CANADA VENTURE: Fjordland A Diversified Copper-Gold Play
By Brian Truscott
Of DOW JONES NEWSWIRES
546 words
19 August 2009
16:00
Dow Jones News Service
DJ
English
(c) 2009 Dow Jones & Company, Inc.

VANCOUVER (Dow Jones)--Fjordland Exploration Inc. (FEX.V) is a Vancouver-based junior exploration company focused on the discovery of gold-copper deposits in British Columbia's interior heartland.

"We're focused on porphyry-type, or large bulk mineable deposits, of gold, copper and molybdenum," said Tom Schroeter, the company's president and chief executive. "On that note, we have two major project areas, both of them within central British Columbia."

Fjordland and Cariboo Rose Resources Ltd. (CRB.V) are in a 60/40 joint venture called Woodjam but recently signed an option and exploration deal with Gold Fields Horsefly Exploration Corp., a Gold Fields Ltd. (GFI) subsidiary, which can earn up to a 70% interest in the northern portion of the copper-gold property.

Gold Fields may earn an initial 51% interest by spending some C$7 million on exploration and making other cash payments over a three-year period. It can also extend its option in order to earn a further 19% interest in the Woodjam North property by funding a further $12 million in exploration over a four-year period.
Some C$7 million has already been sunk into the Woodjam property, including an estimated C$4.7 million and C$2.3 million on the Woodjam North and South properties, respectively. The North property is by far the largest part of the claim.

"We have been very successful in engaging one of the largest unhedged producers of gold in the world, to come in and option the Woodjam North property," he said.
While Fjordland now sits back as Gold Fields comes into the equation on the northern property, there's also another task at hand.
"The remaining part of the property, which we refer to as Woodjam South, includes a significant new southeast zone discovery," Schroeter said. "This new discovery is more copper than gold."

That goes some way to explaining why Gold Fields didn't move in and option both properties, he said.
Apart from Woodjam, Fjordland also has a project called Quest, which is a 1,482-square-kilometer claim between Williams Lake and Fort St. James. That's a 50/50 venture with Serengeti Resources Inc. (SIR.V) and comprises some 11 properties.

"This year, with our joint- venture partner, Serengeti, we will be drilling one of those 11 properties. The others have had work done on them; we do have targets on them but because of the economic atmosphere, we don't need to do further work," he said.

The company has instead chosen to concentrate on working what's called the Mil property, another significant copper-gold target in that area, he said.

Company Web Site: http://www.fjordlandex.com

Brian Truscott, Dow Jones Newswires;
604-669-1595;
brian.truscott@dowjones. com

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