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| October 16, 2006 Copper Ridge Options Joss'alun Copper Property to Lomiko Resources | |
| Copper Ridge Press Release No. 13/2006 TSX Venture Exchange - KRX Pink Sheets - CRXOF Berlin - 502845 Vancouver, BC, October 16, 2006 - Copper Ridge Explorations Inc. ("Copper Ridge" or the "Company") announces that it has entered into a property option agreement with Lomiko Resources Inc. ("Lomiko") whereby Lomiko may acquire up to a 60% interest in the Company's 100% owned Joss'alun copper property (the "Property"), located 75 km southeast of Atlin, British Columbia. Lomiko may acquire an initial 51% interest in the Property by issuing 440,000 common shares to the Company, paying $10,000 cash and incurring $2,500,000 in exploration expenditures over a four year period. Lomiko may then acquire an additional 9% interest in the Property (for a total of 60%) by issuing an additional 200,000 common shares and by incurring an additional $1,500,000 in exploration expenditures over the fifth and sixth year period. A portion of the Joss'alun Property is subject to a 1% NSR. Joss'alun is a recent, high-grade copper massive sulphide discovery made by the BC Geological Survey and acquired by Copper Ridge in 2002. The mineralization consists of a series of lenses of semi-massive chalcopyrite with pyrite, with initial grab samples assaying 3.35% to 10.15% copper, within oceanic basalt volcanic rocks, in a geological environment that appears to be favorable for Besshi-style volcanogenic massive sulphide mineralization, the most famous British Columbia example being Windy Craggy (143 Million tonnes of 1.7% copper). Imperial Metals (TSX: III) drilled nine holes in September 2003. Holes NAK-03-03 through NAK-03-07 intersected widespread copper mineralization on the Joss'alun Property. Copper occurs as stringers, disseminations and pods of mainly chalcopyrite. Highlights include hole NAK-03-05 with 17.75 and 6.92 metres of 0.94% and 1.15% copper respectively, hole NAK-03¬07 with 53.45 and 33.62 metres of 0.34% and 0.41% per cent copper respectively and NAK-03¬09 with 3.15 metres of 1.06% copper. These results confirm that the volcanic stratigraphy at Nak hosts considerable copper mineralization over a large area and is open along strike in both directions and to depth. J. Greg Dawson M.Sc. P. Geo, V.P. Exploration for Copper Ridge, is the Qualified Person for the Joss'alun project. Copper Ridge's exploration philosophy focuses on maximizing the potential for success in a high-risk business. With grass roots mineral exploration, where the entry cost is low but the potential reward can be very high, success will be contingent on exploration skill and on carefully managed risk. Our management team brings tenacity, technical skill and experience, all crucial ingredients for discovery. By exploring a broad array of projects, focusing on the right commodities, in areas of high mineral potential and in mining-friendly jurisdictions, Copper Ridge is reducing the exploration risks for its shareholders and exposing them to a greater chance for discovery. Copper Ridge is well financed and is enjoying a busy field season on its Yukon and British Columbia properties. 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 This release was prepared by management of the Company who takes full responsibility for its contents. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. | |
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