Fjordland Exploration Inc.
TSX VENTURE : FEX

Fjordland Exploration Inc.

June 03, 2009 07:15 ET

Fjordland Exploration Inc.: Gold Fields Options Woodjam "North" Gold-Copper Project, BC

Woodjam "South" Covering Southeast Copper-Gold-Molybdenum Zone Excluded

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 3, 2009) - Fjordland Exploration Inc. (TSX VENTURE:FEX) is pleased to report that the Woodjam Joint Venture (WJV), comprising Fjordland (60%) and Cariboo Resources Ltd. (TSX VENTURE:CRB) (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 (NYSE:GFI), 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) - see map at www.fjordlandex.com/woodjam-div.pdf.

Gold Fields may earn an initial 51% interest by expending $7 million in exploration, and making $350,000 in cash payments to the WJV, over a three year period with a minimum expenditure of $1 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 $12 million in exploration over a 4-year period. Should Gold Fields elect not to extend the option, then the Woodjam Joint Venture will have the right to make an offer for Gold Fields' 51% interest, and if not accepted, the WJV will have the right of first refusal on any offers to acquire Gold Fields' vested 51% interest.

The Woodjam Joint Venture is very pleased to have Gold Fields as a partner in exploring the gold-rich porphyry systems at Woodjam and to benefit from its expertise in gold exploration. Fjordland President, Tom Schroeter stated, "This partnership with one of the world's largest gold producers not only allows for aggressive advancement of the gold-dominant property, but also allows the Woodjam Joint Venture to independently explore and develop the very exciting Southeast Zone copper-gold-molybdenum discovery and pursue new target development on the Woodjam "South" portion of the Property.

About Fjordland Exploration Inc.

Fjordland Exploration Inc. is a mineral exploration company focused on the discovery of gold, copper and molybdenum deposits in British Columbia. Fjordland holds a 60% interest in the 48,000-hectare Woodjam gold-copper-molybdenum property in south central British Columbia, and is operator of the project; Cariboo Rose Resources Ltd. holds the remaining 40% interest. Fjordland and Serengeti Resources Inc. (TSX VENTURE:SIR) each hold a 50% interest in the QUEST project to explore 17 properties totaling approximately 100,000 hectares in the heart of British Columbia's under-explored Quesnel Terrane for precious and base metals. Shares of Fjordland Exploration Inc. trade on the TSX Venture Exchange under the symbol "FEX". For further information visit the Company's website at www.fjordlandex.com.

About Gold Fields Ltd.

Gold Fields Limited is one of the world's largest unhedged producers of gold with attributable production of four million ounces per annum from nine operating mines in Peru, South Africa, Ghana and Australia. The company has total attributable ore reserves of 83 million ounces and mineral resources of 251 million ounces. In addition, the company has an extensive exploration portfolio with highly prospective projects in all of the major gold provinces of the world. For further information visit the company's website at www.goldfields.co.za.

Tom Schroeter, President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information