News Release - Drilling Underway at Cariboo Rose Resource's Canadian Creek
Property - July 17, 2007
Drilling is now underway at the Cariboo Rose (TSX-V: CRB) Canadian Creek
Property with six holes to be drilled. Veraz Petroleum Ltd. (CNQ: VRAZ) will
fund the $400,000 program under an option that gives Veraz (formerly North
American Vanadium Inc.) the right to earn a 60% interest in the property.
The Canadian Creek copper-gold-molybdenum property is located in the Yukon,
approximately 300 km northwest of Whitehorse and 160 km south of Dawson
City. This property, which has the potential to host a porphyry style
copper-gold-molybdenum deposit or an intrusion related gold deposit, is
adjacent to Western Copper Corporation's (TSX: WRN) Casino deposit. The
targets to be tested in the current program are located 1,000 to 1,500
metres to the west of the Casino deposit which has measured and indicated
resources of 1.12 billion tonnes grading 0.24% copper, 0.21 g/t gold and
0.02% molybdenum, (E.D. Titley, Report Revised Resource Estimate, Casino
Property, Yukon Territory, for Lumina Copper Corp., Feb 27, 2004 filed on
SEDAR).
Previous drill highlights on the Canadian Creek Property in 1994 and 2000
returned encouraging porphyry gold mineralization in several holes. One hole
intersected 150 metres grading 0.49 g/t gold, including 47 metres grading
0.73 g/t gold while another hole intersected 26 metres grading 1.04 g/t
gold.
A program of surveying and geochemistry was completed in 2006 in preparation
for the current drill program. During this surveying, several pieces of
mineralized galena rich rubble were found, grading up to 4,919 g/t (143
oz/t) silver. Although this style of mineralization (precious metal vein) is
not the predominant target type it represents an additional potential of the
property.
G. L. Garratt, P.Geo. is the qualified person who has reviewed and takes
responsibility for this news release.
G.L. Garratt, P.Geo.
VP, Director
Contact: Paul Way, Business Development Manager or: B&D Capital Partners
(604) 681-7913 (604) 685-6465
Toll Free: 888-656-6611
pway@eastfieldgroup.com
Or visit the Company's website at: http://www.cariboorose.com/
About Cariboo Rose Resources Ltd.
Cariboo Rose Resources Ltd. is a Canadian public resource company that
trades on the TSX - Venture exchange under the symbol CRB and currently
operates five mineral exploration projects in Western Canada. It was spun
off of Wildrose Resources Ltd. (TSX-V: WRS) in 2006, to allow Wildrose to
focus on the Spanish Mountain Project. Cariboo Rose Resources is part of
The Eastfield Group. Since its inception in 1987, The Eastfield Group has
utilized a successful business strategy that amplifies its exposure by
securing third party exploration financing on the majority of its projects.
The other companies in The Eastfield Group are Eastfield Resources Ltd.
(TSX-V: ETF) and Wildrose Resources.
The TSX - Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. This news
release may contain certain "Forward-Looking Statements" within the meaning
of Section 21E of the United States Securities Exchange Act of 1934, as
amended. All statements, other than statements of historical fact, included
herein are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will prove to
be accurate, and actual results and future events could differ materially
from those anticipated in such statements. Important factors that could
cause actual results to differ materially from the Company's expectations
are disclosed in the Company's documents filed from time to time with the
TSX - Venture Exchange, the British Columbia Securities Commission and the
US Securities and Exchange Commission.
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