Golden Cariboo Resources Ltd.

August 16, 2005 12:54 ET

Golden Cariboo Resources Ltd.: Participation Agreement with Mystique Energy, Inc.

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 16, 2005) - The Board of Directors of Golden Cariboo Resources Ltd. (the "Company") (TSX VENTURE:GCC) is pleased to announce that, subject to TSX Venture Exchange approval, it has entered into a participation agreement with Mystique Energy, Inc. (TSX VENTURE:MYS) 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 first well is scheduled to be spudded by the end of August 2005 and drilled to a depth of approximately 2,400 meters, targeting the Cardium zone. It will take approximately 14 to 16 days from the spud date to reach target depth. The Company's portion of the costs for the drilling and casing of the first well is approximately $200,000.

The four well development drilling program is located in the Lochend area northwest of Calgary, Alberta, adjacent to the Lochend Cardium M, O pool and the Lochend A, C, E Pool. Mystique Energy has existing production on the project tied into facilities operated by a major energy trust (as announced in a Mystique Energy news release, January 18, 2005).

A finder's fee of 100,000 common shares will be issued pursuant to this acquisition.

On Behalf of the Board of Directors

J. Frank Callaghan, President

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
    (604) 669-6463 or Toll Free: 1-800-663-9688
    (604) 669-3041 (FAX)