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Copper Ridge'S Babine Project, B.C. New Copper-Gold Porphyry
Deposit Acquired
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Vancouver, BC, August 9, 2007 - Copper Ridge Explorations Inc. (the
"Company") announces that it has agreed to terms whereby it has the
right to acquire a 100% interest in the road accessible Dorothy
porphyry coppermolybdenum deposit, located 80 km northeast of Smithers,
British Columbia and adjoining the Company's recently acquired NAK
porphyry copper-gold deposit. The acquisition also includes the Lynn
porphyry occurrence, located 5 km northeast of NAK and the MAST
porphyry occurrence, 6 km south of Dorothy. The NAK, Dorothy and Lynn
claim groups, combined with additional claims staked by Copper Ridge,
are referred to as the Company's Babine Project. The claims total 6,083
hectares in size.
The Dorothy deposit was originally staked in 1969 and was subject to
surface exploration and a 29 hole drill program in the early 1970's.
Weighted average for the best 20 holes was 0.2 per cent copper and
0.019 per cent molybdenite. Subsequent to this work, additional surface
exploration has been carried out that suggests the Dorothy pluton,
which belongs to the well-mineralized Babine plutonic suite, is
significantly larger than was originally believed. Additional copper
mineralization has been discovered in new logging roads outside the
originally drilled area.
The Dorothy and NAK deposits occur in the Babine copper-gold porphyry
belt that includes the Bell and Granisle mines, the Morrison deposit
and numerous undeveloped prospects. The Bell and Granisle mines
together produced 130 million tonnes of ore grading 0.4% copper (Cu),
0.15 g/t gold (Au) and 0.75 g/t silver. Copper Ridge believes that the
Babine Project has excellent potential for discovery of both higher
grade and larger tonnage porphyry copper and gold mineralization in
this area of glacial till overburden cover and relatively little
surface outcrop exposure. The Company is in the process of compiling
historical exploration data and planning definition surveys that are
expected to include mapping, soil geochemistry and a property-wide,
reconnaissance scale Induced Polarization and magnetic geophysical
surveys.
The Company can earn a 100% interest in the Dorothy property by making
payments totaling $200,000 over 4 years, including $15,000 on signing
of the agreement and issuing 400,000 shares, 200,000 of which will be
due upon regulatory approval. The vendor is also entitled to additional
payments of $125,000 upon certain exploration milestones being reached.
These payments may be taken in shares of the Company at the vendor's
option. The vendor retains a 3% NSR royalty, two-thirds of which can be
purchased by the Company for $1 million. The agreement is subject to
regulatory approval.
J. Greg Dawson, P.Geo., VP Exploration for Copper Ridge, is the
Qualified Person for the Dorothy Property and has reviewed and approved
the content of this news release.
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.
Contact:
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
info@copper-ridge.com
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Copyright (c) 2007 COPPER RIDGE EXPLORATIONS INC. (KRX) All rights
reserved. For more information visit our website at
http://www.copper-ridge.com/ or send mailto:info@copper-ridge.com
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