Sherwood Copper Corporation
TSX VENTURE : SWC
TSX VENTURE : SWC.DB

Sherwood Copper Corporation

July 17, 2008 06:00 ET

Sherwood Releases Further High Grade Copper-Gold From Area 2 & Area 118 at Minto Mine

Area 2 & 118 copper-gold deposits both expanded to south High grade core at Area 118 confirmed, including 4.7% Copper & 3.4g/t over 8.5m in 08SWC-310

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 17, 2008) - Sherwood Copper Corporation (TSX VENTURE:SWC)(TSX VENTURE:SWC.DB) today announced results for 19 drill holes completed as part of its 2008 exploration program at the high grade Minto copper-gold mine in the Yukon. Highlights of these recent results include: (a) confirmation of a high grade zone within the Area 118 deposit, including the highest reported intercept from Area 118 to date (4.7% copper and 3.4g/t gold over 8.5 metres (m)), and (b) the discovery of further high grade mineralization in wide-spaced drilling on the south of the Area 2 and Area 118 deposits. The Area 2 and Area 118 deposits are each located less than 500m from the Minto pit, currently being mined. As a result of the successes to date, Sherwood has increased the 2008 exploration budget by $1.2 million to $5.6 million and will now include approximately 24,000m of drilling. Highlights from the most recent 19 holes are tabulated below, while complete results are attached.



--------------------------------------------------------------------------
Inter- Inter-
From To val val Copper Gold Silver
Hole ID Target (m) (m) (m) (ft) (%) (g/t) (g/t)
--------------------------------------------------------------------------
08SWC-287 Area 118 173.8 182.5 8.7 28.5 2.27 0.82 12.1
--------------------------------------------------------------------------
including 173.8 178.6 4.8 15.7 2.60 0.80 9.5
--------------------------------------------------------------------------
08SWC-289 Area 118 153.2 164.9 11.7 38.4 1.42 0.44 5.2
--------------------------------------------------------------------------
including 157.4 163.9 6.5 21.3 1.59 0.47 5.1
--------------------------------------------------------------------------
08SWC-296 Area 2 South 71.3 75.9 4.6 15.1 2.02 0.51 10.8
--------------------------------------------------------------------------
08SWC-298 Area 118 26.4 31.2 4.8 15.7 1.93 0.50 10.2
--------------------------------------------------------------------------
and 163.1 173.7 10.6 34.8 1.55 0.48 4.4
--------------------------------------------------------------------------
08SWC-299 Area 2 South 182.7 192.5 9.8 32.1 1.75 0.63 pending
--------------------------------------------------------------------------
08SWC-300 Area 118 163.7 186.7 23.0 75.5 1.21 0.36 pending
--------------------------------------------------------------------------
including 180.2 186.7 6.5 21.3 1.99 0.65 pending
--------------------------------------------------------------------------
08SWC-301 Area 118 161.7 179.5 17.8 58.4 1.05 0.20 pending
--------------------------------------------------------------------------
08SWC-303 Area 118 216.9 225.7 8.8 28.9 2.26 0.92 7.4
--------------------------------------------------------------------------
and 252.5 261.9 9.4 30.8 1.86 0.70 5.6
--------------------------------------------------------------------------
including 256.9 261.9 5.0 16.4 2.63 0.98 8.0
--------------------------------------------------------------------------
08SWC-310 Area 118 189.9 198.4 8.5 27.9 4.71 3.43 pending
--------------------------------------------------------------------------
including 193.1 197.6 4.5 14.8 5.78 5.41 pending
--------------------------------------------------------------------------


"The recent infill drilling results confirm that the Area 118 discovery contains a significant, high grade resource, while the expansion of the Area 2 and Area 118 deposits demonstrates continued opportunities to increase resources at the Minto Mine," said Stephen Quin, President & CEO of Sherwood Copper. "Based on the 140% increases in resources in 2006 and 2007, plus the tremendous results being generated in 2008, we have further expanded the 2008 exploration program to build off these successes," he said. "Further, the results to date suggest that the deposits discovered thus far may all comprise one large mineralized system, so we intend to test the potential for linking up the deposits by testing the largely undrilled area between the Area 2, Area 118, Ridgetop and Copper Keel areas as part of this expanded program."

2008 Drill Program

The objective of the 2008 exploration program is to both (a) increase confidence in the existing resources to a level that would support conversion to reserves through infill drilling and (b) to increase the overall resource through drilling of previously untested areas. Following a successful exploration program in the upper Minto Valley in early 2008, drilling focused on infill drilling on Area 118, discovered in 2007, and has subsequently moved on to systematically defining the Ridgetop deposit through a combination of infill and step-out drilling. Recently, a program of wide spaced drill holes has commenced that will evaluate the potential for linking the Area 2, Area 118, and Ridgetop resources into one large mineralizing system.

To date, 17,099 metres of drilling have been completed in 81 holes in the 2008 drill program. Seventeen holes for 4,470 metres were completed in early 2008, the results of which were reported on May 14, 2008. Following a break, a further 64 holes for 12,629 metres have been completed and drilling is continuing. Copper and gold assay results have been received for only 19 of these 64 holes and are reported herein. Results are pending on the remaining 48 holes drilled to date.

Please follow the link below to a map identifying the priority exploration areas for 2008.

www.sherwoodcopper.com/i/pdf/2008-07-17PriorityExplorationCorridor.pdf.

Comments on Results to Date

The 2008 drill program is proceeding well and a preliminary geological interpretation, based upon very wide spaced drill holes, appears to support the hypothesis proposed by Sherwood's exploration group in 2006 that all the copper-gold mineralization at Minto is part of one continuous to contiguous system. Post-mineralization deformation (in the form of broad open folding and late brittle faults) gives the impression that the many mineralized centers identified to date are separate deposits. However, with the density of drilling that Sherwood has completed over three years, it now appears that faults and folds have just complicated the interpretation of what is perhaps one very large mineralized system. Since 2006, Sherwood has worked toward linking these prospects and deposits on a geological basis, supported by drilling, and this process will continue in 2008 as drilling steps into crucial areas where there was little or no previous data, between previously defined zones of mineralization.

A summary table of drill statistics, attached to this release, details how the drilling in 2008 is distributed thus far, while a synopsis of results is set out below.

Area 118: Infill and some step-out drilling at Area 118 has returned excellent results, with 8 of 11 holes reported so far grading better than 1% copper over significant intervals; four of which grade better than 2% copper, including the highest grade intersection ever reported at Area 118: 4.71% copper and 3.4g/t gold over 8.5m (27.9ft) in 08SWC-310.

Area 2: Follow-up drilling in 2008 on the last hole of 2007, 07SWC-269 in the southeast of Area 2, returned significant grade intersections both at shallow and intermediate depths. The Area 2 deposit remains open at shallow depths to the southeast and at intermediate to greater depths to the east. Preliminary geological interpretations suggest possible continuity between Area 2 and Copper Keel to the east. More drilling is required to test this hypothesis.

For current drill hole locations, please view the accompanying map: (www.sherwoodcopper.com/i/pdf/2008-07-172008DHLocationMap.pdf).

About Sherwood Copper

Sherwood Copper's objective is the profitable production of base and precious metals from high grade, open pit mines in Canada. Sherwood's first operating mine, the high grade Minto copper-gold mine in Yukon, Canada, was built on budget and ahead of schedule. The Minto Mine is one of the highest-grade open pit copper-gold mines in the world, and is forecast to be a low cost producer. Aggressive exploration on the Minto property has yielded significant success, providing Sherwood the opportunity to 'grow from within' by expanding the resource and reserve base, potentially leading to further production increases. To further accelerate its production growth, Sherwood intends to pursue merger & acquisition opportunities that fit its business model and, in May 2008, Sherwood acquired 100% ownership in Western Keltic Mines (now Kutcho Copper Corp.), owner of the high-grade Kutcho copper-zinc-gold-silver deposit in northwestern British Columbia. Sherwood expects to lever off its successful development of the Minto Mine and advance the Kutcho project to a production decision.

Quality Assurance

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and reviewed by Stephen P. Quin, P. Geo., President & CEO for Sherwood Copper Corporation. The exploration activities at the Minto project site are carried out under the supervision of Brad Mercer, P. Geol., V.P. Exploration for Sherwood.

The analytical method for copper and silver performed by SGS Laboratories under a contract arrangement at the Minto Mine Site, Yukon includes digestion in aqua regia followed by absorption spectroscopy. Gold is measured using fire assay with atomic absorption spectroscopy; analysis is performed by SGS Laboratories at Red Lake, Ontario. When visible gold is noted in drill core samples or regular analytical values exceed 5 grams per tonne, the pulp and screen metallic assay method is used to determine total gold content and gold content of different size fractions. This is considered industry best practice when dealing with coarse gold mineralization where a nugget effect is suspected. The result of the pulp and screen metallic assay is accepted as the most representative value and used in the assay database for resource calculations. Blank and standard samples are added to all sample shipments prior to submittal to the lab for quality assurance and quality control. If more than two check samples assay outside of expected ranges, the work order is re-assayed. After the completion of planned drill programs, random check assays will be carried out by ALS Chemex of North Vancouver, BC.

Assay intervals reported herein are drill core lengths unless otherwise stated. Because the known deposits are essentially flat lying and most drill holes reported to date are vertical, true widths are generally expected to be the same as reported core lengths unless otherwise stated.

Additional Information

Additional information on Sherwood and its Minto Project can be obtained on Sherwood's website at http://www.sherwoodcopper.com.

On behalf of the board of directors

SHERWOOD COPPER CORPORATION

Stephen P. Quin, President & CEO

Forward Looking Statements

This document may contain "forward-looking statements" within the meaning of Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date of this document and the Company does not intend, and does not assume any obligation, to update these forward-looking statements.

Forward-looking statements relate to future events or future performance and reflect management's expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in the Company's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

Accordingly, readers should not place undue reliance on forward-looking statements.



2008 Drill Statistics - Minto Property
To accompany Sherwood Copper News Release Dated July 17, 2008

---------------------------------------------------------------------------
Holes
Completed Status
----------------- ------------------------- -----------------------------
Drill Area and 2008 2008 Assay Data Assay Data
Type of Hole Phase 1 Phase 2 Released (i) Pending
---------------------------------------------------------------------------
Exploration Holes
---------------------------------------------------------------------------
Airstrip SW 0 1 1 0
---------------------------------------------------------------------------
Airstrip C. 0 0 0 0
---------------------------------------------------------------------------
Area 2 0 14 6 8
---------------------------------------------------------------------------
Area 118 0 22 11 11
---------------------------------------------------------------------------
Area 118 SW 3 1 3 1
---------------------------------------------------------------------------
Copper Keel 0 2 1 1
---------------------------------------------------------------------------
Gap 1 0 1 0
---------------------------------------------------------------------------
Minto Valley 13 0 13 0
---------------------------------------------------------------------------
Ridgetop 0 21 0 21
---------------------------------------------------------------------------
Ridgetop W 0 3 0 3
---------------------------------------------------------------------------
--------------------------------------------------------
17 64 36 45
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Summary
---------------------------------------------------------------------------
# of Holes to Date 81
----------------------------------
# of Metres to Date 17,099
----------------------------------------------------------------- ---------


Details of Drill Results
To accompany Sherwood Copper News Release Dated July 17, 2008

--------------------------------------------------------------------------
Inter- Inter-
From To val val Copper Gold Silver
Hole ID Target (m) (m) (m) (ft) (%) (g/t) (g/t)
--------------------------------------------------------------------------
08SWC-287 Area 118 173.8 182.5 8.7 28.5 2.27 0.82 12.1
--------------------------------------------------------------------------
including 173.8 178.6 4.8 15.7 2.60 0.80 9.5
--------------------------------------------------------------------------
221.1 224.7 3.6 11.8 0.54 0.18 3.3
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-288 Copper Keel Geochemically anomalous - no significant
South intersections
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-289 Area 118 66.5 69.0 2.4 7.9 0.81 0.10 2.0
--------------------------------------------------------------------------
and 153.2 164.9 11.7 38.4 1.42 0.44 5.2
--------------------------------------------------------------------------
including 157.4 163.9 6.5 21.3 1.59 0.47 5.1
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-290 Airstrip SW 262.6 265.6 3.0 9.8 1.11 0.14 5.1
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-291 Area 118 42.4 44.8 2.4 7.9 1.32 0.26 2.5
--------------------------------------------------------------------------
148.2 158.3 10.1 33.1 0.76 0.34 3.3
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-292 Area 118 134.4 143.8 9.4 30.8 0.32 0.04 0.9
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-293 Area 2 South 44.6 56.3 11.7 38.4 0.45 0.10 1.1
--------------------------------------------------------------------------
126.8 133.1 6.3 20.7 0.40 0.06 0.6
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-294 Area 118 22.1 27.7 5.6 18.4 0.43 0.02 0.6
--------------------------------------------------------------------------
including 22.1 23.6 1.5 4.9 1.11 0.03 0.8
--------------------------------------------------------------------------
and 83.6 87.2 3.6 11.8 0.91 0.25 4.0
--------------------------------------------------------------------------
and 157.4 165.9 8.5 27.9 1.38 0.88 9.4
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-295 Area 2 South Geochemically anomalous - no significant
intersections
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-296 Area 2 South 52.4 62.2 9.8 32.1 0.47 0.14 2.7
--------------------------------------------------------------------------
71.3 75.9 4.6 15.1 2.02 0.51 10.8
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-297 Area 2 South 81.3 86.8 5.5 18.0 1.18 0.42 4.8
--------------------------------------------------------------------------
including 81.3 83.1 1.8 5.9 2.59 0.92 9.3
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-298 Area 118 2.1 6.1 4.0 13.1 0.41 0.01 1.4
--------------------------------------------------------------------------
26.4 31.2 4.8 15.7 1.93 0.50 10.2
--------------------------------------------------------------------------
including 27.4 29.6 2.2 7.2 3.46 0.77 20.0
--------------------------------------------------------------------------
and 115.4 119.4 4.0 13.1 0.46 0.03 0.7
--------------------------------------------------------------------------
and 163.1 173.7 10.6 34.8 1.55 0.48 4.4
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-299 Area 2 South 25.7 37.3 11.6 38.1 0.71 0.13 pending
--------------------------------------------------------------------------
and 89.9 92.6 2.7 8.9 1.06 0.21 pending
--------------------------------------------------------------------------
and 108.5 113.1 4.6 15.1 0.41 0.05 pending
--------------------------------------------------------------------------
and 130.4 135.0 4.6 15.1 0.47 0.01 pending
--------------------------------------------------------------------------
and 182.7 192.5 9.8 32.1 1.75 0.63 pending
--------------------------------------------------------------------------
and 228.3 236.3 8.0 26.2 0.82 0.33 pending
--------------------------------------------------------------------------
and 241.8 247.2 5.4 17.7 0.38 0.07 pending
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-300 Area 118 60.2 68.1 7.9 25.9 0.32 0.10 pending
--------------------------------------------------------------------------
and 126.6 130.7 4.1 13.4 0.93 0.02 pending
--------------------------------------------------------------------------
and 163.7 186.7 23.0 75.5 1.21 0.36 pending
--------------------------------------------------------------------------
including 180.2 186.7 6.5 21.3 1.99 0.65 pending
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-301 Area 118 58.1 66.7 8.6 28.2 0.93 0.29 pending
--------------------------------------------------------------------------
and 161.7 179.5 17.8 58.4 1.05 0.20 pending
--------------------------------------------------------------------------
and 224.0 226.1 2.1 6.9 1.35 0.55 pending
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-302 Area 2 South 238.8 247.8 9.0 29.5 0.99 0.58 4.1
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-303 Area 118 216.9 225.7 8.8 28.9 2.26 0.92 7.4
--------------------------------------------------------------------------
and 232.0 238.7 6.7 22.0 0.40 0.06 1.1
--------------------------------------------------------------------------
and 252.5 261.9 9.4 30.8 1.86 0.70 5.6
--------------------------------------------------------------------------
including 256.9 261.9 5.0 16.4 2.63 0.98 8.0
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-304 Area 118 57.1 74.2 17.1 56.1 0.52 0.10 3.7
--------------------------------------------------------------------------
including 57.1 71.0 13.9 45.6 0.60 0.12 4.3
--------------------------------------------------------------------------
and 57.1 65.3 8.2 26.9 0.81 0.14 6.1
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-305 Area 2 East Assay Results Pending
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-306 Area 2 East Assay Results Pending
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-307 Area 118 Assay Results Pending
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-308 Area 2 East Assay Results Pending
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-309 Area 2 East Assay Results Pending
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-310 Area 118 71.2 74.4 3.2 10.5 0.85 0.12 pending
--------------------------------------------------------------------------
and 111.4 116.9 5.5 18.0 0.50 0.06 pending
--------------------------------------------------------------------------
and 189.9 198.4 8.5 27.9 4.71 3.43 pending
--------------------------------------------------------------------------
including 193.1 197.6 4.5 14.8 5.78 5.41 pending
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-311 to 08SWC-350 are all awaiting assay results
--------------------------------------------------------------------------


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

Contact Information

  • Sherwood Copper Corporation
    Stephen P. Quin
    President & CEO
    (604) 687-7545
    or
    Sherwood Copper Corporation
    Chris Curran
    (604) 687-7545
    (604) 689-5041 (FAX)
    Website: www.sherwoodcopper.com