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Toronto, November 10, 2010 -- Cadillac Ventures Inc. (TSXV-CDC) ("Cadillac" or the "Company") is pleased to announce that the assay results received for the second hole CV-10-01 drilled at the Thierry Mine project have confirmed that the mineralized zone was crossed in the drilling. Highlights of the assay results received for the second hole appear below (note that the holes are not being drilled in numerical sequence).
| Hole # |
From |
To |
Feet |
Cu |
Ni |
| CV-10-01 |
3290.40 |
3309.17 |
18.77 |
1.064% |
0.184% |
| Incl |
3290.40 |
3305.40 |
15.00 |
1.191% |
0.196% |
| CV-10-01 |
3338.17 |
3368.64 |
30.47 |
0.336% |
0.081% |
| Incl |
3338.17 |
3343.17 |
5.00 |
0.558% |
0.128% |
| Incl |
3366.14 |
3368.64 |
2.50 |
1.310% |
0.079% |
| CV-10-01 |
3378.64 |
3388.13 |
9.49 |
0.574% |
0.285% |
| Incl |
3384.66 |
3388.13 |
3.47 |
0.617% |
0.592% |
* True widths not known.
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.
Table 1 -- June 2010 Updated Resource Estimate at a C$46/tonne NSR cut-off
| Class |
Tonnes |
Cu % |
Ni % |
Ag g/t |
Au g/t |
Pt g/t |
Pd g/t |
| Measured |
2,221,000 |
1.90 |
0.21 |
7.7 |
0.13 |
0.13 |
0.41 |
| Indicated |
4,007,000 |
1.93 |
0.20 |
7.1 |
0.14 |
0.14 |
0.41 |
| Meas&Ind |
6,228,000 |
1.92 |
0.20 |
7.3 |
0.14 |
0.14 |
0.41 |
| Inferred |
8,379,000 |
1.79 |
0.16 |
9.6 |
0.18 |
0.12 |
0.35 |
- 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.
- 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.
- 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.
- 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.
- Overall payable metal in the NSR calculation were 84% Cu, 13% Ni and 37% for Ag, Au, Pt & Pd.
- 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 illustration below depicts in red the existing modeled deposit from which the resource calculation stated above has been derived. The traces of holes CV-10-06B and CV-10-01 are illustrated on the modeled body and show continuity of mineralization in this area.
Drillhole CV-10-06B trace illustrated against the model and drillhole CV-10-01 trace illustrated against the model.
Complete assay information for hole CV-10-01 is outlined below.
| Hole # |
Sample # |
From |
To |
Width (ft) |
Cu % |
Ni % |
| CV-10-01 |
655501 |
2058.51 |
2061.01 |
2.50 |
0.0045 |
0.0013 |
| CV-10-01 |
655502 |
2061.01 |
2065.52 |
4.51 |
0.0386 |
0.0057 |
| CV-10-01 |
655503 |
2065.52 |
2070.52 |
5.00 |
0.0079 |
0.0051 |
| CV-10-01 |
655504 |
2070.52 |
2075.52 |
5.00 |
0.008 |
0.0094 |
| CV-10-01 |
655505 |
2075.52 |
2081.52 |
5.00 |
0.0099 |
0.0123 |
| CV-10-01 |
655506 |
3287.40 |
3290.40 |
3.00 |
0.106 |
0.0198 |
| CV-10-01 |
655507 |
3290.40 |
3295.40 |
5.00 |
0.967 |
0.129 |
| CV-10-01 |
655508 |
3295.40 |
3300.40 |
5.00 |
1.27 |
0.226 |
| CV-10-01 |
655509 |
3300.40 |
3305.40 |
5.00 |
1.34 |
0.234 |
| CV-10-01 |
655510 |
3305.40 |
3309.17 |
3.77 |
0.634 |
0.136 |
| CV-10-01 |
655511 |
3309.17 |
3313.17 |
4.00 |
0.0308 |
0.063 |
| CV-10-01 |
655512 |
3313.17 |
3318.17 |
5.00 |
0.0724 |
0.078 |
| CV-10-01 |
655513 |
3318.17 |
3323.17 |
5.00 |
0.0681 |
0.0749 |
| CV-10-01 |
655514 |
3323.17 |
3328.17 |
5.00 |
0.0234 |
0.065 |
| CV-10-01 |
655515 |
3328.17 |
3333.17 |
5.00 |
0.0217 |
0.0573 |
| CV-10-01 |
655516 |
3333.17 |
3338.17 |
5.00 |
0.0864 |
0.0527 |
| CV-10-01 |
655517 |
3338.17 |
3343.17 |
5.00 |
0.607 |
0.128 |
| CV-10-01 |
655518 |
3343.17 |
3348.17 |
5.00 |
0.0594 |
0.0574 |
| CV-10-01 |
655519 |
3348.17 |
3352.17 |
5.00 |
0.396 |
0.0642 |
| CV-10-01 |
655520 |
3352.17 |
3357.17 |
5.00 |
0.305 |
0.0789 |
| CV-10-01 |
655521 |
3357.17 |
3362.17 |
5.00 |
0.154 |
0.0784 |
| CV-10-01 |
655522 |
3362.17 |
3366.14 |
3.97 |
0.0429 |
0.0629 |
| CV-10-01 |
655523 |
3366.14 |
3368.64 |
2.50 |
1.31 |
0.079 |
| CV-10-01 |
655524 |
3368.64 |
3373.64 |
5.00 |
0.0385 |
0.0723 |
| CV-10-01 |
655525 |
3373.64 |
3378.64 |
5.00 |
0.046 |
0.0694 |
| CV-10-01 |
655526 |
3378.64 |
3381.64 |
3.00 |
0.62 |
0.104 |
| CV-10-01 |
655527 |
3381.64 |
3384.66 |
3.02 |
0.587 |
0.111 |
| CV-10-01 |
655528 |
3384.66 |
3388.13 |
3.47 |
0.657 |
0.553 |
| CV-10-01 |
655530 |
3388.13 |
3390.63 |
2.50 |
0.135 |
0.027 |
| CV-10-01 |
655531 |
3390.63 |
3395.25 |
4.62 |
0.0278 |
0.0106 |
| CV-10-01 |
655532 |
3395.25 |
3400.25 |
5.00 |
0.187 |
0.0292 |
| CV-10-01 |
655533 |
3400.25 |
3403.25 |
3.00 |
0.0154 |
0.0146 |
* True widths not known.
There are 9 samples from the bottom of this hole that remain to be reported from the lab.
It is intended that, on completion of the current drilling program, a resource restatement of the Thierry project will be prepared.
The samples, which were obtained in the field under the supervision of Mr. Neil Willoughby P.Geo, a qualified person as defined by National Instrument 43-101, were bagged and tagged onsite and transported by a bonded courier company to Agat Laboratories in Mississauga for processing using Aqua-Regia Digest -- Metals Package, ICP-OES finish.
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.
About Cadillac
Cadillac is a development-focused exploration company which owns 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.
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