Caribou Copper Resources Ltd.
TSX VENTURE : CKR

Caribou Copper Resources Ltd.

April 13, 2011 12:22 ET

Caribou Renegotiates Caribou Dome Agreement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 13, 2011) -CARIBOU COPPER RESOURCES LTD. ("Caribou Copper" or the "Company") (TSX VENTURE:CKR) announces it has successfully renegotiated the payments due under the option of the Caribou Dome property with the vendor, keeping the property in good standing. Under the amended terms, amounts due in 2010 and 2011 have been reduced to $50,000 and $100,000 respectively and the balance of payments extended over an additional year. The Company is currently putting together a work program and budget for this summer's work season.

The Caribou Dome project is located in the far northern portion of the Matanuska-Susitna borough of south-central Alaska, approximately 160 miles northeast of Anchorage, on the south side of the Alaska range, within 25 kilometres of the Denali Highway, and about eight km east of the Valdez Creek placer gold mine.

Historic exploration and development work on the property from the discovery in 1963 through 1971 defined a near-surface, high-grade copper resource hosted by nine major chalcopyrite- and pyrite-bearing lodes along with numerous smaller lodes that have been explored by trenching and over 36,000 feet of surface and underground drilling from over 230 core and percussion holes. In addition to the extensive drilling and testing, an adit, consisting of 1,189 feet of underground workings and a decline consisting of 1,706 feet of underground workings, were driven by Alaska Exploration Syndicate (AES) into three of the lodes to expose the mineralization at depth and to provide drill stations for further explorations. A long sectional defined resource of 550,400 tons of mineralized rock grading 5.84 per cent copper, delineated by the drilling and underground workings, was calculated by R.H. Seraphim Engineering Ltd. in 1970 on only three of the nine copper-bearing lodes. The resource estimate is historical and a qualified person has not done sufficient work to classify either the historical reserve or the historical resource estimate as current mineral resources, therefore these historical reserves should not be relied on and do not have currently demonstrated economic viability.

The technical contents of this release were approved by Bernie Stannus. P. Eng., a director of the company and a qualified person as defined by National Instrument 43-101.

Caribou Copper's mission is to identify, acquire, and advance high potential base and precious metal prospects.

ON BEHALF OF THE BOARD

Michael England, Director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Caribou Copper Resources Ltd.
    Michael England
    Director
    1-604-683-3995 or Toll Free: 1-888-945-4770
    604-683-3988