|December 17, 2008|
Cadillac Announces Joint Venture in Spain
|Toronto, December 17, 2008 - Cadillac Ventures Inc. (CNSX-CDC) ("Cadillac" or the "Company") is pleased to announce that it has signed a joint venture agreement with Minas de Aguas Tenidas, S.A. ("MATSA"), a wholly owned subsidiary of Iberian Minerals Corp. ("Iberian") encompassing 14 properties totalling approximately 232 km2 (the "Properties") within the prolific Iberian Pyrite Belt of southern Spain. Iberian is presently bringing the Aguas Tenidas deposit into production and completing a 1.7 million tonne per year concentrator on its wholly owned property.|
The 14 properties included in the MATSA Huelva Joint Venture are as follows;
Upon completion of a feasibility study with respect to a particular property, that property is to be transferred to a new operating company. Cadillac will hold a 90% interest and MATSA will hold a 10% interest, both participating, in the operating company. MATSA will have a 90-day option to increase its interest in the operating company to 35% (reducing Cadillac's interest to 65%) by paying to Cadillac an amount equal to the expenditures incurred by Cadillac with respect to such property plus two times the cost of the feasibility study. With respect to the Santo Angel property in the Cueva de la Mora Group only (which includes the Angelita deposit), MATSA may increase its percentage interest in the operating company to 65% (Cadillac 35%) on the same payment terms as the other properties.
A party's failure to fund its share of expenditures required to implement the recommendations of a feasibility study will result in dilution of that party's interest in the operating company. If a party's interest in an operating company falls below 10%, such party's interest will convert to a 1% net smelter royalty.
Both parties have granted the other rights of first offer in the event of any proposed transfers of interest.
Mr. Norman Brewster, President and Chief Executive Officer, stated "Cadillac is looking forward to conducting an exploration program on the Pyrite Belt. The Company believes that the area offers a high discovery potential, as evidenced by the Aguas Tenidas Project, which was a blind deposit. The MATSA Huelva Joint Venture makes Cadillac well-positioned within the Pyrite Belt."
Cadillac is a development focused exploration Company which, in addition to the MATSA Huelva Joint Venture has two Canadian exploration projects, located in regions that have been historically active.
The New Alger project is a wholly owned, previously productive gold mine, located outside of Cadillac, Quebec. The Company has commenced a long term drill program designed to identify the scope of mineralization present on the Company's property along the Cadillac break, and outline new mineralization untouched by the historic, shallow, mining operations.
The Burnt Hill Project is 51% owned by the Company and located outside of Fredericton, New Brunswick. This operation was previously productive with a small scale pilot plant operating onsite recovering tungsten via photometric sorting. In recent drill campaigns the Company has received assay results demonstrating the previously disregarded presence of molybdenum and tin on the property. The objective of the drilling programs is the delineation of a 43-101 compliant reserve and resource, focusing in some part on the areas of historic production, in addition to the mineralization newly demonstrated at depth and along strike. The Company has also added significantly to the land position of this project, encompassing several other surface showing of tungsten, tin and molybdenum.
Cadillac is publicly traded on the CNSX under the symbol CDC.
For more information regarding Cadillac please visit our website at www.cadillacventures.com, or call Norman Brewster, President and Chief Executive Officer at 416-203-7722.
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, including the Company's belief of the discovery potential of the Pyrite Belt. 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 forwardlooking statements except as required by law. All dollar amounts are in Canadian dollars unless otherwise noted.
The CNSX does not accept responsibility for the adequacy or accuracy of this release.