The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
KRX: TSX-V
President and CEO: Gerald G. Carlson
Non-Executive Chairman: William M. Sheriff
Vice President, Exploration: J. Greg Dawson
Copper Ridge Explorations Ltd., incorporated 1983 British Columbia as Payday Resources Inc., has a diversified commodity focus including base metals, precious metals, uranium and tungsten.
Copper Ridge's exploration philosophy is to maximize the potential for success in a high-risk business.
The company believes that with grassroots mineral exploration where the entry cost is low but the potential reward can be very high; success will be contingent on exploration skill and on carefully managed risk.
By exploring a broad array of projects, focusing on the right commodities in areas of high mineral potential and in mining-friendly jurisdictions, and by sharing the risks on some projects in joint ventures, Copper Ridge says it is exposing its shareholders to a greater chance for discovery.
The junior owns or has the option to acquire an interest in 12 mineral properties in Alaska, Yukon and British Columbia.
In the 2008 fiscal year, four of the Company's projects were drilled either by optionees or the company.
Drill programs were completed at Kalzas (tungsten - Prospector Consolidated), Joss'alun (copper - Lomiko Metals), Babine (NAK and Dorothy porphyry copper-gold-molybdenum), and Ironman (iron oxide-copper-gold-Vale Inco).
In addition, an airborne geophysical survey was completed at Clear Lake (zinc-lead-silver), while surface exploration programs were conducted at Ogopogo (gold), Borealis (uranium) and Lucky Joe (copper-gold).
Drill programs are planned or being considered for Willoughby (gold-silver - Bonterra Resources), Lucky Joe (copper-gold - Taipan Capital) and Clear Lake (Copper Ridge).
On May 29, Copper Ridge reported a private placement financing of C$3 million.
With proceeds from the financing, the company said it was better positioned to further explore its portfolio of base metal and base metal plus precious metal projects and to seek out new acquisition opportunities.
Copper Ridge also sold four gold projects, Yukon's Scheelite Dome and Quitovac, and B.C.'s Willoughby and Alaska's Ogopogo to Golden Predator Royalty & Development Corp. Copper Ridge said its ongoing strategy continues to be to seek partners to move its key projects forward.
Four of its projects are farmed out, including Kalzas (tungsten - Prospector Consolidated), Lucky Joe (copper-gold - Taipan Capital), Yukon Olympic (IOCG - Richmond Capital) and Willoughby (gold-silver - Bonterra Resources).
Drilling was proposed for Lucky Joe and Willoughby in 2009, and Copper Ridge has proposed spending C$1.275 million on drilling programs at its Clear Lake, Duke Island, Babine and Borealis projects in 2009-2010.
At Clear Lake, the junior aims to get sufficient data in hand to calculate an NI 43-101-compliant resource estimate for the property, while it will continue exploration drilling at Duke Island and Babine.
At Borealis, the company intends to evaluate gold anomalies.
Meanwhile, the junior is making a concerted effort to acquire a new project.
Cash and short-term deposits: C$336,156
Working capital: C$409,518 (at April 30, 2009)
Market capitalization: C$2.8 million
Suite 500 -- 625 Howe St.
Vancouver, B.C. V6C 2T6
Tel: 604-688-0833 Fax: 604 688-0835
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