Vancouver, BC, April 18, 2013 - Consolidated Woodjam Copper Corp. ("Woodjam Copper") (TSX-V: WCC) is pleased to report that Gold Fields Horsefly Exploration Corporation ("Gold Fields") a subsidiary of Gold Fields Limited (JSE, NYSE, NASDAQ, Dubai: GFI), has started the 2013 field program at the Woodjam Copper-Gold Project located in the Cariboo region of British Columbia, east of the city of Williams Lake.
In 2012 Gold Fields vested a 51% interest in both the Woodjam North and South properties and gave notice to Woodjam Copper of its decision to exercise a right to earn a further 19% interest in both these 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. These spending requirements will be reduced by the 2012 expenditures which have not yet been accounted for. In addition, Gold Fields is required to complete a comprehensive feasibility study on the Woodjam South property. Woodjam Copper will retain a 30% interest in both Woodjam North and Woodjam South.
Work completed in 2012 on the Woodjam South and Woodjam North properties included 114 diamond drill holes totaling 36,623 metres. Gold Fields continues to compile the results of this and previous work to determine how best to move forward and has indicated that this review will be available within the next two months.
The current program will consist of approximately 4,000 metres of diamond drilling within the Woodjam South project area and is expected to take approximately two months to complete.
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.
Consolidated Woodjam Copper Corp.
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).
About Gold Fields Limited
Gold Fields is a large unhedged producer of gold with attributable, annual production of 2 million gold ounces from six operating mines in Australia, Ghana, Peru and South Africa. Gold Fields also has an extensive and diverse global growth pipeline with four major projects at resource development and feasibility level. Gold Fields has total attributable gold Mineral Reserves of 54.9 million ounces and Mineral Resources of 125.5 million ounces. For more information visit the company's website at www.goldfields.co.za.