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| September 22, 1999 $1.275 Million Financing Closed - Scheelite Dome Drilling to Commence | |
| Copper Ridge Explorations Inc. (the "Company") is pleased to report that it has closed its public offering financing, having raised $1.275 million. Copper Ridge's warrants are now listed under the trading symbol KRX.WT.A. The Company has mobilized its crew to the Scheelite Dome gold property and expects drilling to commence within the week. The program includes 1600 m of core drilling in approximately 15 holes. The first several holes will target the mineralized Aorta structure, intersected in hole 98-12 of last year's drill program. This drill hole intersected 3.67 gpt gold over 7.7 m (including 1.5 m of 10.56 gpt gold). Hole 98-11, located 400 m northeast of 98-12, ended with 0.8 m grading 1.65 gpt gold and may have been stopped just short of this same structure. The Scheelite Dome property is road accessible, 25 km. north of Mayo. The geological setting and geochemical signature of the gold mineralization at Scheelite Dome are typical of the Tintina Gold Belt and in particular, they show many similarities to the Teck/Sumitomo Pogo deposit (5.2 million ounces at 0.52 oz. gold/ton). Earlier work by Kennecott Canada Exploration Inc defined a strong, greater than 100 ppb gold in soil anomaly over an area 3.5 km long and 1.5 km wide. Copper Ridge will have earned a 100% interest in the property from Kennecott prior to the completion of this drill program. Kennecott retains either a 2% NSR or a 49% back-in right at feasibility. In addition to the Scheelite Dome drilling, the Company will be completing a soil sampling survey on its Discovery Gulch property in Alaska. It is in the process of evaluating the strongly anomalous stream sediment gold values from its Ogopogo property (see News Release No. 11, 8 September 1999), along the northern boundary of the Pogo property, to determine further work to be carried out this year. On Behalf of the Board of Directors Gerald G. Carlson, Ph.D., P. Eng. President and CEO The Vancouver Stock Exchange neither approves nor disapproves of the information contained herein. | |
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