|June 17, 2010|
Cadillac Options Pickle Gold Claims to Newcastle
|Toronto, June 17, 2010 - Cadillac Ventures Inc. (TSXV-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.
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, 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.