VANCOUVER, June 28 /CNW/ - Copper Ridge Explorations Inc. ("Copper
Ridge") announces that it has reached agreement with Bonterra Resources Inc.
("Bonterra") whereby Bonterra will have the right to earn up to a 65% interest
in Copper Ridge's Willoughby Gold Property. An airborne geophysical survey is
planned for the property in 2007.
The Willoughby property is located 26 km east of Stewart, B.C. within a
well mineralized trend of the Hazelton Group volcanic rocks in the
Stewart-Iskut-Eskay Creek gold district. Highlights of historical drilling on
the property include:
- 11.7 m grading 39.8 gpt gold in hole 94-15 (gpt = grams
- 12.2 m grading 10.8 gpt gold, including 3.0 m grading 32.9 gpt gold in
- 2.9 m grading 398 gpt gold in hole 95-36
- 5.9 m grading 16.2 gpt gold in hole 95-51
- 13.0 m grading 13.3 gpt gold, including 3.0 m grading 31.1 gpt gold in
Other deposits of note within this trend include Red Mountain,
7 kilometres to the west of Willoughby, which has an inferred geologic
resource of 1.9 million tonnes of 9.8 g/t gold and 38.1 g/t silver (BC Minfile
103P 086, 1991) and Silbak Premier, 28 kilometres to the northwest of
Willoughby, which produced 62.2 million grams (1.99 million ounces) of gold
and 1,333 million grams (42.86 million ounces) of silver from 6.6 million
tonnes of ore (BC Minfile 104B 054, 1997).
Gold and silver mineralization at Willoughby occurs within andesitic
volcanics and hornblende feldspar porphyry intrusive rocks. Where mineralized,
the rocks have been subject to sericite-carbonate-chlorite-pyrite alteration.
To date, eight zones hosting gold and silver mineralization have been located
within a 500 m by 1500 m area. Mineralization, consisting of pyrite and
pyrrhotite along with minor sphalerite, galena and rare visible gold occurs in
veins, stockwork and as fracture fillings. In addition, pyrite and pyrrhotite
occur as semi-massive to massive lenses and pods. The Copper Ridge news
release of December 8, 2005 presents further details. Mr. J. Greg Dawson,
P.Geo., Vice President of Exploration for Copper Ridge, is the Qualified
Person for the Willoughby project.
Bonterra may earn an initial 51% interest in the property by paying
$25,000, issuing 550,000 shares and completing $1.5 million in exploration
work on the property over four years. Bonterra may then increase its interest
to 65% by issuing a further 300,000 shares and completing an additional
$1.5 million in exploration over the next two years. Bonterra will also be
responsible for payments to the underlying property vendor, who also holds a
4% net smelter returns royalty over the property, which can be bought down to
1% by the payment of $500,000. Bonterra is a private company that is applying
for a listing on the TSX Venture Exchange through an Initial Public Offering.
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 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 proposed 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,