDENUM PROJECT, BRITISH COLUMBIA
Fjordland Exploration Inc.
1111 Melville Street, Suite 1100
Vancouver, BC V6E 3V6
Tel: 604-893-8365
www.fjordlandex.com
NEWS RELEASE
Fjordland and Cariboo Rose to Spin-Off Woodjam Copper-Gold-Molybdenum
Project, British Columbia
Vancouver, BC, June 29, 2011 - Fjordland Exploration Inc.
(TSX-V:
FEX) ("Fjordland") and Cariboo Rose
Resources Ltd.
(TSX-V: CRB)
("Cariboo Rose"), 60%-40% partners in the Woodjam Joint Venture, are pleased
to announce that they have entered into a Letter of Intent to combine their
respective interests in the Woodjam North and South copper-gold-molybdenum
mineral properties (the "Properties"), and then spin-off their interest in
the Properties to shareholders.
The Woodjam Properties are located
approximately 45 kilometres east of Williams Lake in British Columbia.
The purpose of the spin-off transaction is to preserve the interests of
Fjordland and Cariboo Rose shareholders in the Woodjam properties by
transferring them to a stand-alone corporate entity focused on the
exploration and development of the Properties.
This transaction will also
facilitate the advancement and recognition of the other mineral exploration
projects held by Fjordland and Cariboo Rose.
"Combining Fjordlands and Cariboo Roses Woodjam interests into a single
company optimizes the projects development and retains shareholder value in
the Properties," states Tom Schroeter, President of Fjordland.
"Also, this
allows Fjordland to focus on its other exciting B.C.
projects, especially
our 100% owned Iron Range properties, and the Kimberley Gold Trend
properties where we plan to drill this summer."
Pursuant to a statutory plan of arrangement, the interests of Fjordland and
Cariboo Rose would be transferred into a newly incorporated company
("Newco").
Each company would receive shares of Newco (60% to Fjordland and
40% to Cariboo Rose) which would then be distributed to their respective
shareholders, and the shares will be listed for trading on the TSX Venture
Exchange.
The transaction will be subject to shareholder and regulatory
approvals.
Further details will be provided in a future news release when
specific event dates are determined.
Gold Fields Horsefly Exploration Corporation ("Gold Fields"), an exploration
company owned and controlled by Gold Fields Limited (NYSE:
GFI), is currently earning a 51%
interest in the Woodjam North Property by completing exploration
expenditures totaling C$7,000,000 during the option period (36 months), and
a 51% interest in the Woodjam South Property by completing exploration
expenditures totaling US$7,000,000 during the option period (42 months).
Gold Fields is expected to be in a position to vest its 51% interest in both
Properties by the end of 2011.
The planned budget estimates for the Woodjam
North and South Properties during 2011 are $1 million and $5 million,
respectively.
Gold Fields may earn an additional 19% interest (for a total of 70%) by
completing additional exploration expenditures of C$12,000,000 during the
option period (48 months) for Woodjam North, and at least US$8,000,000
during the option period (48 months) for Woodjam South.
In addition, under
the Woodjam South option agreement, Gold Fields is required to provide the
Woodjam Joint Venture with a Feasibility Study to earn its 70% interest.
Highlights of Fjordlands Other British Columbia Projects:
Iron Range
.
100% ownership in 8 properties (60,047 hectares) located in
southeast BC.
.
Base metal targets: Sediment-hosted, base metals/SEDEX deposits
similar to world-class Sullivan deposit (150 Mt at 2.0 opt silver, 5.49%
zinc, and 5.98% lead).
.
Gold targets: Structurally-controlled and intrusion related IOCG
deposits.
.
Properties cover same stratigraphic horizon and rock alteration as
Sullivan deposit, 70 km away.
.
Exploration planned this summer.
Kimberley Gold Trend
.
60% option in 7 properties (21,222 hectares) located in southeast
BC, near Iron Range properties.
.
Targeting similar gold and base metal deposits as Iron Range
properties.
.
Drilling planned this summer on 3 properties.
Tak-Milligan
.
100% interest in 7 properties (54,534 hectares) near Woodjam and
Mt.
Milligan gold-copper deposits.
.
Targeting copper-gold and molybdenum deposits.
.
Large IP anomaly identified in recently completed exploration.
.
Capstone Mining Corp has option to earn up to a 70% interest in
project by work expenditures of $6 million by end of 2016.
QUEST
.
38% partner with Serengeti Resources Inc.
.
10 copper-gold-molybdenum porphyry properties.
.
Large airborne and ground IP geophysical anomalies.
About Fjordland Exploration Inc.
Fjordland Exploration is a mineral exploration company focused on the
discovery of gold, copper and molybdenum deposits in British Columbia.
Of
the 28 properties Fjordland owns, the Woodjam North and Woodjam South
properties (totaling 56,150 ha) are part of the Woodjam Joint Venture
between Fjordland (60%) and Cariboo Rose Resources Ltd (40%); both
properties are under separate option agreements to Gold Fields Horsefly
Exploration Corporation.
Fjordland also has a 100% interest in 7 properties
known as "Tak" totaling 52,342 ha in the Woodjam area.
Fjordland has a 100%
interest in the 2,192 ha "Milligan" project, adjoining Thompson Creek Metals
Company Inc.s (NYSE: TC and TSX:
TCM) Mt.
Milligan copper-gold
deposits on the west.
The Tak-Milligan properties have been optioned to
Capstone Mining Corp.
(TSX: CS).
Fjordland and Serengeti Resources Inc.
(TSX-V:
SIR) are 38%/62% partners exploring
12 properties (QUEST Project) totaling 56,670 ha in the Quesnel terrane
north of Woodjam for precious and base metals.
Fjordland has a 100% interest
in 8 properties totaling 60,047 ha in the Iron Range area and has an option
agreement on 7 properties totaling 21,222 ha with Kootenay Gold Inc.
(TSX-V:
KTN) in southeastern BC.
Fjordlands
shares trade on the TSX Venture Exchange under the symbol "FEX".
For
more information visit Fjordlands website at
www.fjordlandex.com.
Tom Schroeter
President & CEO
Contact:
John Gomez, Investor Relations
Tel.
604-893-8365
Cautionary Statements: Completion of the transaction is subject to a number
of conditions, including regulatory approval, shareholder approvals and
approval of the British Columbia Supreme Court.
There can be no assurance
that the transaction will be completed as proposed or at all.
Investors are
cautioned that, except as disclosed in the Management Information Circular
to be prepared in connection with the transaction, any information released
or received with respect to the transaction may not be accurate or complete
and should not be relied upon.
Trading in the securities of exploration and
development stage resource companies should be considered highly
speculative.
Forward Looking Statements: This news release includes certain statements
that may be deemed "forward-looking statements".
All statements in this
release, other than statements of historical facts, including, without
limitation, statements regarding potential mineralization, the estimation of
mineral resources, the realization of mineral resource estimates,
interpretation of prior exploration and potential exploration results, the
timing and success of exploration activities generally, the timing and
results of future resource estimates, permitting time lines, metal prices
and currency exchange rates, availability of capital, government regulation
of exploration operations, environmental risks, reclamation, title, and
future plans and objectives of the companies are forward-looking statements
that involve various risks and uncertainties.
.
Although Fjordland and
Cariboo Rose believe the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results or developments may
differ materially from those in the forward-looking statements.
Forward-looking statements are based on a number of material factors and
assumptions.
Factors that could cause actual results to differ materially
from those in forward-looking statements include unsuccessful exploration
results, changes in project parameters as plans continue to be refined,
results of future resource estimates, future metal prices, availability of
capital and financing on acceptable terms, general economic, market or
business conditions, risks associated with operating in foreign
jurisdictions, uninsured risks, regulatory changes, defects in title,
availability of personnel, materials and equipment on a timely basis,
accidents or equipment breakdowns, delays in receiving government approvals,
unanticipated environmental impacts on operations and costs to remedy same,
and other exploration or other risks detailed herein and from time to time
in the filings made by the companies with securities regulators.
Readers are
cautioned that mineral resources that are not mineral reserves do not have
demonstrated economic viability.
Mineral exploration and development of
mines is an inherently risky business.
Accordingly the actual events may
differ materially from those projected in the forward-looking statements.
For more information on Fjordland and Cariboo Rose and the risks and
challenges of their businesses, investors should review their annual filings
that are available at www.sedar.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.
This news release does not constitute an offer to sell or a solicitation to
buy any of the securities in the United States.
The securities have not
been and will not be registered under the United States Securities Act of
1933, as amended ("the U.S.
Securities Act") or any state securities law and
may not be offered or sold in the United States or to U.S.
Persons unless
registered under the U.S.
Securities Act and applicable state securities
laws or an exemption from such registration is available.