VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 16, 2012) - Fjordland Exploration Inc. (TSX VENTURE:FEX) is pleased to report that it has commenced a Phase 4, 2012 exploration program, budgeted at approximately $375,000, on the Tak Project, part of the Tak-Milligan Property Option, located approximately 50 kilometres (km) east of Williams Lake, and immediately south of the developing Woodjam copper-gold-molybdenum porphyry camp.
The objective of the next phase (Phase 4) of exploration is to further delineate areas of induced polarization (IP) chargeability and resistivity anomalies on the Moffat Property (6 line km), followed by additional drilling if warranted. Additional IP (7 line km) and soil geochemical surveys will be completed on the Tisdall Property and, contingent on results, drilling will follow. IP surveys will be conducted on the Canim (6 line km), Hazel North and Hazel South properties (5 line km). In total, 24 line km of IP and 1000 m of drilling are planned, with most of the work to be completed by July.
The Tak portion of the project consists of nine non-contiguous claim blocks (Moffat, Moffat East, Tisdall, Canim, Howard Lake, LaHache, Hazel North, Hazel South and HR), with a total area of 48,350 hectares. To date, under an option agreement, Capstone Mining Corp. (TSX:CS) has funded exploration expenditures totaling approximately $827,000 in three phases of work on the Tak-Milligan Property. Capstone has vested a 49% interest and can earn a 60% interest by funding additional exploration in two phases in the amount of $1,400,000. Capstone may earn a total of 70% of the Properties by spending a cumulative total of $6,000,000 on or before December 31, 2016.
Tom Schroeter, President of Fjordland, commented: "Fjordland looks forward to the results of its ongoing exploration programs on the Tak properties, located adjacent to the emerging Woodjam copper-gold-molybdenum porphyry camp. We have a lot of targets to test, as well as continuing with systematic exploration programs on other untested areas of the large tenement package."
About Fjordland Exploration Inc.
Fjordland Exploration is a mineral exploration company focused on the discovery of gold, copper and molybdenum deposits in British Columbia. Fjordland currently has a portfolio with 25 properties. It has a 51% interest in 7 properties known as "Tak" totaling 55,654 ha in the Woodjam area of central BC. Fjordland has a 51% interest in two properties known as "Milligan" totaling 2,192 ha, adjoining Thompson Creek Metals Company Inc.'s Mt. Milligan copper-gold deposits on the west. Capstone Mining Corp. (TSX:CS) owns a 49% interest in the combined Tak-Milligan Project. Fjordland and Serengeti Resources Inc. are 37%/63% partners exploring 13 properties (QUEST Project) totaling 50,170 ha in the Quesnel Terrane north of Woodjam for precious and base metals. Six of the QUEST properties (totaling 27,690 ha) have been optioned to Xstrata Copper; the QUEST JV owns 100% of the remaining 7 properties totaling 22,480 ha. Fjordland has a 100% interest in 2 properties totaling 17,657 ha in the Iron Range in southeastern BC. Fjordland has an option to acquire a 100% interest in the Dillard and Dill copper and gold properties, north of Princeton. Fjordland's shares trade on the TSX Venture Exchange under the symbol "FEX". For further information visit Fjordland's website at www.fjordlandex.com.
T.G. Schroeter, P.Eng./P.Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.
Tom Schroeter, President & CEONeither TSX Venture Exchange nor its Regulation Services providers (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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