Fjordland Exploration Inc.
TSX VENTURE : FEX

Fjordland Exploration Inc.

February 09, 2012 08:00 ET

Fjordland and Capstone Plan Aggressive Exploration Program on Tak Copper-Gold-Molybdenum Project, Central British Columbia

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 9, 2012) - Fjordland Exploration Inc. (TSX VENTURE:FEX) is pleased to report that Capstone Mining Corp. (TSX:CS) has approved a budget and work program for the Phase 4, 2012 exploration program for the Tak Project, part of the Tak-Milligan Property Option, located approximately 50 kilometres east of Williams Lake. Fjordland is very encouraged by the results from the reconnaissance drilling program completed at the Moffat Property (as reported in a news release dated January 17, 2012), as well as the results from other surveys completed during 2011 on the other properties which comprise the Tak package.

The Tak portion of the project consists of 9 non-contiguous claim blocks (Moffat, Moffat East, Tisdall, Canim, Howard Lake, LaHache, Hazel North, Hazel South and HR), with a total area of 48,350 hectares. To date, under the option agreement, Capstone has funded exploration expenditures totaling $827,087.09 in three phases of work on the Tak portion. Phase 3 expenditures completed during 2011 totaled $526,790. Capstone has vested a 49% interest and can earn a 60% interest by funding additional exploration in two phases in the amount of $1,400,000. Capstone may earn a total of 70% of the Properties by spending a cumulative total of $6,000,000 on or before December 31, 2016.

The objective of the next phase (Phase 4) of exploration will be to further delineate areas of induced polarization (IP) chargeability and resistivity anomalies on the Moffat Property, followed by additional drilling. Additional IP and soil geochemical surveys will be completed on the Tisdall Property and, contingent on results, drilling will follow. Soil sampling programs will be extended on the Howard Lake and LaHache properties. IP surveys will be conducted on the Canim, Hazel North and Hazel South properties. Work is expected to commence in April, with most of it completed by July.

Tom Schroeter, President of Fjordland commented: "Fjordland is very pleased with the preliminary positive results from the completed exploration programs on the Tak-Milligan Project and, in particular, on the Tak portion, located adjacent to the emerging Woodjam copper-gold-molybdenum Porphyry Camp. We have a lot of targets to test, as well as continuing with systematic exploration programs on other untested areas of the large tenement package.

About Fjordland Exploration Inc.

Fjordland Exploration is a mineral exploration company focused on the discovery of gold, copper and molybdenum deposits in British Columbia. Fjordland currently has a portfolio with 38 properties. It has a 51% interest in 7 properties known as "Tak" totaling 55,654 ha in the Woodjam area of central BC. Fjordland has a 51% interest in two properties known as "Milligan" totaling 2,192 ha, adjoining Thompson Creek Metals Company Inc.'s Mt. Milligan copper-gold deposits on the west. Capstone Mining Corp. (TSX:CS) owns a 49% interest in the combined Tak-Milligan Project. Fjordland and Serengeti Resources Inc. are 37%/63% partners exploring 13 properties (QUEST Project) totaling 50,170 ha in the Quesnel Terrane north of Woodjam for precious and base metals. Six of the QUEST properties (totaling 27,690 ha) have been optioned to Xstrata Copper; the QUEST JV owns 100% of the remaining 7 properties totaling 22,480 ha. Fjordland has a 100% interest in 8 properties totaling 60,047 ha in the Iron Range area and has an option agreement on 7 properties totaling 21,222 ha with Kootenay Gold Inc. in southeastern BC. Fjordland has an option to acquire a 100% interest in the Dillard and Dill copper and gold properties, north of Princeton.

FJORDLAND EXPLORATION INC.

Fjordland's shares trade on the TSX Venture Exchange under the symbol "FEX". For further information visit Fjordland's website at www.fjordlandex.com.

T.G. Schroeter, P.Eng./P.Geo., who is a qualified person within the context of National Instrument 43- 101, has read and takes responsibility for this news release.

Tom Schroeter, President & CEO

Neither TSX Venture Exchange nor its Regulation Services providers (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

  • Fjordland Exploration Inc.
    John Gomez
    Manager, Investor Relations
    604-893-8365
    604-669-8336 (FAX)
    www.fjordlandex.com