|September 29, 2010|
Cadillac Completes First Hole at Thierry
|Toronto, September 29, 2010 - Cadillac Ventures Inc. (TSXV-CDC) ("Cadillac") announces that one of the six planned drillholes at the Thierry project has been completed after intersecting the "zone" in the "tooth" area at depth as planned. The drill has now been moved to a second of the planned holes and drilling is presently underway. The purpose of this drill program is to define the "tooth".|
The illustration below depicts in red the existing modeled deposit from which the resource calculation restated below has been calculated. The modeled body extends deeper on two sides which creates a void in the centre, an area in which there previously was no data available in order to define the model as no holes had been drilled. The trace line depicts the course of hole CV-10-06B which encountered the zone in four separate chalcopyrite (cpy) and pyrrhotite (po) mineralized horizons as follows, 34 samples were selected from these areas and sent for assay;
Thierry Resource Restated
The following is the restated resource estimate for the former Thierry Mine as initially disclosed in the Company's press release dated June 9, 2010.
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.
Mr. Brian H. Newton P.Geo, of Billiken Management Services Inc. and a "qualified person" pursuant to NI 43-101 has reviewed and approved the technical information in this press release on behalf of the Company.
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.