Golden Cariboo Resources Ltd.

August 23, 2005 14:14 ET

Golden Cariboo Resources Ltd.: Lochend Well Spudded

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 23, 2005) - The Board of Directors of Golden Cariboo Resources Ltd. (TSX VENTURE:GCC) (the "Company") has been advised by Alex Tworo, VP Exploration of Mystique Energy, Inc. (TSX VENTURE:MYS) ("Mystique"), that a drilling rig was moved to the Lochend area to drill at 16 - 8 - 30 - 4 W5M, and this well was spudded early this morning.

This activity is pursuant to a participation agreement with Mystique announced on August 16, 2005 wherein the Company pays 25% of all costs associated with the drilling and completion of each oil well as part of a potential 4 well drilling program, to receive a net interest of 15.625%.

The Company currently has two drill programs underway: the above-mentioned 16 - 8 - 30 - 4 W5M and the Sarcee 12 - 13 - 23 - 4 W5M with Arapahoe Energy Corporation (TSX VENTURE:AAO) and the operator, C1 Energy Ltd. (TSX:CTT).

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)