VANCOUVER, Dec. 30 /CNW/ - Cadillac Mining Corporation (TSXV:CQX) wishes to inform shareholders and interested parties that audited Financial Statements and Management's Discussion & Analysis for the quarter and year ended August 31, 2010 are now available on SEDAR.
As Cadillac's management has received a number of enquiries in respect of the recent increased trading volumes and appreciation in its share price, the following updates shareholders on the Company's recent activities. More detail is available in the MD&A.
On December 7th the Company announced the execution of an option agreement pursuant to which Visible Gold Mines Inc. of Rouyn-Noranda was granted the exclusive option to earn a 60% interest in the majority of Cadillac's western Quebec 'Break Project' properties. The Company is pleased that Visible Gold's management has recognized the strategic value of Cadillac's extensive land position on the Break and in the Noranda Basin, and anticipates the commencement of an aggressive exploration program in the near future.
Shareholders should note that Cadillac has retained outright the seven-claim Wasa property, which adjoins Richmont Mines Inc. Wasamac property. Cadillac's release of September 13, 2010 summarizes the Company's July drilling which management feels has confirmed the potential for VMS-style mineralization on the property. In addition, the principal shear zone hosting the Wasamac resource dips northerly toward the Wasa property. Richmont has previously published an "inferred" Wasamac resource of 1,282,000 tonnes at 6.92 g/t gold. Cadillac is also encouraged by several disclosures by Richmont in 2010 in respect of a twice-expanded 20,000-meter drill campaign on the Wasamac property. Richmont has indicated that it expects to release an updated Wasamac resource in January 2011.
The Company has also retained outright its four-claim Gan property, located 1.6 km directly north of Richmont's Francoeur Mine underground workings. In 2006 Cadillac drilled four holes on the Gan property, intersecting a broad alteration zone that carried scattered low-grade gold values. Richmont has announced that it is targeting renewed production from the Francoeur Mine in mid-2011.
Cadillac has yet to formulate 2011 exploration plans for either the Wasa or Gan properties. The extent of such activities will in part be influenced by the level of commitments the Company makes in the Great Basin of the western USA, where management is targeting several acquisitions generated from in-house research, data analysis, and prospecting conducted over the past year.
Finally, the option on the Silver Streak prospect near Houston B.C. was recently relinquished when efforts to locate possible extensions to the previously known mineralization were unsuccessful. The Company conducted a reconnaissance geochemical survey in September to follow-up on new patterns identified in our March magnetic survey, but results unfortunately failed to indicate any new exploration targets.
Andre J. Audet, P.Eng., Vice-President - Exploration, Cadillac Mining Corporation, fulfills the position of Qualified Person for Cadillac Mining Corporation, as per National Instrument 43-101.
About Cadillac Mining Corporation:
Cadillac is a junior resource company focused on the acquisition, exploration and development of large-scale precious and base metal mineral properties in Canada and the western USA. Currently it has 25,534,828 shares outstanding.
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 Management.
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 the release, which has been prepared by Management.
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