|April 28, 2010|
Cadillac Receives Four Investigation Permits in Spain
|Toronto, April 28, 2010 - Cadillac Ventures Inc. (TSXV-CDC) ("Cadillac" or the "Company") is pleased to announce the receipt of the following four investigation permits in the Iberian Pyrite Belt area of Southern Spain.|
The Esperanza Investigation Permit is now fully granted. This permit covers 845 hectares in the municipality of Almonaster la Real to the east of the Aguas Tenidas Mine of Iberian Minerals Corp. The ground encompasses three historical mining operations as described in Cadillac's press release dated February 18, 2010. The properties include the San Miguel, which has a long history of intermittent mining activity and which was operated from 1888 to 1960 by Sam Miguel Copper Mines and produced approximately 1.2 million tonnes at a grade cited to be approximately 3% Cu. In the 1990s Rio Tinto mined some of the gossan onsite for gold, however, no records are available at this time. The Esperanza and the Angostura projects were both mined in the early 20th century. They are located in the same belt, separated by a distance of 3.5 km with gossan indications between them. The total past production of both projects (Esperenza and Angostura) was 1.8 million tonnes at a reported grade of approximately 1.55 % Cu. All of the data cited above regarding historical operations was obtained from a Spanish language technical publication from 1963, has not been verified and is merely indicative of the properties potential. Prior sampling on each of the San Miguel, Esperanza and Angostura prospects within this permit are presented below, restated from the previous press release. The Company has taken additional grab samples from these areas and intends to press release those results once available.
P.I. El Soldado
The El Soldado Investigation Permit covers approximately 90 hectares and encompasses the Mina del Soldado - San Eduardo massive sulphide that was historically mined by a small open cut, a 50m shaft is present onsite with 3 exploration levels which were sampled. The historical records of this sampling indicate that 227 samples were taken from the underground exploration levels and returned an average grade of 2.52% Cu and an indicated tonnage of 120,000 tonnes in situ underground. The preceding statement is historical in nature and a qualified person has not done sufficient work to classify the historical estimate as current mineral resources and the historical estimate should not be relied upon. It is instead used by management to guide future exploration on the project. This property was described in Cadillac's February 18th press release with the samples obtained by Cadillac below also reported. The property has not seen modern mining techniques applied, historical records and activities cease in 1920.
Cadillac intends to drill the Mina del Soldado - San Eduardo property, which has never been drilled, during the summer 2010 program.
One sample collected on gossan dumps from the pit returned as follows:
The Toriles Investigation Permit encompasses approximately 60 hectares and includes the Duquesa mineralization, an occurrence of massive sulphide mineralization explored historically with shallow shafts between 15-30 m deep. Riomin Iberica S.A. (part of the Rio Tinto Group) was the previous title holder of the Permit, and they sampled the dumps obtaining assays which have not been verified but which management refers to in order to illustrate the property's potential of 2.6% Cu, 26% Zn and 6.70 Pb. Another sample from the gossan zone which has not been verified returned 0,6 %Cu, 3.4 % Pb, 378gpt Ag , 25.4 gpt Au and 1.68 %Ga (Gallium). Cadillac intends to conduct an initial surface sampling program on this property during the summer 2010 exploration program.
P.I. San Casiano
The San Casiano Investigation Permit has been fully granted. This permit covers 3,450 hectares and is located outside of the town of Valverde del Camino. The property encompasses the historic San Casiano Mine, last active in 1913. Still onsite are a 50m shaft plus horizontal galleries, and the waste dumps from the former operations. Two samples collected from those dumps were press released by Cadillac on February 18, 2010.
Brian H. Newton, P.Geo, President of Minroc Management Limited and a qualified person under National Instrument 43-101, has reviewed and approved the contents of this press release.
Cadillac is a development-focused exploration Company which has the past-producing Thierry Property near Pickle Lake in Northern Ontario, three Canadian exploration projects, located in regions that have been historically active, and several exploration projects in Spain.
In addition to the Thierry mine project Cadillac wholly owns 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. The Burnt Hill Project is 51% owned tungsten tin project located outside of Fredericton, New Brunswick. The Company also holds the Pickle Gold project comprised of 21 claims in the vicinity of 3 historically proactive gold mines near Pickle Lake, and the Kirkland Gold project, located about 15 kilometres west of the town of Kirkland Lake. 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.
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. 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.
View News Release in PDF Format: