🕐09.02.12 - 17:27 Uhr
FJORDLAND AND CAPSTONE PLAN AGGRESSIVE EXPLORATION PROGRAM ON TAK COPPER-GOLD-MO
LYBDENUM PROJECT, CENTRAL BRITISH COLUMBIA
Fjordland Exploration Inc.
1111 Melville Street, Suite 1100
Vancouver, British Columbia
Canada V6E 3V6
www.fjordlandex.com
NEWS RELEASE
Fjordland and Capstone Plan Aggressive Exploration Program on Tak
Copper-Gold-Molybdenum Project, Central British Columbia
Vancouver, BC, February 9, 2012 - Fjordland Exploration Inc.
(TSX-V:
FEX) is pleased to report that
Capstone Mining Corp.
(TSX: CS) has
approved a budget and work program for the Phase 4, 2012 exploration program
for the Tak Project, part of the Tak-Milligan Property Option, located
approximately 50 kilometres east of Williams Lake.
Fjordland is very
encouraged by the results from the reconnaissance drilling program completed
at the Moffat Property (as reported in a news release dated January 17,
2012), as well as the results from other surveys completed during 2011 on
the other properties which comprise the Tak package.
The Tak portion of the project consists of 9 non-contiguous claim blocks
(Moffat, Moffat East, Tisdall, Canim, Howard Lake, LaHache, Hazel North,
Hazel South and HR), with a total area of 48,350 hectares.
To date, under
the option agreement, Capstone has funded exploration expenditures totaling
$827,087.09 in three phases of work on the Tak portion.
Phase 3 expenditures
completed during 2011 totaled $526,790.
Capstone has vested a 49% interest
and can earn a 60% interest by funding additional exploration in two phases
in the amount of $1,400,000.
Capstone may earn a total of 70% of the
Properties by spending a cumulative total of $6,000,000 on or before
December 31, 2016.
The objective of the next phase (Phase 4) of exploration will be to further
delineate areas of induced polarization (IP) chargeability and resistivity
anomalies on the Moffat Property, followed by additional drilling.
Additional IP and soil geochemical surveys will be completed on the Tisdall
Property and, contingent on results, drilling will follow.
Soil sampling
programs will be extended on the Howard Lake and LaHache properties.
IP
surveys will be conducted on the Canim, Hazel North and Hazel South
properties.
Work is expected to commence in April, with most of it completed
by July.
Tom Schroeter, President of Fjordland commented: "Fjordland is very pleased
with the preliminary positive results from the completed exploration
programs on the Tak-Milligan Project and, in particular, on the Tak portion,
located adjacent to the emerging Woodjam copper-gold-molybdenum Porphyry
Camp.
We have a lot of targets to test, as well as continuing with
systematic exploration programs on other untested areas of the large
tenement package.
About Fjordland Exploration Inc.
Fjordland Exploration is a mineral exploration company focused on the
discovery of gold, copper and molybdenum deposits in British Columbia.
Fjordland currently has a portfolio with 38 properties.
It has a 51%
interest in 7 properties known as "Tak" totaling 55,654 ha in the Woodjam
area of central BC.
Fjordland has a 51% interest in two properties known as
"Milligan" totaling 2,192 ha, adjoining Thompson Creek Metals Company Inc.s
(NYSE: TC and TSX:
TCM) Mt.
Milligan copper-gold
deposits on the west.
Capstone Mining Corp.
(TSX:
CS) owns a 49% interest in the combined
Tak-Milligan Project.
Fjordland and Serengeti Resources Inc.
(TSX-V:
SIR) are 37%/63% partners exploring
13 properties (QUEST Project) totaling 50,170 ha in the Quesnel Terrane
north of Woodjam for precious and base metals.
Six of the QUEST properties
(totaling 27,690 ha) have been optioned to Xstrata Copper; the QUEST JV owns
100% of the remaining 7 properties totaling 22,480 ha.
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.
Fjordland has an option to acquire a 100% interest in the Dillard and Dill
copper and gold properties, north of Princeton.
Fjordlands shares trade on
the TSX Venture Exchange under the symbol "FEX".
For further information
visit Fjordlands website at
www.fjordlandex.com.
T.G.
Schroeter, P.Eng./P.Geo., who is a qualified person within the context
of National Instrument 43-101, has read and takes responsibility for this
news release.
Tom Schroeter
President & CEO
Contact:
John Gomez,
Manager, Investor Relations
Tel.
604-893-8365
Neither TSX Venture Exchange nor its Regulation Services providers (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.