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

Sherwood Copper Corporation

October 15, 2008 06:00 ET

Sherwood Reports Wide Intercepts of Near Surface Copper-Gold at Minto Mine

Multiple intercepts greater than 140 feet thick, starting at depths as shallow as 100 feet

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 15, 2008) - Sherwood Copper Corporation (TSX VENTURE:SWC)(TSX VENTURE:SWC.DB) today announced results for a further 23 drill holes from its 2008 exploration program at the high grade Minto copper-gold mine in the Yukon. Highlights from this latest batch of results include multiple intercepts of thick, near surface, good grade copper-gold mineralization at Ridgetop, within which there are significant sub-intervals with much higher grades. Also reported are more excellent results from Area 118.

Highlights from this latest batch of 23 holes are summarized in the table below, while complete assay results for the twenty-three holes reported herein are attached.



--------------------------------------------------------------------------
Inter- Inter-
From To val val Copper Gold Silver
Hole ID Target Area (m) (m) (m) (ft) (%) (g/t) (g/t)
--------------------------------------------------------------------------
08SWC-327 "Ridgetop 31.5 79.0 47.5 155.8 0.79 0.14 1.6
East"
--------------------------------------------------------------------------
including 31.5 42.1 10.6 34.8 1.75 0.11 2.1
--------------------------------------------------------------------------
08SWC-332 "Area 118" 221.5 227.0 5.5 18.0 3.29 1.90 13.9
--------------------------------------------------------------------------
08SWC-334 "Ridgetop 37.1 93.6 56.5 185.4 0.77 0.11 1.3
East"
--------------------------------------------------------------------------
including 37.1 51.4 14.3 46.9 1.80 0.07 1.4
--------------------------------------------------------------------------
08SWC-335 "Ridgetop 43.2 86.4 43.2 141.7 0.92 0.78 2.1
East"
--------------------------------------------------------------------------
including 78.2 86.4 8.2 26.9 2.20 4.00 8.9
--------------------------------------------------------------------------
08SWC-338 "Ridgetop 56.8 104.2 47.4 155.5 0.81 0.28 2.0
East"
--------------------------------------------------------------------------
including 85.7 94.0 8.3 27.2 2.02 1.18 5.4
--------------------------------------------------------------------------
08SWC-346 "Ridgetop 59.4 109.3 49.9 163.7 0.70 0.21 1.9
East"
--------------------------------------------------------------------------
including 59.4 67.4 8.0 26.2 2.16 0.83 5.2
--------------------------------------------------------------------------
08SWC-356 "Ridgetop 54.3 123.1 68.8 225.7 0.65 0.16 1.3
East"
--------------------------------------------------------------------------
including 54.3 57.6 3.3 10.8 3.04 0.41 3.3
--------------------------------------------------------------------------
08SWC-384 "Area 118" 97.5 121.4 23.9 78.4 1.30 pending 2.6
--------------------------------------------------------------------------
including 100.4 106.1 5.7 18.7 2.31 pending 5.0
--------------------------------------------------------------------------
08SWC-387 "Area 118" 30.9 35.9 5.0 16.4 1.52 pending 3.7
--------------------------------------------------------------------------


"Exploration drilling in the Ridgetop area of the high grade Minto Mine copper-gold mine continues to yield wide intercepts of near surface, good grade copper-gold mineralization," said Stephen Quin, President & CEO of Sherwood Copper and Minto Explorations Ltd. "The latest results continue to infill and expand the Ridgetop mineralization to the east, where it remains open," he said. "The mineralization at Ridgetop typically comprises two high grade zones of copper-gold mineralization within a broader envelope of more moderate grades, which outcrops and dips at a shallow angle to the east. This should provides two development options for consideration: continued focus on high grades at more moderate tonnages, or a bulk tonnage scenario with large volumes of good grade, low strip ratio copper-gold mineralization; these options will be evaluated in the next phase of technical studies that are currently underway."

In addition to the excellent Ridgetop results, drilling in Area 118 continues to confirm the continuity of this high grade zone of copper-gold mineralization, while hole 08SWC-384 suggests the mineralization is still open to the northwest, where it was previously thought to be closed off. The principal Area 118 horizon would appear to be faulted up, closer to surface in this region and will require more follow-up.

2008 Drill Program

The 2008 drill program is complete, with 120 holes drilled for a total of 23,840 metres, accomplishing the primary objective of expanding the known resources at Area 2, Area 118 and Ridgetop deposits and increasing the confidence in those mineral resources in support of a pre-feasibility study which has commenced and is planned for completion by mid-2009. The aim is to convert as much of the current mineral resources defined in 2007 and the new resources defined in 2008 to mineral reserves to support further increase mill throughput.

Copper and gold assay results have been received for 89 of 118 holes (2 holes were abandoned); results for 23 of which are reported herein. Exploration personnel have now started work on new resource estimates for each deposit, the results of which are expected to be released early in 2009. These new estimates will provide the basis for the updated pre-feasibility study discussed above.

Please follow the link below to a map identifying the priority exploration areas for 2008. www.sherwoodcopper.com/i/pdf/2008-10-15PriorityExplorationCorridor.pdf

For current drill hole locations, please view the accompanying map: www.sherwoodcopper.com/i/pdf/2008-10-152008DHLocationMap.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 rapidly advance the Kutcho project to a production decision. Sherwood has also agreed to combine with Capstone Mining, subject to requisite shareholder and regulatory approvals, creating a new low cost, growth oriented copper producer with two high grade mines and a strong balance sheet.

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

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

--------------------------------------------------------------------------
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 14 0
------------------------------------------------ -------------------------
Area 118 0 31 29 2
------------------------------------------------ -------------------------
Area 118 SW 3 0 3 0
------------------------------------------------ -------------------------
Regional Picture 0 3 1 2
------------------------------------------------ -------------------------
Copper Keel 0 4 3 1
------------------------------------------------ -------------------------
Gap 1 0 1 0
------------------------------------------------ -------------------------
Minto Valley 13 0 13 0
------------------------------------------------ -------------------------
Ridgetop 0 47 23 24
------------------------------------------------ -------------------------
Ridgetop W 0 3 3 0
------------------------------------------------ -------------------------
-------------------- -------------------------
17 103 91 29
------------------------------------------------ -------------------------
------------------------------------------------ -------------------------
Summary
----------------------------------------
# of Holes to Date 120
----------------------------------------
# of Metres to Date 23,840
--------------------------------------------------------------------------


Details of Drill Results

To accompany Sherwood Copper News Release Dated October 15, 2008
--------------------------------------------------------------------------
Inter- Inter- Cop-
Hole ID From To val val per Gold Silver
& Target Comments (m) (m) (m) (ft) (%) (g/t) (g/t)
--------------------------------------------------------------------------
08SWC-270 - 326 Assays Previously Released
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-327 31.5 79.0 47.5 155.8 0.79 0.14 1.6
--------------------------------------------------------------------------
"Ridgetop East" including 31.5 42.1 10.6 34.8 1.75 0.11 2.1
--------------------------------------------------------------------------
including 35.8 42.1 6.3 20.7 2.20 0.14 2.2
--------------------------------------------------------------------------
and 64.6 73.6 9.0 29.5 1.27 0.50 3.7
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-328 - 330 Assays Previously Released
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-331 51.6 57.4 5.8 19.0 0.76 0.23 2.3
--------------------------------------------------------------------------
"Ridgetop East"
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-332 6.5 18.9 12.4 40.7 0.48 0.04 1.4
--------------------------------------------------------------------------
"Area 118" and 174.2 184.1 9.9 32.5 0.47 0.10 1.7
--------------------------------------------------------------------------
and 221.5 227.0 5.5 18.0 3.29 1.90 13.9
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-333 52.4 56.6 4.2 13.8 1.41 0.48 4.9
--------------------------------------------------------------------------
"Ridgetop East"
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-334 37.1 93.6 56.5 185.4 0.77 0.11 1.3
--------------------------------------------------------------------------
"Ridgetop East" including 37.1 51.4 14.3 46.9 1.80 0.07 1.4
--------------------------------------------------------------------------
including 37.1 42.7 5.6 18.4 2.50 0.09 2.4
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-335(i) 43.2 86.4 43.2 141.7 0.92 0.78 2.1
--------------------------------------------------------------------------
"Ridgetop East" including 78.2 86.4 8.2 26.9 2.20 4.00 8.9
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-336 Assays Previously Released
--------------------------------------------------------------------------
"Ridgetop West"
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-337 57.3 73.1 15.8 51.8 0.79 0.31 2.1
--------------------------------------------------------------------------
"Ridgetop East" including 57.3 61.5 4.2 13.8 1.51 0.59 4.3
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-338 56.8 104.2 47.4 155.5 0.81 0.28 2.0
--------------------------------------------------------------------------
"Ridgetop East" including 56.8 68.8 12.0 39.4 1.06 0.07 2.0
--------------------------------------------------------------------------
and 85.7 104.2 18.5 60.7 1.28 0.67 3.5
--------------------------------------------------------------------------
including 85.7 94.0 8.3 27.2 2.02 1.18 5.4
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-339 - 342 Assays Previously Released
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-343 40.2 91.5 51.3 168.3 0.25 0.06 0.8
--------------------------------------------------------------------------
"Ridgetop East" including 40.2 51.7 11.5 37.7 0.60 0.20 1.7
--------------------------------------------------------------------------
and 89.2 91.5 2.3 7.5 0.76 0.18 2.4
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-344 Assays Previously Released
--------------------------------------------------------------------------
"Ridgetop West"
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-345 53.5 94.9 41.4 135.8 0.61 0.15 1.5
--------------------------------------------------------------------------
"Ridgetop East" including 53.5 66.1 12.6 41.3 1.01 0.30 2.2
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-346 59.4 109.3 49.9 163.7 0.70 0.21 1.9
--------------------------------------------------------------------------
"Ridgetop East" including 59.4 71.8 12.4 40.7 1.80 0.62 4.2
--------------------------------------------------------------------------
including 59.4 67.4 8.0 26.2 2.16 0.83 5.2
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-347 Assays Previously Released
--------------------------------------------------------------------------
"Ridgetop East"
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-348 57.4 104.0 46.6 152.9 0.59 pending pending
--------------------------------------------------------------------------
"Ridgetop East" including 91.4 104.0 12.6 41.3 1.34 pending pending
--------------------------------------------------------------------------
including 91.4 100.6 9.2 30.2 1.63 pending pending
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-349 72.8 125.0 52.2 171.3 0.46 0.12 1.0
--------------------------------------------------------------------------
"Ridgetop East" including 83.8 94.6 10.8 35.4 1.32 0.48 3.6
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-350 11.5 37.2 25.7 84.3 0.37 0.02 0.6
--------------------------------------------------------------------------
"Area 118 South" and 235.3 251.3 16.0 52.5 0.71 pending 3.1
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-351 64.0 107.2 43.2 141.7 0.41 0.08 0.8
--------------------------------------------------------------------------
"Ridgetop East" including 64.0 75.00 11.0 36.1 1.15 0.28 2.2
--------------------------------------------------------------------------
and 99.4 107.2 7.8 25.6 0.65 0.02 0.8
--------------------------------------------------------------------------
including 99.4 102.1 2.7 8.9 1.37 0.04 0.9
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-352 16.1 34.9 18.8 61.7 0.44 0.07 2.3
--------------------------------------------------------------------------
"Area 118 South" including 16.1 20.3 4.2 13.8 1.08 0.20 3.7
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-353 Assays pending
--------------------------------------------------------------------------
"Ridgetop East"
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-354 33.9 37.0 3.1 10.2 1.49 0.04 1.8
--------------------------------------------------------------------------
"Area 118 South" and 145.1 156.5 11.4 37.4 0.56 0.04 1.8
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-355 Assays pending
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-356 54.3 123.1 68.8 225.7 0.65 0.16 1.3
--------------------------------------------------------------------------
"Ridgetop East" including 54.3 74.9 20.6 67.6 1.16 0.10 1.2
--------------------------------------------------------------------------
including 54.3 57.6 3.3 10.8 3.04 0.41 3.3
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-357 - 377 Assays pending
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-378 256.2 266.5 10.3 33.8 0.72 pending 4.2
--------------------------------------------------------------------------
"Regional including 257.1 263.3 6.2 20.3 1.00 pending 6.1
Picture"
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-379 - 382 Assays pending
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-383 67.3 108.6 41.3 135.5 0.33 pending 1.6
--------------------------------------------------------------------------
"Area 118"
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-384 60.3 75.0 14.7 48.2 0.77 pending 1.1
--------------------------------------------------------------------------
"Area 118" and 97.5 121.4 23.9 78.4 1.30 pending 2.6
--------------------------------------------------------------------------
including 100.4 106.1 5.7 18.7 2.31 pending 5.0
--------------------------------------------------------------------------
and 101.7 114.4 12.7 41.7 1.70 pending 3.6
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-385 Assays pending
--------------------------------------------------------------------------
"Area 118"
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-386 16.4 33.5 17.1 56.1 0.58 pending 2.2
--------------------------------------------------------------------------
"Area 118" and 55.5 85.8 30.3 99.4 0.41 pending 1.8
--------------------------------------------------------------------------
including 72.6 77.5 4.9 16.1 1.07 pending 3.6
--------------------------------------------------------------------------
and 130.7 148.2 17.5 57.4 0.80 pending 1.7
--------------------------------------------------------------------------
including 142.9 148.2 5.3 17.4 1.41 pending 2.9
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-387 22.9 24.60 1.7 5.6 1.92 pending 1.0
--------------------------------------------------------------------------
"Area 118" and 30.9 35.9 5.0 16.4 1.52 pending 3.7
--------------------------------------------------------------------------
and 59.6 61.4 1.8 5.9 1.03 pending 4.0
--------------------------------------------------------------------------
and 113.3 141.1 27.8 91.2 0.37 pending 1.4
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-388 Abandoned due to technical drilling problems;
replaced by 08SWC-389
--------------------------------------------------------------------------
"Copper Keel"
--------------------------------------------------------------------------

--------------------------------------------------------------------------
08SWC-389 Assays Pending
--------------------------------------------------------------------------
"Copper Keel"
--------------------------------------------------------------------------

(i) Correction - was incorrectly identified as geochemically anomalous in
a news release dated September 18, 2008.


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
    Investor Contact
    (604) 687-7545
    or
    Sherwood Copper Corporation
    Neil MacRae
    Investor Contact
    (604) 687-7545
    (604) 689-5041 (FAX)
    Website: www.sherwoodcopper.com