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.
SOURCE Cadillac Mining Corporation
For further information: For further information:
Victor Erickson 604-684-7300