» Summary

The 56,170 ha Woodjam gold-copper-molybdenum property comprises the Woodjam North (42,343 ha) and the Woodjam South (13,827 ha) properties. Both properties are a joint venture with Cariboo Rose Resources Ltd (40%) and have been optioned under separate agreements to Gold Fields Ltd (NYSE:GFI). In 2010, Gold Fields completed the 3rd largest exploration drilling program in British Columbia at Woodjam.

» Location

The Woodjam Property is located at and around the village of Horsefly, situated approximately 45 kilometres east of the City of Williams Lake, in the Cariboo Mining Division of central British Columbia. The claims encompass low elevation, relatively flat terrane and is easily road accessible and workable on a year-round basis.

» Ownership

The Woodjam Property consists of mineral claims totaling an area of 539 square kilometers. The property is owned 60:40 by Fjordland Exploration Inc and Cariboo Rose Resources Ltd respectively making up the Woodjam Joint Venture.

On 28 May 2009 Gold Fields Horsefly Exploration Corp, a member of the Gold Fields Ltd. group of companies, was awarded an option to earn an initial 51% interest in a portion of the property referred to as "Woodjam North" by expending $7 million in exploration and making $350,000 in cash payments to the Joint Venture over a three year period with a minimum expenditure of $1 million in the first year. Gold Fields may extend the option to earn a further 19% interest in the Woodjam North property by funding a further $12 million in exploration over a 4-year period. Gold Fields Limited is the world's fourth largest unhedged producers of gold with attributable production of 3.5 million ounces per annum from nine operating mines in Peru, South Africa, Ghana and Australia.

The Woodjam North property includes the Megabuck, Megabuck East, Takom and Deerhorn Zones and a large tract of claims to the north, west and east of those targets, encompassing an area of 405 square kilometres. The option excludes the recently discovered Southeast copper-gold-molybdenum Zone, as well as claims to the south of the Takom target, totaling an area of 134 square kilometres referred to as "Woodjam South".

In early 2010, Gold Fields Horsefly Exploration Corp provided written notice that it intends to exercise a right of first refusal with respect to the WJV’s Woodjam South copper-gold property. This offer matches one presented by another major international mining company. Pursuant to the offer, Gold Fields can earn a 51% interest in the Woodjam South Property in consideration for expending US$7 million on exploration over 42 months and the purchase of a total of C$500,000 of common shares of the WJV partners, which will be divided relative to their interests. The offer includes the right to increase the earned interest to 70% by financing a bankable feasibility study.

» Geology & Mineralization

The property is located within the Quesnel Trough, a large regional depositional belt extending 2,000 kilometres from the U.S. border in the south to the Stikine River in the north. The belt hosts several large tonnage "porphyry type" deposits including New Gold's New Afton deposit, Imperial Metals' Mount Polley Mine, Teck's Highland Valley Copper Mine, Taseko's Gibraltar Mine, Terrane Metals' Mt. Milligan deposit and Northgate's Kemess Mine.

Large areas of higher chargeability with coincidental low resistivity IP signatures define the property's mineralized zones tested to date. The mineralized trend is associated with regional scale northeast trending magnetic highs demarcating the alteration zone produced by the contact of the Takla volcanics with the Takomkane intrusives. The magnetic highs extend southwest of known mineralized zones onto previously unexplored ground recently acquired by the Woodjam Joint Venture.

The Woodjam North Property hosts several gold+copper alkalic porphyry-type deposits including the Megabuck, Takom, and Deerhorn Zones. The gold+copper style mineralization occurs within contact aureoles of monzonitic intrusive bodies intruding Takla volcanic rocks.

The Woodjam South Property hosts the Southeast Zone, a large scale calc-alkalic copper+molybdenum+gold porphyry-type deposit. The Southeast Zone is wholly within dioritic to monzonitic intrusive rocks of the Takomkane Batholith.