Fjordland Exploration Inc.
TSX VENTURE : FEX

Fjordland Exploration Inc.

May 12, 2011 08:45 ET

Fjordland Purchases Exploration Data for Parts of Its Milligan Claims, BC

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 12, 2011) - Fjordland Exploration Inc. (TSX VENTURE:FEX) owns 100% of the two Milligan properties; Capstone Mining Corp. is currently funding an option agreement with Fjordland on the combined Tak-Milligan Project (which includes the two Milligan properties), whereby it can earn up to a 70% interest in the Project by spending $6 million on exploration on or before December 31, 2016. Fjordland's two Milligan properties lie 3 km west and 5 km northwest, respectively of Thompson Creek Metals' Mt. Milligan copper-gold deposits, currently being readied for production in central British Columbia.

During the winter of 2010-2011, Terrane Metals Corp. (acquired by Thompson Creek in late 2010) tested high-resolution airborne magnetic (2008 surveys) and Titan-24 IP (2010 survey) targets for deep mineralization in a 11,000 m drilling program in an area west of the known Mt. Milligan deposits and the boundary with one of Fjordland's Milligan properties.

Fjordland has signed an agreement with Amarc Resources Ltd. to purchase certain proprietary exploration data for parts of Fjordland's two Milligan properties. The data, from within Amarc's former Chona Project and generated in 2005, include induced polarization (IP) survey results and inversions, certain magnetic survey information and drill hole data from two short holes, including locations, logs and analytical results.

In consideration for the purchase of the data, Fjordland has agreed to issue Amarc 100,000 common shares of Fjordland, subject to acceptance by the TSX Venture Exchange. The shares will be subject to the statutory four-month hold period.

Fjordland President Tom Schroeter says: "Given the proximity of the Milligan properties to the known Mt. Milligan deposits and the recently completed deep drilling program by Terrane, we look forward to re-evaluating the exploration data received from Amarc and identifying drill targets for 2011."

Tom 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.

About Fjordland Exploration Inc.

Fjordland Exploration is a mineral exploration company focused on the discovery of gold, copper and molybdenum deposits in British Columbia. Of the 28 properties Fjordland owns, the Woodjam North and Woodjam South properties (totaling 56,150 ha) are part of the Woodjam Joint Venture between Fjordland (60%) and Cariboo Rose Resources Ltd (40%); both properties are under separate option agreements to Gold Fields Horsefly Exploration Corporation. Fjordland also has a 100% interest in 7 properties known as "Tak" totaling 52,342 ha in the Woodjam area. Fjordland has a 100% interest in the 2,192 ha "Milligan" project, adjoining Thompson Creek Metals Company Inc.'s (NYSE and TSX) Mt. Milligan copper-gold deposits on the west. The Tak-Milligan properties have been optioned to Capstone Mining Corp. Fjordland and Serengeti Resources Inc. are 41%/59% partners exploring 12 properties (QUEST Project) totaling 56,670 ha in the Quesnel terrane north of Woodjam for precious and base metals. 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's shares trade on the TSX Venture Exchange under the symbol "FEX". For more information visit Fjordland's website at www.fjordlandex.com.

Tom Schroeter, President & CEO

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

Contact Information

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