|June 09, 2010|
Updated Thierry Resource Estimate Received
Toronto, June 9, 2010 -- Cadillac Ventures Inc. (TSXV-CDC) ("Cadillac" or the "Company") is pleased to report that a recently completed updated resource estimate by P&E Mining Consultants Inc. for the former Thierry mine consists of an Indicated Resource of 6,228,000 tonnes containing 1.92% Cu and 0.2% Ni and an Inferred resource of 8,379,000 tonnes containing 1.79% Cu and 0.16% Ni using an NSR cut-off of C$46/tonne.
Table 1 -- June 2010 Updated Resource Estimate at a C$46/tonne NSR cut-off
(1) Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
(2) The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.
(3) The mineral resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council December 11, 2005.
(4) The 2 year trailing average US metal prices used in this estimate were $2.75/lb Cu, $7.62/lb Ni, $14.75/oz Ag, $945/oz Au, $1,350/oz Pt and $308/oz Pd. The C$US$ Exchange rate was 0.95.
(5) Overall payable metal in the NSR calculation were 84% Cu, 13% Ni and 37% for Ag, Au, Pt & Pd.
(6) Costs used to determine the C$46/tonne NSR cut-off value are as follows: mining C$28/tonne, processing C$13/tonne and G&A C$5/tonne.
The resource statement was prepared at the request of Cadillac using the additional data generated by drilling 20 holes in 2007 and 2008 by the former operators of the property as well as the drilling used in previous NI 43-101 resource estimates. In all, 1,180 surface and underground drill holes were utilized on 15 metre drill sections in the resource estimate. Block model grades were determined with inverse distance squared (1/d2) interpolation. The Thierry mineralization has a strike length of 1,300 m and a down dip distance of 1,600m.
Cadillac is the sole owner of the former Thierry Mine which sits on approximately 4600 hectares of leased land outside the Town of Pickle Lake in Northern Ontario. This resource statement was prepared by P&E Mining Consultants Inc. under the supervision of Eugene Puritch P.Eng in a manner which meets the guidelines of National Instrument 43-101. A technical report will be filed within 45 days of this press release.
Cadillac is pleased by the significant increase in the resource evident when the June 2010 resource statement in Table 1 is compared against the September 2006 statement in Table 2 below. Drill results incorporated into the updated June 2010 statement include intersections at a vertical depth of greater than 900 metres, and several holes which encountered mineralization in previously untested areas of the deposit.
Table 2 -- September 2006 Resource Estimate
The mineral resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council December 11, 2005.
Mr. Brian H. Newton P.Geo, on behalf of the Company and Eugene Puritch, P.Eng are "Qualified Persons" pursuant to NI 43-101 and both have 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, several exploration projects in Spain in joint venture with MATSA and three Canadian exploration projects, located in regions that have been historically active.
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. The Company also holds the Pickle Gold project comprised of 21 claims in the vicinity of 3 historically productive gold mines near Pickle Lake, and the Kirkland Gold project, located about 15 kilometres west of the town of Kirkland Lake.
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.