VANCOUVER, Aug. 14 /CNW/ - Copper Ridge Explorations Inc. ("Copper Ridge"
or the "Company") announces that it has reached an agreement whereby
Prospector Consolidated Resources Inc. ("Prospector") will have the right to
earn a 100% interest in its Kalzas tungsten property. The Company's 100% owned
Kalzas property is located 70 km southeast of Mayo, Yukon.
Kalzas is a porphyry style tungsten deposit that contains tabular, high
grade zones in the central part of a larger, low grade deposit. Union Carbide,
sampling rock talus and felsenmeer over the deposit in the 1970's, defined an
area 1500 m long and 300 to 900 m wide with tungsten values in excess of
0.1%WO(3). Two deep Union Carbide drill holes confirmed the continuity of this
mineralization to 300 m depth. Kalzas has the potential to be one of the
largest tungsten deposits in the world. See www.copper-ridge.com for a more
detailed project description.
Prospector plans a program of surface sampling during the current field
season in preparation for a major drill test of Kalzas in 2008.
Under the terms of the agreement, Prospector will have the right to earn
a 100% interest in the property by paying $25,000 on signing the agreement,
issuing 6,000,000 shares of Prospector to the Company in stages up to
January 1, 2014, or the commencement of commercial production from the
property, whichever comes first. The initial 500,000 shares will be due upon
regulatory approval of the agreement. Prospector must complete $4,080,000 in
exploration expenditures on the property by December 31, 2010, and will also
be required to issue 2,000,000 share purchase warrants to the Company,
1,000,000 of which will be issued upon regulatory approval and will be priced
at $0.25 in year one and $0.50 in year two, and 1,000,000 of which will be
issued on or before December 31, 2010, with a two year life and price to be
determined at the time of issue. Copper Ridge will retain the right to
purchase half of the underlying 2% NSR royalty from the property vendors. The
agreement is subject to regulatory approval.
J. Greg Dawson, P.Geo., Vice President of Exploration for Copper Ridge,
is the Qualified Person for the Yukon Olympic 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 and 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. Copper Ridge 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 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,