VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/09/12 -- 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 (NYSE: GFI), has delivered Exercise Notices on the Woodjam North and South Properties in south-central British Columbia, indicating that it has vested its 51% earn-in interest under the Option and Joint Venture Agreements dated July 29, 2009 and May 20, 2010, respectively. After reviewing and approving the expenditure statements provided by Gold Fields, the Board of Directors of Woodjam Copper acknowledged the earn-in. Gold Fields has completed expenditure totaling approximately $14.6 million on the two properties during the past 2.5 years to earn its 51% interest.
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 on the Woodjam North and Woodjam South properties respectively, over the next four years. In addition, Gold Fields is required to complete a comprehensive feasibility study on the Woodjam South property.
Bill Morton, President of Woodjam Copper, stated: "This marks an exciting threshold in the development of the Woodjam properties as we will continue to see aggressive exploration funded by Gold Fields. Their interest in the project is also underlined by their notice to earn a further interest in both of the properties by making very significant expenditures."
Glen Garratt, P.Geo. is the qualified person within the context of National Instrument 43-101, who has read and taken responsibility for this news release.
Glen 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.
About Gold Fields Limited
Gold Fields is one of the world's largest unhedged producers of gold with attributable, annualized 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 77 million ounces and Mineral Resources of 225 million ounces. For more information visit the company's website at www.goldfields.co.za.