Copper Reef Mining Corporation
CNQ : CZCC

Copper Reef Mining Corporation

March 17, 2008 14:03 ET

Copper Reef Intersects 33.5 Feet of Near Solid Sulphides in MN-08-46

TORONTO, ONTARIO--(Marketwire - March 17, 2008) - Copper Reef Mining Corporation ("Company") (CNQ:CZCC) is pleased to announce some preliminary results from its ongoing Mink Narrows Drill Program The Company is a Canadian junior mineral exploration company currently focused on discovery of new zones and further expansion of known resources on its mineral properties in Northwest Manitoba and Northeast Saskatchewan, Canada.

In the Main Flin Flon Camp on the Mink Narrows Property, the Company is currently drilling on and near the Copper Reef Deposit; a Cu and Ag deposit with historic resources of 503,434 tons of 1.5% Cu and 0.5% Zn. These historical resources do not conform to NI-43-101. Current drilling has expanded the area of known mineralization. The intersections reported are in core length and are not true widths. The true width of massive sulphides in MN-08-46 is estimated to be 24.8 ft.



SUMMARY OF MINK NARROWS DRILLING PROJECT (DDH 37-47)
(i)Drill Holes MN-00-37 and 38 previously drilled in 2000
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Intercept
(in feet) not true
Line Drill hole width Type of Mineralization
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(in From To Length (no assay values for holes 39-47)
feet)
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33W (i)MN-00-37 187.0 214.0 27 3.08% Copper, 0.13 Zinc, 11.19 g/t
Silver
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33W (i)MN-00-38 120.0 133.7 13.7 4.17% Copper, 0,11 Zinc, 11.8 g/t
Silver
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33W MN-08-39 323.40 325.10 1.7 Massive Sulphides (mainly faulted
out)
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34W MN-08-40 150.00 152.70 2.70 Massive Sulphides
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152.70 155.50 2.80 Iron Formations & Stringer
Sulphides
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34W MN-08-41 271.50 278.50 7.00 Iron Formations & Stringer
Sulphides
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278.50 288.00 9.50 Massive Sulphides
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34W MN-08-42 317.80 327.70 9.90 Iron Formations & Stringer
Sulphides
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Massive Sulphides (absent)
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35W MN-08-43 80.70 81.70 1.00 Massive Sulphides
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87.70 89.50 1.80 Stringer Sulphides
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35W MN-08-44 191.40 199.70 8.30 Stringer Sulphides
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32W MN-08-45 80.70 82.20 1.50 Stringer Sulphides
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82.20 86.30 4.10 Massive Sulphides
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86.30 93.30 7.00 Stringer Sulphides
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32W MN-08-46 147.00 180.50 33.5 Massive Sulphides, Minor country
rock
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198.45 202.00 3.55 Iron Formations & Stringer
Sulphides
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207.75 212.00 4.25 Magnetite Chert Iron Formation
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Layered magnetite rich intrusion (diked out Copper Reef
29W MN-08-47 Horizon)
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Drill hole MN-08-46 which intersected 33.5 feet of massive sulphides and is very similar in mineralogy and chalcopyrite content to MN-00-37, which assayed 3.08% copper over 27 ft.. A Photo of the massive sulphide intersection from Drill Hole MN-08-46 can be seen on Copper Reef's Website. www.copperreef.com, as well as a sawn portion of MN-00-38 which assayed 4.17 % copper over 13.7 ft.

Drill hole MN-08-39 drilled below MN-00-37 and 38 intersected a low angle south dipping thrust fault containing only a small remnant of the Copper Reef horizon within this fault zone. This thrust fault known from other holes displaces the Copper Reef horizon some 150 to 200 feet to the south and continuity at depth is confirmed from historical drilling by Falconbridge. For example to the west of the current drilling, Falconbridge intersected grades up to 1.45% Copper and 1.72% zinc over 60 ft (core length) in hole MN-8 which intersected at the 1000 ft level and 1.45% copper and 0.4% zinc over 79.1 ft (core length) at the 1150 level in hole 36. The true width in these intersections is estimated to be 60% of the core length. These are historical assays and have not been verified, but the Company has no reason to doubt that these assays are not a fair estimate of the intersection.

Copper Reef is currently in the midst of deeper drilling at the 900 to 1300 foot levels below holes 37, 38, 45 and 46 in down dip area with dimensions of 1000 feet by 700 feet. The area above as in hole 37, and 38 have given the best grades to date and it seems logical to drill beneath this area at depth. The drilling is targeting to intersect the horizon in an area of a very large off-hole Down Hole Pulse Electromagnetic (DPEM) Anomaly located by the vectoring of DPEM survey results from previous drilling to the west.

A long delay in assay results is endemic this season due to the volumes generated by current level of exploration, but partial results from some holes are expected in the next two weeks, but in any event will be reported soon after they are received. Some intersections of mineralization from the deeper drilling could be reported as early as next week.

Quality Control

The Company employs QA/QC protocol on all aspects of its analytical procedures. Core samples are sawn and one half of the NQ core is restored to the core boxes for future reference and one half sent for analysis. Samples of mineralization are taken in approximately 3.5 ft intervals or less. Sample preparation is conducted at TSL labs in Saskatoon, Saskatchewan using multi-acid digest/ ICP-AES and AAS techniques. Samples suspected of containing more than 0.5% copper are carried out with a straight copper assay method as well as a Fire Assay-AA for gold. Commercially prepared standards representing 3 ranges of Copper, Zinc, Silver and Gold grades are inserted at intervals of 1 in 20 samples. No check assays were carried out in the 2000 drilling of MN-00-37 and 39, but Dr. Robert Stevens (who wrote the qualifying report on the property) reviewed the core and was confident that assays reflected the mineralization observed.

The Quality Control and all aspects of the exploration program are supervised by Copper Reef's Exploration Manager, Stephen Masson MSc. PGeo. who is the qualified person, under Nation Instrument 43-101 and has reviewed this press release. This release has also been reviewed by geologist and director John D. Harvey P.Eng. and Qualified Persons on the board: Stephen Davies P.Eng and Mike Koziol P.Geol.

On Behalf of the Board of Directors

Robert N. Granger QC, President and CEO

No securities regulatory authority has reviewed or accepts responsibility for the adequacy or accuracy of this release. Some of the statements contained in this release are or may be considered forward-looking statements, such as estimates and statements that describe Copper Reef's future plans, objectives or goals, including words to the effect that Copper Reef or its management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.

Contact Information

  • Copper Reef Mining Corporation
    Bill Jackson
    CFO
    (416) 363-3456
    (416) 363-6032 (FAX)
    Website: www.copperreef.com