Copper Ridge to Sell Interest in Four Gold Projects to Golden Predator

Copper Ridge Explorations Inc. ("Copper Ridge" or the "Company") (TSX
VENTURE:KRX)(PINK SHEETS:CRXOF)(BERLIN:502845) announces that, further to its
news release of May 29, 2009, it has signed a Letter Agreement with Golden
Predator Royalty & Development Corp. (TSX VENTURE:GPD) ("Golden Predator")
whereby Golden Predator will acquire Copper Ridge's interest in the Scheelite
Dome, Ogopogo and Willoughby gold projects. Copper Ridge will also assign its
opportunity to acquire the Quitovac gold project in Mexico, for which it is in
the final stages of negotiation.


The consideration payable by Golden Predator to Copper Ridge is $750,000, to be
paid in units of Golden Predator at a deemed price of $0.50 per unit. Each unit
will consist of one share of Golden Predator and one non-transferable warrant.
Each warrant will be exercisable for one share of Golden Predator for a period
of two years at a price of $0.75 for the first six months and $0.90 for the
remaining 18 months. The number of units is adjustable under certain
circumstances. In addition, should any of the properties become the subject of a
positive bankable feasibility study ("BFS") prior to December 31, 2011, then up
to 500,000 shares of GPD will be payable to Copper Ridge capped at $1,000,000 in
value, if a BFS is delivered from January 1, 2012 through December 31, 2013 this
cap will be raised to $1,500,000, if delivered from January 1, 2014 through
December 31, 2015 it will be raised to $2,000,000, and it will be raised to
$2,500,000 per project thereafter. In addition Copper Ridge has retained a 1%
NSR on the Willoughby project and if secured, the Quitivac project, and a 2% NSR
on the Ogopogo project which will be reduced to a 1% NSR in the event of a US
federal production royalty.


The agreement is subject to a number of conditions precedent, including
regulatory approval, the completion of the private placement described in Copper
Ridge's news release dated May 29, 2009 and, in the case of the Quitovac
project, completion of that acquisition by Copper Ridge.


Copper Ridge will focus its exploration efforts on base metal projects, in
particular copper-gold and zinc, with its portfolio of 8 projects, including:


Clear Lake Zn-Pb-Ag, Yukon: Clear Lake is a pyritic zinc-lead-silver massive
sulphide deposit, sigmoidal in shape, approximately 1,000 m in length and up to
120 m wide. Zinc-lead rich lenses are 5 to 30 m thick, 450 m in length and
extend at least 300 m down dip. The Company is considering a surface geophysical
exploration program to be followed by a drilling program designed to upgrade the
current historical Clear Lake resource to NI 43-101 standards and to test three
of the highest priority adjacent exploration targets.


Babine Cu-Au-Mo, B.C.: The Babine porphyry copper-gold project includes the Nak
and Dorothy deposits, located 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.
The Company plans a surface exploration program to further define targets
identified during its 2007 and 2008 programs.


Lucky Joe Cu-Au, Yukon: The Lucky Joe project hosts a unique style of
copper-gold mineralization, with similarities to Capstone's Minto Mine -
possibly a gold-rich copper porphyry or an Iron Oxide Copper-Gold (IOCG) deposit
type. Soil anomalies and a correlation with linear magnetic anomalies indicate a
large aerial extent of potential mineralization while geological observations
suggest that the mineralization is near surface, with a strong correlation
between gold and copper. Further soil surveying and surface geophysical programs
are planned for 2008 to prepare the Ryan's Creek zone for drilling.


Yukon Olympic Cu-Au, Yukon: The target at Yukon Olympic is an Olympic Dam-type
iron oxide copper-gold (IOCG) deposit. Mineralization, alteration and age of the
host rocks and the mineralized breccia are similar to the giant Olympic Dam
deposit in Australia.


Kalzas W, Yukon: Kalzas is a large, porphyry style tungsten deposit with a
higher grade core zone. The tungsten mineral wolframite occurs in sheeted veins,
stockworks and disseminations within altered Proterozoic schist and quartzite.


Borealis U, Yukon: The Borealis uranium project covers the Deadman Stock, a mid
Cretaceous multiphase granitic unit of the Tombstone Suite intrusive complex.
Uranium mineralization is associated with a late stage phase of syenite dykes
within the stock and occurs as structurally controlled lenses of pitchblende and
as disseminations of uraninite within the syenite.


Copper Ace Cu-Mo, B.C.: The Copper Ace copper porphyry properties surround the
Gibraltar Mine. Drilling has shown that the "mine series" tonalite extends from
the Gibraltar area onto the Copper Ace South property.


Joss'alun Cu, B.C.: Copper mineralization at Joss'alun consists of a series of
lenses of semi-massive chalcopyrite with lesser pyrite within basaltic oceanic
volcanic rocks, in a geological environment that appears to be favourable for
Cyprus-type volcanogenic massive sulphide mineralization. Samples collected
within the discovery area included 7.33% copper over 35 cm, 3.35% copper over 90
cm and grab samples of 7.34% copper, 10.15% copper and 7.55% copper.


Mr. J. Greg Dawson, P.Geo., Vice President of Exploration for Copper Ridge, is
the Qualified Person for the above projects and is responsible for the technical
content of this news release. Further information on Copper Ridge's entire
exploration portfolio can be found at www.copper-ridge.com.


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, the Company is exposing its shareholders to a greater chance for
discovery.
Copper Ridge Explorations Inc. (TSXV:KRX)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024