Copper Reef Gold Rock Drilling Update: Financial News

TORONTO, ONTARIO--(MARKET WIRE)--Nov 10, 2008 -- Copper Reef Mining Corporation ("Company") (CNSX: CZC) is pleased to announce the completion of 46 HQ diamond drill holes totalling 2120 meters on its 100% owned Gold Rock Mining Lease in the Snow Lake area of Manitoba. Of these 46 holes, 37 intersected the gold rock vein and 24 intersected visible gold (VG) occurring as flakes up to 3 mm. Visible gold is generally associated with minor amounts of copper, zinc, lead and iron sulphide minerals but not always. These minerals were present in 35 of the holes drilled. Photos showing visible gold from Drill Holes GR-08-06, 8, 10, and 14 can be observed on Copper Reef's web site:- www.copperreef.com. Forty flecks of gold were observed on core surfaces of the vein intersection in hole GR-08-06, 51 flecks of gold in drill hole Gr-08-10 and 90 flecks in hole GR-08-14. Visible gold in Drill holes GR 23 to 28 (5), 30 & 33 (2), 35-36 (2), and 41 to 46 (6) have not yet been photographed. The Gold Rock vein, 365 m in length, occurs along a 2 km long quartz veined structure that includes the North Star deposit to the south.

The 46 HQ (2.5 inch diameter) holes into the Gold Rock vein system were drilled at 5-10 m spacings along a 180 m section of the 325 m long vein. The drilling was done along two tiers of holes drilled to intersect the vein at two levels 7-10 m vertical and 20-22 m vertical levels. Two holes, one at 50 degrees the other at 72 degrees were drilled from each drill setup.

The success of this program has encouraged Copper Reef's management to plan to continue the drill program with an additional 36 drill holes currently planned. Drilling will, by the middle of this week, begin on a third and forth tier of drill holes to be drilled behind the first and second tiers. In the third and forth tier of holes, two holes will be drilled from the same set up and are planned to intersect the Gold Rock Vein this time at approximately the 32 and 55 m vertical depth levels at 10 m intervals along the vein.

As reported in Copper Reef's September 25, 2008 release, 18 grab samples along the Gold Rock vein taken during a summer mapping program in 2007 gave values ranging from 0.14 oz Au/ton (4.80 g/t) to 5.37 oz Au/ton (184.08g/t) These results are consistent with those reported by the Geological Survey of Canada in 1935. Stockwell (1935) reported gold assays of 14.86 g/t Au across 0.95m widths for approximately 17m along the vein. An adjoining section, approximately 52m long averaged 39.38 g/t across 0.36m (Heine, 2003 Manitoba Geological Survey).

Quality Control

The Company employs QA/QC protocol on all aspects of its analytical procedures. Core samples are sawn and one half of the HQ core is restored to the core boxes for future reference and one half sent for analysis. Samples of veining or mineralization are taken in approximately 50 cm intervals or less. Sample preparation and analytical work is conducted at TSL labs in Saskatoon, Saskatchewan utilizing fire assaying with a two assay ton charge, with an AA finish. In addition pulps of the samples are analysed using a multi-acid digest/ ICP-AES and AAS techniques for trace elements. Gold assays above 0.5 g/ t are then re-assayed by the screen metallic method where the entire sample of the sawn core sent for assay is pulverized and screened with a 150 mesh screen to remove the coarse gold and is then assayed separately by fire assay technique, the remaining pulverized core material that passes through the screen will be assayed by four separate two assay ton charges. The average of the 4 assays will be combined, on a weighted basis, with the assay of coarse gold that was captured by the screen to obtain an overall average grade. This method should give a high level of reliability in representing the contained gold in the core. The large size of core and the closely spaced holes should provide a reasonable sample size and spacing to represent the grade of the vein.

Commercially prepared standards representing 2 ranges of gold grades are inserted at intervals of 1 in 10 samples. A blank rock sample of granite is inserted every 20 samples. Stephen Masson M.Sc., P.Geo President of Copper Reef is the qualified person in the Company. He has reviewed the drill core and confirms the visual descriptions. Assay results are pending for all holes completed to date.

On Behalf of the Board of Directors

Robert N. Granger QC, Chairman

No securities regulatory authority has reviewed or accepts responsibility for the adequacy or accuracy of this release. Some of the statements contained in this release are or may be considered forward-looking statements, such as estimates and statements that describe Copper Reef's future plans, objectives or goals, including words to the effect that Copper Reef or its management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. We seek safe harbour.