VANCOUVER, June 25 /PRNewswire-FirstCall/ - Copper Ridge Explorations Inc. (TSX-V:KRX) (the "Company") is pleased to announce the appointment of J. Greg Dawson as the Company's President, effective July 1st, 2010. Mr. Dawson has served as the Vice President of Exploration for the Company since 2004. He has over 25 years of experience in the exploration business including serving as District Manager and General Manager with Teck Exploration Ltd. from 1999 to 2002 in Central Asia and South America. Mr. Dawson has a BSc in geology from the University of British Columbia and an MSc (MinEx) from Queens University. He is a member of the Association of Professional Engineers and Geoscientists of British Columbia and is currently a director of AME BC where he sits on the Safety Committee and Chairs the Land Use Committee.
Mr. Gerald Carlson, founder of Copper Ridge, has resigned as President and CEO and will remain as a Director and consultant to the Company. "On behalf of the Board of Directors I want to thank Mr. Carlson for his years of service shaping Copper Ridge," said Chairman William M. Sheriff. "While stepping down from the day-to-day role of President and CEO, we are grateful for his continued participation on the Board."
The Company also announces that Justin Blanchet has been appointed as Chief Financial Officer. Mr. Blanchet is a Chartered Accountant who was formerly a public accountant with Davidson & Company LLP. He has served as Controller for Golden Predator Corp. and EMC Metals Corp. since February 2010. Mr. Michael O'Brien who previously held the position of Chief Financial Officer will continue with the Company in an advisory capacity.
The Company also announces that it has granted 365,000 incentive stock options to directors, officers, and employees of the Company. The options have an exercise price of $0.28 per common share, and expire on June 24, 2015. The stock options are subject to vesting provisions pursuant to the Company's Stock Option Plan. Directors of the Company have also agreed to the cancellation 57,333 stock options held by them, which were granted in 2006 and 2008 and had exercise prices of $3.15 and $1.80.
The Company is also pleased to provide an update on its current 2010 exploration program:
Drilling recently began on a core drilling program at Copper Ridge's Duke Island copper-nickel-platinum-palladium (Cu-Ni-PGE) property in southeast Alaska. As of June 24, the first of the planned 4 to 6 holes had progressed to 408 m. The target depth for this hole is 600 m where geophysical studies indicate that sulphide mineralization has possibly accumulated at the base an ultramafic complex. The current program is expected to be completed by the end of July and results should be received by the end of August. Copper Ridge has an option to earn up to 65 % of the Duke Island property from Quarterra Alaska Inc.
Drilling is also currently underway at Copper Ridge's Yukon Olympic property located northeast of Dawson City in the Yukon Territory. Richmond Energy Corp has on option to earn up to 65 % of the Yukon Olympic property and is funding the current program. As of June 24, drilling was underway on the fifth hole of the planned 1,200 m program.
A 484 line kilometre ZTEM airborne geophysical survey was completed in early May over Copper Ridge's Babine Cu-Au-Mo porphyry property located north east of Smithers in central British Columbia. Copper Ridge has the right to earn a 100 % undivided interest in the Babine property from 4 underlying vendors. Copper Ridge has received preliminary maps from the survey which show several magnetic and conductive features that indicate potential extensions of known mineralization. Geotech is currently conducting further processing and interpretation of the data, the results of which will be available shortly.
Mr. J. Greg Dawson, P.Geo., President for Copper Ridge, is the Qualified Person for the Duke Island, Yukon Olympic and Babine projects and is responsible for the technical content of this news release.
About Copper Ridge Explorations Inc. ------------------------------------
Copper Ridge Explorations Inc. is focused on advancing the Duke Island copper-nickel-platinum-palladium project in Alaska while pursuing opportunities to expand its portfolio of advanced exploration projects in the Yukon, Canada. By exploring quality projects in areas of high mineral potential in mining-friendly jurisdictions, Copper Ridge is committed to maximizing shareholder value through discovery.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance. There are numerous risks and uncertainties that could cause actual results and Copper Ridge's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Copper Ridge assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
SOURCE Copper Ridge Explorations Inc.