VANCOUVER, July 25 /CNW/ - Cadillac Mining Corporation (TSXV:CQX)
announces the commencement of diamond drilling on the West Pelletier gold
prospect in eastern Beauchastel Township, approximately 6 km southwest of
Rouyn-Noranda, Quebec. The Company acquired the eight 40-hectare claims by
staking in 2002.
The drill target lies within a sequence of mafic flows and tablular
gabbroic intrusions immediately north of the Cadillac Break, and south of the
Wasa shear. A strongly magnetic feature identified in the Company's 2004
airborne survey corresponds with an untested gabbroic body measuring about
270 meters in width and more than 1100 meters along strike. This iron rich,
coarse-grained intrusion is considered a particularly favourable host for gold
mineralization because of coincident cross faults and fracturing.
The unit has been traced discontinuously across nearly half of the
township, extending eastward into Rouyn Township where it hosts the Lac
Pelletier gold deposit 3 km due east and on strike with the Cadillac claims.
Alexis Minerals Corporation has published measured, indicated and inferred
resources of approximately 1.7 million tonnes averaging about 5.28 g Au per
tonne, and plans for extracting a bulk underground sample during 2008 at Lac
The target unit is mainly covered by glacial soils, but locally it is
partially exposed in a road-cut where narrow quartz-carbonate stringers
containing small amounts of scattered pyrite are seen. The initial test hole
is being drilled northward at a 50 deg dip and is collared south of the
anticipated upper contact. The planned depth of 200 meters may vary depending
on visual assessment of core.
Cadillac is pleased to also report that it has closed the private
placement (the Private Placement) as initially announced on July 22nd of
2,000,000 Flow-Through Units of Cadillac at a price of $0.10 with
MineralFields Group, for gross proceeds of $200,000. Each Flow-Through Unit
consists of one common share to be issued on a "flow-through" basis under the
Income Tax Act (Canada), and one common share purchase warrant of the Company
(the Unit Warrants). Each Unit Warrant has a term of 18 months, during which
period the holder is entitled to purchase one Common Share at a price of
$0.15. All securities issued pursuant to the Private Placement are subject to
four-month hold period which expires November 23, 2008. Fees comprising
100,000 24-month brokers' warrants at $0.10 have been issued to each of First
Canadian Capital Corporation and Limited Market Dealer Group Inc., while the
latter will also receive a cash payment of $10,000. The Private Placement has
been approved by the TSX Venture Exchange.
In addition to the West Pelletier drilling, the proceeds of the Private
Placement will be utilized on Cadillac's Tuzo Creek molybdenum and
Osilinka-Cat Mountain copper-gold prospects.
Andre J. Audet, P.Eng, Vice-President Exploration, is the Qualified
Person who has reviewed and verified the technical information detailed in
Cadillac Mining Corporation is a junior resource company focused on the
acquisition, exploration and development of precious and base metal mineral
properties across Canada. Current activities include properties in Quebec, and
Statements contained in this release that are not historical facts may be
"forward-looking statements". Such statements are subject to risks and
uncertainties and other factors which may cause actual developments or results
or level of activity or performance to vary materially from those projected by
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release, which
has been prepared by Management.
For further information:
For further information: First Canadian Capital Corp., (866) 580-8891;
Victor Erickson, (604) 684-7300, Email: email@example.com;