VANCOUVER, Sept. 17 /CNW/ - Copper Ridge Explorations Inc. ("Copper
Ridge" or the "Company") announces that it has been notified by CVRD Inco
Limited ("CVRD Inco"), a wholly-owned subsidiary of CVRD, that it has
completed a ground geophysical program over the Company's Ironman iron oxide
copper-gold ("IOCG") project, located 160 km northeast of Dawson City, Yukon.
Over the past three years, Copper Ridge has completed geological, geophysical
and geochemical surveys to define a 1.5 by 2 km gravity anomaly with
coincident Induced Polarization ("IP") chargeability and resistivity
geophysical responses. CVRD Inco completed an additional 7 km of IP surveys to
confirm and extend the Copper Ridge results.
On the Ironman property, several copper +/- gold occurrences associated
with Proterozoic-aged iron-rich breccia bodies have been discovered peripheral
to the gravity anomaly (see Copper Ridge's web site - www.copper-ridge.com).
The gravity anomaly has been interpreted as being caused by rocks of high
density, possibly iron-rich breccia, in the near subsurface. Results from the
IP surveys suggest that the source of the gravity anomaly is also conductive,
perhaps caused by metallic mineralization. Along the main geophysical survey
line, the anomaly is approximately 1,500 m in length. In the immediate area of
the gravity anomaly, a layer of younger limestone covers the older rocks that
host the breccia mineralization.
Preliminary interpretation of the work by CVRD Inco confirmed presence of
the IP chargeability anomaly originally defined by Copper Ridge. CVRD Inco has
informed the Company that it has selected drill targets to test the coincident
anomalies but due to the lack of availability of suitable drill rigs, it was
unable to drill the Ironman property during the 2007 field season. This
drilling will therefore be deferred and will be added to the 2008 field
CVRD Inco has an option to acquire a 70% interest in the Ironman property
by assuming the cash property payments to the underlying owner and by
completing and funding a feasibility study on the property on or before the
sixth anniversary of the agreement. Minimum annual work programs of $250,000
in the first three years and $500,000 in the second three years of the option
term are required. When CVRD Inco has earned its 70% interest, Copper Ridge
will then have the option of either retaining a 30% participating interest by
paying its proportionate share of costs or reducing to a 20% interest with
CVRD Inco carrying all costs to production. The Company would then repay its
20% proportionate share of the capital costs from 70% of its share of revenue
from production. Mr. J. Greg Dawson, P.Geo., Vice President of Exploration for
Copper Ridge, is the Company's Qualified Person for the Ironman project.
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 venture
partners, Copper Ridge is exposing its shareholders to a greater chance for
discovery. The Company is well financed for the 2007 field program on its
Yukon and British Columbia properties.
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
For further information:
For further information: Copper Ridge Explorations Inc., Gerald G.
Carlson, President & CEO, Suite 500 - 625 Howe Street, Vancouver, B.C., V6C
2T6, Phone: (604) 688-0833, 1-888-278-2288, Fax: (604) 688-0835,