Consolidated Woodjam Copper Corp.: Gold Fields Adds 15,000
Consolidated Woodjam Copper Corp.: Gold Fields Adds 15,000 Metres to Drilling Program at the Woodjam North Property, British Columbia
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/20/12 -- Consolidated Woodjam Copper Corp. ("Woodjam Copper") (TSX VENTURE:WCC) is pleased to report that Gold Fields Horsefly Exploration Corporation ("Gold Fields") a subsidiary of Gold Fields Limited (JSE:GFI)(NYSE:GFI)(NASDAQ:GFI)(DUBAI:GFI), has expanded the Woodjam North drilling program by approximately $4 million to complete an additional 15,000 metres of drilling. To accomplish this additional drilling Gold Fields will be adding a third drill to the program to focus on the following:
-- With the discovery of the Three Firs Zone (see news release dated August 7, 2012), 8,000 metres will be directed at determining the limits of mineralization. Three holes have so far indicated a mineralized area of approximately 150 by 150 metres. The first hole into the zone, Mag12-03, returned 213.50 metres grading 0.20% copper and 0.20 g/t gold, including 83 metres grading 0.26% copper and 0.35 g/t gold. -- Drilling in the Deerhorn Zone will be expanded by approximately 5,000 metres to give further delineation to the gold rich part of the zone as indicated by hole DH12-37 which returned 145 metres grading 0.13% copper and 0.71 g/t gold. Previous drilling in this zone has intersected mineralization over an area of approximately 800 metres by 300 metres. -- Additional exploration drilling of approximately 2,000 metres will also be added in the Takom Zone area to follow up on open-ended mineralization.
Gold Fields has recently completed drilling extensions to the Southeast Zone on the Woodjam South property which hosts a NI 43-101 compliant inferred resource of 146.5 million tons grading 0.33% copper (pit constrained).
Gold Fields has vested a 51% interest in both the Woodjam North and South properties. Further, Gold Fields has given notice to Woodjam Copper that it will exercise its right to earn a further 19% interest in each of the Woodjam North and Woodjam South properties. To earn this additional interest Gold Fields will be required to spend $12 million and US$8 million over the next four years on the Woodjam North and Woodjam South properties respectively. In addition, Gold Fields is required to complete a comprehensive feasibility study on the Woodjam South property.
Glen L. Garratt, P.Geo., a qualified person for the purposes of National Instrument 43-101, has read and taken responsibility for this news release.
Glen L. Garratt, P.Geo., Director
Consolidated Woodjam Copper Corp.
About Consolidated Woodjam Copper Corporation
Consolidated Woodjam Copper Corp. ("Woodjam Copper") (TSX VENTURE:WCC) was called for trading on the TSX-V on November 25, 2011. Woodjam Copper was created when Fjordland Exploration Inc. ("Fjordland") (TSX VENTURE:FEX) and Cariboo Rose Resources Ltd. ("Cariboo Rose") (TSX VENTURE:CRB), 60%-40% partners in the Woodjam Joint Venture ("WJV"), jointly put their interests in the WJV into the new company. Shareholders of Fjordland and Cariboo Rose received shares in Woodjam Copper. Woodjam Copper currently owns a 49% interest in the Woodjam North and Woodjam South properties which are under option to Gold Fields who own a 51% interest and may earn a further 19% to total a 70% interest in the properties. In 2012, Woodjam Copper published an initial Southeast Zone NI 43-101 compliant inferred resource of 146.5 million tons grading 0.33% copper (pit constrained).
About Gold Fields Limited
Gold Fields is one of the world's largest unhedged producers of gold with attributable, annual production of 3.5 million ounces per annum from eight operating mines in South Africa, Ghana, Australia and Peru. Gold Fields also has an extensive growth pipeline with both greenfield and near-mine exploration projects at various stages of development. Gold Fields has total attributable Mineral Reserves of 80.6 million ounces and Mineral Resources of 217 million ounces. For more information visit the company's website at www.goldfields.co.za.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts: Consolidated Woodjam Copper Corp. Paul Way Investor Relations (604) 681-7913 or Toll Free: 888-656-6611 (604) 681-9855 (FAX) firstname.lastname@example.org www.woodjamcopper.com