Vancouver, BC, October 28, 2013 - Consolidated Woodjam Copper Corp. ("Woodjam Copper") (TSX-V: WCC) reports that Gold Fields Horsefly Exploration Corporation ("Gold Fields"), a subsidiary of Gold Fields Limited (JSE, NYSE, NASDAQ, Dubai: GFI), resumed diamond drilling on the Woodjam project on October 15. The current plan is to drill approximately four holes (?1,500 m) in an area proximal to the Southeast Zone on claims recently optioned from a third party (See News Release Dated May 15, 2013) that have been included in the Woodjam South option. The Southeast Zone is one of five known zones of porphyry copper-gold mineralization on the property, which includes the Woodjam North and South areas.
The 60,000 ha Woodjam property is located in the Cariboo region of south-central British Columbia, approximately 50 km east of the Williams Lake. Five zones of copper-gold mineralization have so far been discovered at Woodjam with NI 43-101 compliant inferred resources reported by Gold Fields for three of them, namely:
Southeast Zone Resource:
---------------------------------------------------------- |Category|Tonnes (Mt)|Au (g/t)|Cu (%)|Au (Koz.)|Cu (Mlb.)| |--------------------------------------------------------| |Inferred|227.5 |* |0.31 |* |1,541.9 | ----------------------------------------------------------
*Gold, Molybdenum and Silver do occur in the Southeast Zone, but were not included in the Resource calculation
Deerhorn Zone Resource:
---------------------------------------------------------- |Category|Tonnes (Mt)|Au (g/t)|Cu (%)|Au (Koz.)|Cu (Mlb.)| |--------------------------------------------------------| |Inferred|32.8 |0.49 |0.22 |516.2 |158.2 | ----------------------------------------------------------
Takom Deposit Resource:
---------------------------------------------------------- |Category|Tonnes (Mt)|Au (g/t)|Cu (%)|Au (Koz.)|Cu (Mlb.)| |--------------------------------------------------------| |Inferred|8.3 |0.26 |0.22 |68.2 |39.7 | ----------------------------------------------------------
These Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The tonnes and grade are reported at a US$8.60/t NSR cut-off grade constrained within an optimized pit shell. The pit shell is based on a price assumption of US$1,650/oz Au and US$3.90/lb Cu. The NSR calculation uses recoveries of 85% Cu and 60% Au for the Southeast Zone and 56% Au and 64% Cu for the Deerhorn and Takom Zones. The results were estimated using GEMS(R) software.
Gold Fields has forwarded the results of the 2013 reconnaissance drilling program, during which 13 core holes totalling 3733.35 m were completed. The drill program tested widespread targets on the Woodjam South property. A number of holes either did not get through the overburden or were entirely in young basalt volcanic cover overlying the prospective Nicola volcanic host rocks. Of significance was hole SE13-86, which is located approximately 700 m south of the Southeast Zone. This hole is located 200 m southeast of hole WJ10-04, which returned a 172.5 m intercept, from 152.5 m, grading 0.19% Cu. Drill hole SE13-86 returned 146.2 m grading 0.11% Cu, starting at 254.0 m and continuing to the end of the hole. These two holes indicate that a large mineralized system occurs within the Takomkame Batholith, 1 km south of the Southeast Zone. These holes have grades that are consistent with holes drilled in proximity to the Southeast Zone and indicate the strong potential for a new discovery on the Woodjam South property.
Additionally, hole WSX-13-04, located approximately 4 km south of the Southeast Zone, intersected anomalous copper-molybdenum mineralization (up to 825 ppm Cu) entirely within the Takomkane quartz-monzonite. While no economic metal values were encountered the drill hole indicates a new target area where the exploration potential is enhanced.
Gold Fields has vested a 51% interest in both the Woodjam North and South properties. 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 CAD$12 million and US$8 million over the next four years on the Woodjam North and Woodjam South properties, respectively. These expenditure requirements will be reduced by the 2012 expenditures, which are under review. In addition, Gold Fields is required to complete a comprehensive feasibility study on the Woodjam South property.
J.W. Morton, P.Geo., a qualified person for the purposes of National Instrument 43-101, has read and taken responsibility for this news release.
J.W. Morton P.Geo.
President and CEO
Consolidated Woodjam Copper Corp.
Contact:
Paul Way, Investor Relations
Phone: (604) 681-7913, Toll Free: 888-656-6611; email: [email protected]
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
About Consolidated Woodjam Copper Corporation
Consolidated Woodjam Copper Corp. ("Woodjam Copper") (TSX-V: WCC) trades on the TSX-V exchange and 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). This resource was updated as of May 15, 2013 to 227.5 Mt grading 0.31% copper.
About Gold Fields Limited
Strategically focussed on sustainable cash generation, Gold Fields Limited (GFI) is an unhedged, global producer of approximately two-million ounces of gold per annum from six operating mines on three continents. These are Agnew and St Ives in Australia, Tarkwa and Damang in Ghana, Cerro Corona in Peru and the developing South Deep in South Africa. In addition to an extensive and diverse global exploration portfolio, the Company has four significant growth projects either in resource development or pre-feasibility stage in Finland, Mali, Peru and the Philippines.
Gold Fields has total attributable gold Mineral Reserves of 54.9 million ounces and Mineral Resources of 125.5 million ounces, and is listed on the JSE Limited (primary listing), the New York Stock Exchange (NYSE), NASDAQ Dubai Limited, Euronext in Brussels (NYX) and the Swiss Exchange (SWX). For more information visit the company's website at www.goldfields.co.za.