Consolidated Woodjam Copper Corp.

Consolidated Woodjam Copper Corp.

May 15, 2013 17:00 ET

Gold Fields Releases New Resource Calculations for the Woodjam Copper-Gold Project

Southeast Zone Copper Content Increases by 45% to 1.542 Billion Pounds

Maiden Resources for the Deerhorn and Takom Zones Add to Resource Potential

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 15, 2013) - Consolidated Woodjam Copper Corp. (TSX VENTURE:WCC) ("Woodjam Copper") reports that Gold Fields Horsefly Exploration Corporation ("Gold Fields"), a subsidiary of Gold Fields Limited (NYSE:GFI)(NASDAQ:GFI)(JSE:GFI)(DUBAI:GFI), has released updated NI 43-101 compliant resource calculations for the Southeast Zone as well as the Deerhorn and Takom Zones. A full report detailing the resource work will be filed on SEDAR within 45 days of this release. The resource for the Southeast Zone has expanded from 146.5 million tonnes grading 0.33% Cu to 227.5 million tonnes grading 0.31% Cu, an increase of 482 million pounds of contained copper. This is the first time that resource numbers for the Deerhorn and Takom Zones have been completed and they add significantly to the property's potential. The Megabuck and Three Firs Zones have not yet had NI 43-101 compliant resource calculations. The properties are located approximately 45 km east of the City of Williams Lake, BC.

Southeast Zone Resource:

Category Tonnes (Mt) Au (g/t) Cu (%) Au (Koz.) Cu (Mlb.)
Inferred 227.5 * 0.31 * 1,541.9

*Gold, Molybdenum and Silver do occur in the Southeast Zone, but were not included in the Resource calculation.

Deerhorn Zone Resource:

Category Tonnes (Mt) Au (g/t) Cu (%) Au (Koz.) Cu (Mlb.)
Inferred 32.8 0.49 0.22 516.2 158.2

Takom Deposit Resource:

Category Tonnes (Mt) Au (g/t) Cu (%) Au (Koz.) Cu (Mlb.)
Inferred 8.3 0.26 0.22 68.2 39.7

These Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The tonnes and grade are reported at a US$8.60/t NSR cut-off grade constrained within an optimized pit shell. The pit shell is based on a price assumption of US$1,650/oz Au and US$3.90/lb Cu. The NSR calculation uses recoveries of 85% Cu and 60% Au for the Southeast Zone and 56% Au and 64% Cu for the Deerhorn and Takom Zones. The results were estimated using GEMS® software.

The company is pleased with the significant additions made by the 2012 program. Gold Fields is continuing with a 4,000 m drilling program during 2013. Gold Fields has undertaken an option on the Megaton property, which lies adjacent to the Woodjam South property and covers an area immediately east of the Southeast Zone. The Megaton property will be included in the Woodjam South property. To earn a 100% interest in the Megaton property Gold Fields must pay the vendors $1 million in cash payments and make exploration expenditures of $2.1 million over a 6 year period, as well as reserve a 2% Net Smelter Royalty (NSR) for the vendors. The NSR may be reduced to 1% by paying the vendors $1 million. A drilling program will be completed on the Megaton property this season

Gold Fields has vested a 51% interest in both the Woodjam North and South properties. Further, Gold Fields has given notice to Woodjam Copper that it will exercise its right to earn a further 19% interest in each of the Woodjam North and Woodjam South properties. To earn this additional interest, Gold Fields will be required to spend US$12 million and US$8 million over the next four years on the Woodjam North and Woodjam South properties respectively. These expenditure requirements will be reduced by the 2012 expenditures, which are under review. In addition, Gold Fields is required to complete a comprehensive feasibility study on the Woodjam South property.

Glen L. Garratt, P.Geo., a qualified person for the purposes of National Instrument 43-101, has read and taken responsibility for this news release.

Glen L. Garratt, P.Geo., Director

Consolidated Woodjam Copper Corp.

About Consolidated Woodjam Copper Corporation

Consolidated Woodjam Copper Corp. (TSX VENTURE:WCC) ("Woodjam Copper") trades on the TSX-V exchange and currently owns a 49% interest in the Woodjam North and Woodjam South properties which are under option to Gold Fields who own a 51% interest and may earn a further 19% to total a 70% interest in the properties. In 2012, Woodjam Copper published an initial Southeast Zone NI 43-101 compliant inferred resource of 146.5 million tons grading 0.33% copper (pit constrained). This resource was updated as of May 15, 2013 to 227.5 Mt grading 0.31% copper.

About Gold Fields Limited

Gold Fields is a large unhedged producer of gold with attributable, annual production of 2 million gold ounces from six operating mines in Australia, Ghana, Peru and South Africa. Gold Fields also has an extensive and diverse global growth pipeline with four major projects at resource development and feasibility level. Gold Fields has total attributable gold Mineral Reserves of 54.9 million ounces and Mineral Resources of 125.5 million ounces. For more information visit the company's website at

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

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