Golden Cariboo Resources Ltd.

November 02, 2005 13:24 ET

Golden Cariboo Resources Ltd.: 1st Well Spudded at the Bottrel Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 2, 2005) - The Board of Directors of Golden Cariboo Resources Ltd. (TSX VENTURE:GCC) (the "Company") is pleased to announce that it has been informed by the operator the first test well, 8-15-28 W5, at the Bottrel project (see News Release 05-20, October 24, 2005) has been spudded, with total depth expected to be reached within 24 hrs.

The Company has entered into an agreement with the operator to drill six test wells to earn an interest in 12 sections of land, providing the right to earn an interest in a total of 96 sections (61,440 acres). The wells to be drilled are located on lands that are held by one of North America's leading oil and gas companies, in the Lochend/Bottrel areas located northwest of Calgary, Alberta. The Company must pay 30% of the costs to drill and complete each test well to earn a 15% working interest in each of the test wells. For a breakdown of the participation agreement please see the aforementioned news release.

Pursuant to the agreement the Company has posted a $300,000 standby letter of credit as well as paid $282,450 for its share of drilling costs for the first test well.

On Behalf of the Board of Directors,

J. Frank Callaghan, President and CEO

This News Release contains forward-looking statements regarding the timing and content of upcoming programs. Actual results may differ materially from those currently anticipated in such statements.

The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.

Contact Information

  • Golden Cariboo Resources Ltd.
    J. Frank Callaghan
    President and CEO
    (604) 669-6463 or Toll Free: 1-800-663-9688
    (604) 669-3041 (FAX)