Golden Cariboo Resources Ltd. (the "Company") was incorporated under the laws of the Province of British Columbia on October 6, 1988. The Company's shares are publicly traded on the TSX Venture Exchange, under the symbol GCC.
Historically, the Company's principal business activity has been the exploration and development of mineral properties. The recoverability of amounts shown for resource properties is dependent upon the discovery of economically recoverable reserves, the ability of the Company to obtain the necessary financing to complete development, confirmation of the Company's interest in the underlying properties and upon future profitable production or sufficient proceeds from the disposition of its resource properties.
The Company continues to investigate new exploration opportunities and mineral exploration will be carried out on properties identified by management of the Company as having favorable exploration potential. Interests in such properties are acquired in various ways. The Company, through its own efforts, can stake mineral claims or acquire exploration permits. In other cases, the Company can acquire interests in mineral properties from third parties. An acquisition from a third party would typically be made either as an outright purchase (with payment of cash and/or shares) or by way of an option agreement, which requires the Company to make specific option payments and to incur a specific amount of exploration and development expenditures to vest its interests. Having incurred the specified exploration expenditures, the parties would then enter into a joint venture requiring each party to contribute towards future exploration and development costs, based on its percentage interest in the property, or suffer dilution of its interest.
The Company advances its projects to varying degrees by prospecting, mapping, geophysics and drilling. In cases where exploration work on the property reaches a stage where the expense and risk of further exploration and development are too high, the Company may seek a third party to earn an interest by furthering development. Optioning a property to a third party allows the Company to retain an interest in further exploration and development while limiting its obligation to commit large amounts of capital to any one project.