Under terms of the agreement, Heatherdale Resources Ltd., a private company affiliated with Hunter Dickinson, will retain a 51 percent interest in the joint venture by funding exploration and development expenditures on the Niblack Project totaling at least US$15 million within three years. Upon completion of its initial contribution, Hunter Dickinson can increase its interest to 60 percent by funding additional expenditures of US$10 million and to 70 percent by funding the completion of a positive bankable feasibility study within an additional three year period. This period may be extended to complete technical works programs for the bankable feasibility study if necessary, but will not exceed six years in any event. All spending requirements are subject to minimum annual expenditures of US$5 million.

The joint venture company will be principally managed by Hunter Dickinson. Hunter Dickinson will have overall responsibility for operations and reporting and shall implement decisions of the management committee, which is to be chaired by Hunter Dickinson and comprised of three representatives from each co-owner. Decisions of the management committee will be determined in proportion to ownership interest, with certain decisions requiring a vote of more than 60 percent.

CBR Gold said the two companies are collaborating on the planning of an exploratory drill program for execution at Niblack in 2009. Specific goals, targets, budgets and timelines for the 2009 exploration program will be finalized within the next few weeks. All State of Alaska permits required to undertake an exploratory drill program at the Niblack Project site in 2009 are already in place.

The Niblack deposit supported historic underground mining operations from 1905 to 1908, producing about 20,000 metric tons of ore grading 4.9 percent copper, 2.2 grams per metric ton gold and 30 g/t silver. The deposit has been the focus of extensive exploration activity over the past 34 years, including 59,289 meters of drilling in 246 holes. In 2007, an 880-meter exploration drift was constructed to facilitate cost-effective underground drilling of the deposit. The last two holes drilled at the Niblack project in 2008 returned grades significantly higher than the historic average, including U28 which intersected 78.66 meters grading 1.89 percent copper, 4.83 g/t gold, 85.31 g/t silver and 4.93 percent zinc.

CBR Gold released an updated mineral resource estimate March 26 and metallurgical results June 10. This subsequent metallurgical work demonstrated high metal recoveries with excellent concentrate grades, showing significant improvement of metal recoveries over the historic preliminary testing work conducted in 1990 and 1997. The updated recoveries are expected to positively impact the current resource estimate.

“We are very pleased to be initiating a partnership with CBR Gold to advance exploration of the Niblack copper-gold-silver-zinc deposit,” said Hunter Dickinson Chairman Robert A. Dickinson. “Based on the most recent exploration results from the 2008 drill program, in particular, we believe this property presents potential for delineating significant volumes of high-grade mineralization.”