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| January 19, 2006 Copper Ridges Purchases 100% Interest in Quitovac Gold Project, Mexico | |
| Copper Ridge KRX-TSX.V Press Release No. 01/2006 Vancouver, BC, January 19, 2006 - Copper Ridge Explorations Inc. (the "Company" or "Copper Ridge") is pleased to announce that it has signed a non-binding letter of intent for the purchase of a 100% interest in the Quitovac gold deposit, Sonora, Mexico, from Andina Minerals Inc. (formerly CastleRock Resources Ltd.). Copper Ridge had previously held an option to earn up to a 75% interest in the property. Historical Resource Calculations The property contains numerous small, near-surface lode and dry placer workings dating from the late 1800's and early 1900's. In more recent times, Servicio Industriales Peñoles, S.A. de C.V. ("Peñoles") drilled 6,700 metres of reverse circulation (RC) drilling in 45 holes during the period 1987 to 1990 and Santa Cruz Gold Inc. ("Santa Cruz") drilled 2,759 metres of RC holes in 1997. Two resource estimates were prepared by Santa Cruz using this drill data, including 3.3 million tonnes at 1.35 g/t gold, for 143,230 ounces of contained gold, and 1.1 million tonnes at 3.14 g/t gold for 112,125 ounces of contained gold. These resources are quoted here for historical information and the reader is cautioned that neither of the calculations conforms to National Instrument 43-101 requirements for reporting reserves and resources. The calculations have not been verified by Copper Ridge's qualified person and should not be relied upon. Previous Exploration by Copper Ridge During May and June, 2004, Copper Ridge completed a program of 13 diamond drill holes for a total of 1134 m of core drilling. The purpose of the program was to provide confirmation of RC drill results by previous operators (Peñoles, Santa Cruz) as well as to test for continuation and extension of the mineralized zones. While the core drilling conducted by Copper Ridge consistently encountered quartz veining and silicified material where expected and over thicknesses anticipated, there was an apparent extreme loss of gold due to highly broken ground and very poor core recoveries, often less than 50%. This resulted in what appears to be a significant understating of the gold values from the core drilling program (see Copper Ridge News Release of July 9, 2004). Proposed Exploration Plans The Company believes that the previous RC drill results, by two different companies, more accurately reflect true gold values of the property relative to Copper Ridge's core drilling program. However, this can only be confirmed by a new drill program using reverse circulation drill equipment. The Company is now planning a new RC drill program, using face sampling drill bits to minimize gold loss and contamination. The program will fill in around the previous drill holes to provide greater definition of the existing mineralized zone as well as step out to test for extensions to the mineralization. It is hoped that this program can be completed during the current winter field season. Acquisition Terms Copper Ridge can earn a 100% interest in the Quitovac project by paying $10,000 and issuing 1,000,000 shares and 500,000 warrants to Andina, each warrant to be exercisable at $0.25 in year 1 and $0.30 in year two. The acquisition is subject to regulatory and board approvals as well as the execution of a formal agreement. J. Greg Dawson, P.Geo and VP Exploration for Copper Ridge, is the qualified person for the Quitovac project. The Company is continuing to evaluate positive results from the 2005 field programs on its Lucky Joe copper-gold, Yukon Olympic IOCG, Kalzas tungsten, Hart River IOCG, Thistle copper-gold and Copper Ace copper porphyry properties as well as its Scheelite Dome gold project. The Company is also evaluating a number of new acquisition opportunities from Mexico to Alaska. Please see the Company's web site - www.copper-ridge.com - for detailed project information. Contact: Gerald G. Carlson, President & CEO Copper Ridge Explorations Inc. Suite 500 - 625 Howe Street Vancouver, B.C. V6C 2T6 Phone: 604-688-0833; 1-888-278-2288 Fax: 604-688-0835 info@copper-ridge.com | |
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