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| July 09, 2003 Copper Ridge Farms Out Joss'alun Copper Project | |
| No. 09/2003 Vancouver, BC, July 9, 2003. Copper Ridge Explorations Inc. (the "Company") is pleased to announce it has reached an agreement with Imperial Metals Corporation ("Imperial") whereby Imperial will have the right to earn a 100% interest in Copper Ridge's Joss'alun copper project, Atlin area, northern British Columbia. Joss'alun is a new, high grade copper discovery made by the British Columbia Geological Survey and acquired by Copper Ridge last year. Imperial plans a field program of mapping and geophysics, to be followed by drilling if warranted. Terms of the agreement are that Imperial will pay $10,000 to Copper Ridge on signing and issue 100,000 shares over one year plus an additional 100,000 shares after $2.5 million has been spent on the property. Copper Ridge will retain a 2% Net Operating Profits Royalty which can be purchased by Imperial for $3 million. The agreement includes an adjoining property acquired by Copper Ridge from Tenajon Resources Corp. ("Tenajon" - see news release dated 28 March 2003). Imperial will be responsible for cash payments due to Tenajon while Copper Ridge will be responsible for share issuances. Copper Ridge has successfully pursued a strategy of optioning its portfolio of properties to well qualified partners. Active field programs are being funded by third parties on four of Copper Ridge's projects, significantly enhancing the Company's leverage while minimizing dilution. In 2003, up to $2 million will be expended by third parties testing and drilling primarily gold and copper-gold targets. The Company's Lucky Joe/Shamrock copper-gold property is under option to Kennecott Canada Exploration Ltd., the Yukon Olympic IOCG (Olympic Dam) copper-gold property is under option to Canadian Empire Exploration Ltd. and the Scheelite Dome gold project is under option to Yardley Capital Inc. Copper Ridge also holds a 100% interest in the Ogopogo property, 4 km from the Pogo gold deposit in Alaska. Copper Ridge's focus is on the discovery of deposits with world class potential, emphasizing gold and copper-gold in Yukon and Alaska. Contact: Gerald G. Carlson, President 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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