Copper Creek Gold CKVLF

2005-02-08 12:50 ET - News Release

[wofats]

Copper Creek nears flow test; plans financing 2005-02-08 12:50 ET - News Release Mr. Bing Jung reports TURNER VALLEY 6-31-20-3 W5M WELL UPDATE PRIVATE PLACEMENT ANNOUNCED Copper Creek Ventures Ltd. has been advised by the operator that the CO2 frac on the 6-31-20-3 W5M well has been completed and is now waiting on a coil tubing rig to complete final cleanout in preparation for flow testing. The wellbore cleanout has been contracted to Sanjel Corp. and is expected to be completed shortly. Subsequently, the well will be flow tested and evaluated for reserves. The company plans to retain McDaniel & Associates to prepare engineering and reserve estimates for its interest in the project. Upon successful flow testing, Copper Creek Ventures and its joint venture partners will pursue a gas sales contract and prepare final completion plans for a pipeline hookup and delivery of gas product to market. The company has a 25-per-cent net interest in the 631-20-3W5 well, along with a 25-per-cent interest in options on seven more sections and a 12.5-per-cent net interest on one additional section. The company currently has involvement in a total of 2,304 hectares (nine square miles) of oil and gas leases in the area. Many of these leases abut or adjoin significant leaseholdings of Talisman Energy at Turner Valley. The company also wishes to announce a flow-through private placement of up to three million units at 15 cents per unit. Each unit will comprise a flow-through share and a two-year non-flow-through share purchase warrant. The warrants are exercisable at 20 cents in the first year and 25 cents in the second. The proceeds from this offering will be allocated to the completion of the Turner Valley well and the Karr Creek well in Grande Prairie