|July 07, 2009|
Cadillac Issues Update On Spanish Joint Venture And Announces Director Change
|Toronto, July 7, 2009 -- Cadillac Ventures Inc. (TSXV-CDC) ("Cadillac" or the "Company") is pleased to announce that a review of the prospects comprising the Joint Venture with Minas de Aguas Tenidas, S.A.U. ("MATSA"), a 100% subsidiary of Iberian Minerals Corp. (TSXV:IZN) which owns the Aguas Tenidas site located in Huelva province in Southern Spain, has been completed. The Joint Venture was originally announced on December 17, 2008.|
The Joint Venture property includes a number of properties that have had some level of past exploration carried out, ranging from small shafts within outcropping gossan zones to open pit operations of various sizes. In addition to reviewing historical information available from private and government sources regarding these properties, Cadillac has acquired a large data package of geophysical surveys over an area having a strike length of 55 kilometers and covering the area of the Joint Venture property. This material is presently being reprocessed by the Company. It is anticipated that the resultant information will provide guidance for ground geophysical surveys to be carried out during July through August.
Based upon the review of historical information to date, Cadillac has identified three properties (La Majada, Angelita and Chaparita) as immediate diamond drilling targets. The Company intends to commence exploration on these properties as soon as permitting and application protocols allow, which is expected to be in September. Both the La Majada and Angelita properties have been previously drilled, and while historical tonnages of mineralization are present, the estimates are not National Instrument 43¬101 compliant for either property. As such, as a qualified person has not done sufficient work to classify the historical estimate as current mineral resources, Cadillac is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.
No historical drilling activity has occurred on the Chaparita property although a small open pit was previously operated.
Historical diamond drilling on the La Majada property carried out by Riomin Iberica between 1998 and 2001 has shown the presence of widespread VMS mineralization over a length of 750 meters with one historical hole, MAD-9, returning values of 0.33% Cu., 1.43% Pb., 7.8% Zn., 35.8gpt Ag., and 0.84 gpt Au over a drill length 21.3 meters and occurring at a depth of 650 meters. Untested outcropping gossan zones occurring west of this historically drilled mineralization may indicate the occurrence of additional mineralization. Cadillac proposes to drill 3 holes on this property, in the area of the historical mineralization. Cadillac has not confirmed these drilling results but based on the technical competence of the operator and the quality of the data that has been reviewed, believes that they are of merit.
The Angelita property is part of the Cueva Del Mora group, and was mined between 1906 and 1925 by Huelva Copper where there is reported historical production of 0.6 million tons grading 6% Cu. Angelita has a historical, non-compliant, partially delineated resource evaluation done by Phelps Dodge in 1983 of 0.4 million tons grading 2.98 % Cu and a further 0.3 million tons grading 0.5% Cu. and 15.2% Pb, as well as the presence of Zn. A gravity anomaly is associated with the prospect, which management feels may be indicative of additional mineralization along strike. These historical resources were reported by entities that Cadillac believes were technically competent, however these resources were evaluated prior to the implementation of NI 43-101 and are not compliant. As a qualified person has not done sufficient work to classify the historical estimate as current mineral resources, Cadillac is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon. Cadillac expects to be conducting detailed work to prepare a NI 43-101 compliant resource estimate.
Chaparita is a property upon which a small open pit was operated by Minas De Cobre de Nerva in the early 1900s. Historical operating records indicate a total of 70,000 tonnes were mined of which 10,000 tonnes had a reported grade of 12% Cu during that period. Visible polymetallic massive sulfide mineralization is present in the floor and walls of the pit and a geophysical induced polarization anomaly is associated with the mineralization. Management feels that this property warrants drill testing in order to investigate the scope and extent of the visible surface mineralization.
"Cadillac is pleased to be commencing operations on our joint venture property located in the Iberian Pyrite Belt of southwestern Spain. This area is one of the most intensely mineralized on the planet, and has been a productive mining region for thousands of years. It is once again an active mining district." stated Norman Brewster P.Geo, President and CEO of Cadillac. Mr. Brewster has been active in the Iberian Pyrite Belt for approximately 5 years, having developed the re-opening, of the Aguas Tenidas Mine, wholly-owned by Iberian Minerals Corp., of which Mr. Brewster is also non-executive Chairman.
In addition, Cadillac would like to announce that Mr. Jim Voisin has resigned from the Board of Cadillac due to time constraints from his other professional activities. Cadillac would like to thank Mr. Voisin for his contribution and recognize his role as the first President of Cadillac. Going forward, Mr. Voisin will be available to consult with Cadillac as required.
Cadillac is a development focused exploration Company which has two Canadian exploration projects, located in regions that have been historically active, and exploration projects in Spain and Argentina.
The New Alger project located outside of Cadillac, Quebec is wholly-owned, previously producing gold mine, where the Company has commenced a long term drill program designed to identify the scope of mineralization present on the Company's property. The Burnt Hill Project is 51% owned tungsten tin project located outside of Fredericton, New Brunswick. In Spain, the Company is joint venture partner with Minas de Aguas Tenidas, S.A.U. regarding the exploration of a number of high potential properties surrounding the Aguas Tenidas Mine. In Argentina, the Company is currently party to a heads of agreement with Latin American Minerals Inc for a joint venture regarding the Tendal VMS project, La Rioja Province.
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.
Mike Newbury P.Eng is the Qualified Person who has reviewed the technical information in this news release on behalf of the Company.
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.
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