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| September 29, 2009 Copper Ridge Announces Option On Quaterra Resources' Alaskan Cu-Ni-Pge Property And Capital Restructuring | |
| NR No. 10/2009 Vancouver, British Columbia, September 29, 2009: Copper Ridge Explorations Inc. (TSX-V: KRX) announces that it has signed an option agreement with Quaterra Resources Inc. (NYSE-A: QMM / TSX-V: QTA) ("Quaterra) whereby Copper Ridge can earn up to a 65% interest, in stages, in the Duke Island copper-nickel-platinum-palladium (Cu-Ni-PGE) property in southeast Alaska. The Duke Island Property was located by Quaterra in 2001. Between 2001 and 2006, Quaterra had completed geological mapping, soil and rock sampling, ground and airborne geophysical surveys and 1,820 m of core drilling in 11 holes. Mineralization includes copper, nickel and PGE enriched sulphide mineralization within an Alaska-type zoned ultramafic intrusion in Alaska's Alexander Platinum Belt. The occurrence is unique in the high percentage of disseminated and net-textured to massive sulfide mineralization within certain phases of the ultramafic intrusions. Geochemical, geological, and geophysical data suggest the sulfide system extends for over 14.5 km along strike, up to 3.8 km across strike and remains open to expansion. Multiple airborne magnetic and electromagnetic surveys reveal numerous strong conductive EM highs. To date, eleven sulfide showings have been discovered, six of which have received limited exploration. Outcrop samples have returned from less than 10 ppm Cu to 2.8% Cu, from less than 10 ppm Ni to 0.25% Ni and from less than 5 ppb to over 1 ppm PGE from the South Rim of the Marquis prospect. An IP survey conducted over the discovery outcrop outlines a high conductivity zone of massive sulfide surrounded by a disseminated sulfide zone. Nine of eleven core holes drilled on the IP anomaly at the South Rim of the Marquis prospect intercepted from 6 to 90 m of semi-massive to massive sulfide containing highly anomalous values for Cu (10 to 12,500 ppm), Ni (27 to 4,694 ppm), Pt (<5 to 680 ppb), and Pd (<5 to 548 ppb) and established a north dip to the upper contact of sulfide mineralization. Modeling of EM and Natural Source Audio-frequency Magnetotellurics (NSAMT) survey results defines an eastern plunge and a wine-glass shaped conduit below the covered conductive anomaly at the Marquis prospect, reminiscent of other high grade magmatic sulfide deposits. The historical drilling focused on the western periphery and shallower southern portions of the main Marquis zone. Copper Ridge believes that potential exists for a significant Cu-Ni-PGE discovery focusing on the deeper core or feeder pipe area of the Marquis Zone, as defined by the NSAMT survey, and by the strongest of the EM anomalies, particularly towards the north rim of the Marquis prospect, which have not yet been drill tested. Copper Ridge proposes to immediately carry out a surface mapping and sampling program over the core of the main Marquis prospect and to extend the NSAMT survey over the relatively unexplored Monte prospect to the south. This work will be followed by a 1,500 m drill test of the highest priority drill targets to be carried out during the 2010 field season. The Agreement provides that Copper Ridge can earn up to a 51% interest in the Duke Island Property by issuing one million pre-consolidation shares and spending $3 million on exploration by December 31, 2012. $750,000 of the $3,000,000 is a firm commitment to be spent by December 31, 2010, $600,000 of which will be allocated to drilling expenses to target the intrusive to a depth of up to 2,000 feet. Copper Ridge may increase its interest in the Duke Island Property to 65% by spending an additional $2 million on exploration by December 31, 2013. The Agreement is subject to regulatory approval. Curt Freeman, M.Sc. P.Geo., Copper Ridge's Alaska Consultant, is the Qualified Person for the Duke Island Property and is responsible for the technical content of this news release. Capital Restructuring Copper Ridge also announces a proposed consolidation of its share capital on the basis one new common share of the Company for every fifteen existing common shares. The share consolidation is subject to approval by Copper Ridge's shareholders at the upcoming special meeting to be held on October 28, 2009, and approval by the TSX Venture Exchange. Copper Ridge currently has 179,079,823 common shares issued and outstanding. If the share consolidation is approved, there will approximately 11,938,654 common shares issued and outstanding. Contact: Gerald G. Carlson, President & CEO Suite 500 -- 625 Howe Street Vancouver, B.C. V6C 2T6 Phone: 604-688-0833; 1-888-278-2288 info@copper-ridge.com TSX Venture Exchange -- KRX Pink Sheets -- CRXOF Berlin -- 502845 Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release. This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance. There are numerous risks and uncertainties that could cause actual results and Copper Ridges' plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Copper Ridge assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change. | |
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