Cadillac Options Pickle Gold Claims to Newcastle
June 17 2010 - 8:30AM
Marketwired
Cadillac Ventures Inc. (TSX VENTURE: CDC) ("Cadillac") is pleased
to announce that the Pickle Gold claims held by Cadillac in Pickle
Lake, Ontario have been optioned to Newcastle Minerals Ltd.
("Newcastle") subject to regulatory acceptance.
Under the terms of the option agreement Newcastle can earn an
initial 60% interest in the 21 claims by the payment to Cadillac of
$30,000 and 1,000,000 shares of Newcastle, and the completion of
$250,000 in exploration work on the claims within 12 months of the
date of the agreement. To earn the remaining 40% interest in the
claims Newcastle must make payment to Cadillac of an additional
$85,000 and an additional 1,000,000 shares within 24 months of the
date of the agreement, incur exploration expenses on the claims of
an additional $300,000 within 30 months, and issue to Cadillac an
NSR of 2%. Newcastle can purchase from Cadillac 1% of the NSR for
$1,000,000 at any time prior to the date that is three years after
the commencement of commercial production on the claims.
About Cadillac
Cadillac is a development-focused exploration Company which has
the past-producing Thierry Property near Pickle Lake in Northern
Ontario, several exploration projects in Spain in joint venture
with MATSA and three Canadian exploration projects, located in
regions that have been historically active.
The Thierry Property encompasses the past producing Thierry Mine
which ceased production in 1982 leaving mineralization in situ. In
addition to the Thierry mine project Cadillac wholly owns the New
Alger project, a previously productive gold mine, located outside
of Cadillac, Quebec, where the Company has entered into a joint
venture agreement with Renforth Resources Inc. for a three year
$2.5 million exploration program. In Spain, the Company is joint
venture partner with Minas de Aguas Tenidas, S.A.U. regarding the
exploration of 12 different investigation licenses surrounding the
Aguas Tenidas Mine in the Iberian Pyrite Belt of southern Spain.
The Burnt Hill Project is a 51% owned tungsten tin project located
outside of Fredericton, New Brunswick.
For more information regarding Cadillac, please visit our
website at www.cadillacventures.com.
Forward Looking Statements
This news release may contain certain forward-looking statements
under applicable securities laws. All statements, other than
statements of historical fact, are forward looking. Forward-looking
statements are frequently identified by such words as 'may',
'will', 'plan', 'expect', 'believe', 'anticipate', 'estimate',
'intend' and similar words referring to future events and results.
Forward-looking statements are based on the current opinions and
expectations of management. All forward-looking information is
inherently uncertain and subject to a variety of assumptions, risks
and uncertainties, including the speculative nature of mineral
exploration and development, fluctuating commodity prices, the
risks of obtaining necessary licences and permits and the
availability of financing, as described in more detail in the
Company's securities filings available at www.sedar.com. Actual
events or results may differ materially from those projected in the
forward-looking statements and the reader is cautioned against
placing undue reliance thereon. Cadillac assumes no obligation to
revise or update these forward-looking statements except as
required by law. All dollar amounts are in Canadian dollars unless
otherwise noted.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Cadillac Ventures Inc. Norman Brewster President and
Chief Executive Officer 416 203-7722 www.cadillacventures.com
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