VANCOUVER, Jan. 25 /CNW/ - Copper Ridge Explorations Inc. ("Copper Ridge"
or the "Company") announces that it has agreed to terms whereby it may acquire
a 100% interest in the Clear Lake zinc-lead-silver deposit, located 70 km east
of Pelly Crossing and 225 km north of Whitehorse, Yukon. Terms of the
acquisition include payments of $160,000 and the issuance of 500,000 shares
over 5 years, plus a payment of $10,000 and 250,000 shares if an interest in
the property is farmed out or sold to a third party. The vendor will retain a
2% Net Smelter Royalty, 3/4 of which can be purchased for $1.5 million.
Historical Resource Estimate
Clear Lake was first explored in 1965. Drill programs in the late 1970's
and the early 1990's have included a total of 18,219 m in 71 drill holes. The
Yukon Geological Survey Minfile database reports a "geological reserve" of
5,570,114 tonnes with an average grade of 11.4% zinc, 2% lead and 38.01 gpt
silver. This resource is quoted here for historical information and it is not
being treated as a current reserve or resource by the Company. The term
"geological reserve" is not compliant with current accepted reserve and
resource classifications as set forth by the Canadian Institute of Mining and
Metallurgy Definition Standards. The reader is cautioned that it does not
conform to National Instrument 43-101 requirements for reporting reserves and
resources. It has not been verified by the issuer's qualified person and
should not be relied upon.
Clear Lake is a barite associated, shale hosted sedimentary exhalative
massive sulphide deposit that occurs in Devonian-aged Earn Group sediments
within the Selwyn Basin. The pyritic massive sulphide body is sigmoidal in
shape, approximately 1,000 m in length and up to 120 m wide. Zinc-lead rich
lenses are 5 to 30 m thick, 450 m in length and extend at least 300 m down
dip. The Company believes there is excellent potential for the discovery of
additional zinc-lead-silver mineralization.
The Company plans to acquire and compile as much of the historic property
information as possible prior to planning ongoing exploration that will lead
to the estimation of a National Instrument 43-101 compliant mineral resource.
Mr. J. Greg Dawson, P.Geo., Vice President of Exploration for Copper Ridge, is
the Qualified Person and is responsible for the technical content of this news
release. The agreement is subject to regulatory approval.
Copper Ridge's exploration philosophy focuses on maximizing the potential
for success in a high-risk business. With grass roots mineral exploration,
where the entry cost is low but the potential reward can be very high, success
will be contingent on exploration skill and on carefully managed risk. Our
management team brings tenacity, technical skill and experience, all crucial
ingredients for discovery. By exploring a broad array of projects, focusing on
the right commodities, in areas of high mineral potential, in mining-friendly
jurisdictions and by sharing the risks on some projects with joint venturers,
Copper Ridge is exposing its shareholders to a greater chance for discovery.
The Company is anticipating an active field program on its Yukon and British
Columbia properties in 2008.
TSX Venture Exchange - KRX Pink Sheets - CRXOF Berlin - 502845
This release was prepared by management of the Company who takes full
responsibility for its contents. The TSX Venture Exchange has not
reviewed and does not accept responsibility for the adequacy or accuracy
of this news release.
For further information:
For further information: Gerald G. Carlson, President & CEO, Copper
Ridge Explorations Inc., Suite 500 - 625 Howe Street, Vancouver, B.C., V6C
2T6, Phone: (604) 688-0833, 1-888-278-2288, Fax: (604) 688-0835,