|September 08, 2010|
Cadillac Enters into Shared Load Benefit Agreement with Goldcorp
|Toronto, September 8, 2010 - Cadillac Ventures Inc. (TSXV-CDC) ("Cadillac") announces that it has entered into a Shared Load Benefit Agreement (the "Agreement") with Goldcorp Canada Ltd. ("Goldcorp") with respect to the future shared use of increased capacity of the Hydro One Transmission System in the Pickle Lake, Ontario area. Goldcorp proposes to construct, operate and maintain a static synchronous compensator ("Statcom") to the Hydro One Transmission System to increase the capacity of the Hydro One Transmission System to supply the electrical load of its Musselwhite Mine and related facilities located north of the Town of Pickle Lake. Under the Agreement, Cadillac has the right to elect to use up to 50% of the increased capacity and load created by the Statcom project. Upon such election, Cadillac will be responsible for paying to Goldcorp its share of the project development costs and operating costs of the Statcom project.|
Norman Brewster, President and CEO of Cadillac commented "We are pleased to enter into this agreement with Goldcorp and we look forward to the benefits that the Statcom project will bring to the Pickle Lake area."
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 potentially economic 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 Pickle Lake Gold project held by Cadillac is a land package contiguous to three formerly productive historic gold mines; this project has been joint ventured to Newcastle Minerals Ltd. 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.
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.