Gold Fields Options Woodjam "North" Project
VANCOUVER - Cariboo Rose Resources Ltd. reported that the Woodjam Joint Venture, comprising Fjordland Exploration Inc. (60%) and Cariboo Rose (40%), has signed a Letter Agreement granting an option to Gold Fields Netherlands Services BV, a member of the Gold Fields Limited group of companies, to earn up to a 70% interest in a portion of the Woodjam gold-copper property, referred to as Woodjam North. This Letter Agreement is subject to a due diligence period of 35 days.
Located in south-central British Columbia, 45 km east of the city of Williams Lake, the Woodjam North property includes the Megabuck, Takom and Deerhorn zones and a large tract of claims to the north, east and west of those targets (in total an area of 40,500 hectares). The option excludes the newly discovered Southeast copper-gold-molybdenum zone, as well as claims to the south and southwest (in total an area of 7,500 hectares).
Gold Fields may earn an initial 51% interest by expending C$7.0 million in exploration, and making $350,000 in cash payments to the Joint Venture, over a three-year period with a minimum expenditure of $1.0 million in the first year. Gold Fields may extend the option to earn a further 19% interest in the Woodjam North property by funding a further C$12.0 million in exploration over a 4-year period. Should Gold Fields elect not to extend the option, then the Woodjam Joint Venture (Fjordland/Cariboo Rose) will have the right to make an offer for Gold Fields' 51% interest and if it is not accepted it then will have the right of first refusal on any offers to acquire Gold Fields' vested 51% interest.
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