Vancouver, BC, December 13, 2011 - Cariboo Rose Resources Ltd. (TSX-V:
CRB) ("Cariboo Rose") has completed the spin-out of its
interest in the Woodjam copper-gold project to Consolidated Woodjam
Copper Corp. (TSX-V: WCC) ("Woodjam Copper"), and Cariboo
Rose shareholders have received approximately 0.70 of a Woodjam Copper
share for each Cariboo Rose share held as of the close of November 25,
2011, the effective date.
The Canadian federal income tax consequences of the spin-out
transaction are summarized in the information circular of Cariboo Rose
dated August 26, 2011, as filed on the SEDAR website. In particular,
shareholders should reduce the Adjusted Cost Base ("ACB") of
Cariboo Rose shares by an amount which should then be recorded as the
acquisition cost of the Woodjam Copper shares.
Management of Cariboo Rose has calculated that the ACB of each
post-spin-out common share of Cariboo Rose should be reduced to 27.2%
of its pre-spin-out ACB and that 72.8% of the ACB of each pre-spin-out
common share of Cariboo Rose should be recorded as the acquisition
cost of each Woodjam Copper share. This fair value ACB adjustment
calculation is based on the relative Cariboo Rose and Woodjam Copper
closing share prices for the five trading days from December 2, 2011
to December 8 2011. No such determination of fair value by Cariboo
Rose is binding on the Canadian tax authorities.
Cariboo Rose has also granted stock options to eleven directors,
officers and employees for the purchase of 2,700,000 shares of Cariboo
Rose at an exercise price of $0.10 per share for a period of ten years
from the date of grant. Subsequent to this grant of options, there
will be options outstanding for the purchase of 2,850,000 shares.
Cariboo Rose presently has 28,516,577 shares issued and outstanding.
Donald Sharp, C.A., director and chief financial officer of both
Cariboo Rose and Woodjam Copper, has read and takes responsibility for
this news release.
J.W. (Bill) Morton, P.Geo.
President and CEO
Cariboo Rose Resources Ltd.
Paul Way, Business Development Manager
Phone: (604) 681-7913, Toll Free: 888-656-6611; email:
About Cariboo Rose Resources Limited
Cariboo Rose Resources is a prospect generating mineral exploration
company with four gold, copper and molybdenum exploration projects in
British Columbia and the Yukon. Properties include the Canadian Creek
copper-gold property located in the White Gold District of the Yukon
optioned to Castillian Resources Corp. (TSX-V: CT); the Cowtrail gold
property optioned to Dajin Resources Corp. (TSX-V: DJI) located in the
Cariboo region of south-central British Columbia; the Carruthers Pass
copper-zinc-silver property in north-central British Columbia optioned
to La Quinta Resources Corporation (TSX-V: LAQ); and the Pat
gold-copper property in the Cariboo region of south-central British
Columbia. Cariboo Rose trades on the TSX Venture exchange under the
symbol "CRB". For more information please visit the
Company's website at www.cariboorose.com.
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