Cadillac Ventures Inc. (TSX VENTURE: CDC) ("Cadillac" or the
"Company") is pleased to announce that it has entered into heads of
agreement with Latin American Minerals Inc. (TSX VENTURE: LAT)
("Latin American"); whereby, Cadillac has the right to earn a 50%
interest in the Tendal VMS Project of Latin American.
The Tendal VMS Project (the "Project") is located in the La
Rioja Province of NW Argentina and covers 36,434 hectares at an
elevation of 3,000m in an accessible, current and historical mining
district. The Tendal project encompasses several distinct targets,
each of which have undergone varying amounts of exploration as
carried out by Latin American, the most senior of these being the
Verdiona Target, the Las Catitas Target and the Yegua Pircada
Target.
Within the Tendal Project the Verdiona Target is defined by a
distinct surface showing of copper, zinc and lead visible in a
surface mineralization length of 2 kilometres and a width of 80
metres (Latin American Press release Feb. 18, 2008), within which
several stacked lenses of mineralization occur. Surface diamond saw
channel sampling of the Verdiona Target by Latin American has
returned values of
Channel Sample Interval (m) Zn (%) Cu (%) Pb (%) Ag (gpt)
C-3 5.0 4.64 0.04 1.87 23.20
C-4 12.0 6.43 1.04 1.16 111.76
including 6.0 8.67 0.70 2.24 16.00
c-5 27.0 3.70 0.11 2.95 13.69
including 7.5 5.69 0.34 1.75 34.40
including 10.0 3.01 0.02 4.63 10.85
- the above results were extracted from a press release of Latin
American's released on Feb. 18, 2008 under the supervision of their
inhouse "qualified person" Dr. Perez.
The surface zone has not been comprehensively examined below
ground. Limited exploration has been carried out elsewhere on the
full property. Cadillac intends to conduct immediately a program of
surface geological mapping and sampling, as well as geochemical and
geophysical surveys to lay the ground work for a diamond drilling
program to occur as soon as technically possible.
Under the terms of agreement Cadillac will make a series of
escalating cash payments totaling US$300,000, and by spending
US$5.0 million on exploration, both over three years as
follows:
Cash Option Payments Exploration Expenditures
On signing US$ 25,000
On or before the 1st Anniversary
First Anniversary US$ 50,000 US$ 1.0 million
On or before the 2nd Anniversary
Second Anniversary US$ 75,000 US$ 1.5 million
On or before the 3rd Anniversary
Third Anniversary US$ 150,000 US$ 2.5 million
----------- ---------------
TOTAL US$ 300,000 TOTAL US$ 5.0 million
Cadillac is not obligated to make payments and may terminate at
any time. On completion of all payments the joint venture will be
Latin American as to 50% and Cadillac as to 50%. The joint venture
is formed now, and during exploration and expenditure of Cadillac
funds, Cadillac shall be operator and make all decisions regarding
exploration.
After the 50%/50% level is completed, non participation will
trigger a standard dilution clause. Cadillac shall have a one-time
right to earn an additional 10% by taking the project to
feasibility, which it must elect within 60 days of the 50%/50%
level. If either party's participating interest falls below 15%,
such interest will automatically convert to a 3% NSR. The other
party shall have a one time right to purchase 1% of the 3% NSR for
US$ 1,000,000 and a second 1% of the 3% NSR for US$ 2,000,000. The
diluted party shall retain a 1% NSR. At the completion of
feasibility and upon a production decision Cadillac will have the
one time option to purchase a further 10% interest in the project
by paying to LAT US$2.5 million.
The transaction is subject to board approval by both parties, a
site visit by Cadillac to be completed with 60 days, and TSX
Venture Exchange and other applicable regulatory approval.
About Cadillac
Cadillac is a development focused exploration Company which, in
addition to the MATSA Huelva Joint Venture has two Canadian
exploration projects, located in regions that have been
historically active.
The New Alger project is a wholly owned, previously productive
gold mine, located outside of Cadillac, Quebec. The Company has
commenced a long term drill program designed to identify the scope
of mineralization present on the Company's property along the
Cadillac break, and outline new mineralization untouched by the
historic, shallow, mining operations.
The Burnt Hill Project is 51% owned by the Company and located
outside of Fredericton, New Brunswick. This operation was
previously productive with a small scale pilot plant operating
onsite recovering tungsten via photometric sorting. In recent drill
campaigns the Company has received assay results demonstrating the
previously disregarded presence of molybdenum and tin on the
property. The objective of the drilling programs is the delineation
of a 43-101 compliant reserve and resource, focusing in some part
on the areas of historic production, in addition to the
mineralization newly demonstrated at depth and along strike. The
Company has also added significantly to the land position of this
project, encompassing several other surface showing of tungsten,
tin and molybdenum.
Latin American Technical Information
Sampling and Analytical Protocols: All of the lithogeochemical
samples were collected by geologists taking into account the nature
of the material being sampled and with due respect to geologic
contacts. The individual sample intervals varied depending on the
location but typically ranged from 0.5 to 5.0 metres. Each
individual sample weighted between 2 to 5 kilograms and was
collected in a plastic bag, tagged with a pre-numbered ticket and
tightly closed with plastic tape. The samples were stored in a
secured location at the base camp and were transported by Company
professional to Alex Stewart Assayers Argentina S.A. ("ASAA")
laboratories in Mendoza (Argentina). ASAA is an ISO 9001-certified
laboratory with headquarters in England. The samples were crushed,
dried, split and grinded to #200 mesh. A total of 200 grams of
sample have been separated for analysis. All samples were assayed
for gold, multi-elements by ICP and Hg by cold vapor. Gold was done
by Fire Assay and AAS using a 50 gram sample. For the
multi-elements the samples were dissolved in Aqua Regia at
120ï¿1/2C and read in ICP-OES. The samples that were above the
upper detection limit for Cu, Pb and Zn (1%) for the technique were
reanalyzed by dissolving in Aqua Regia again using a larger volume
of solution to raise the upper detection limit to 30% for Cu, Pb
and Zn. Silver above 200 ppm was re-run by Fire Assay with
gravimetric finish. Accuracy of results is tested through the
systematic inclusion of certified reference standards.
Forward Looking Statements
This news release may contain certain forward-looking statements
under applicable securities laws. All statements, other than
statements of historical fact, are forward looking. Forward-looking
statements are frequently identified by such words as "may",
"will", "plan", "expect", "believe", "anticipate", "estimate",
"intend" and similar words referring to future events and results.
Forward-looking statements are based on the current opinions and
expectations of management. All forward-looking information is
inherently uncertain and subject to a variety of assumptions, risks
and uncertainties, including the speculative nature of mineral
exploration and development, fluctuating commodity prices, the
risks of obtaining necessary licences and permits and the
availability of financing, as described in more detail in the
Company's securities filings available at www.sedar.com. Actual
events or results may differ materially from those projected in the
forward-looking statements and the reader is cautioned against
placing undue reliance thereon. Cadillac assumes no obligation to
revise or update these forward-looking statements except as
required by law. All dollar amounts are in Canadian dollars unless
otherwise noted.
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.
Contacts: Cadillac Ventures Inc. Norman Brewster President and
Chief Executive Officer 416-203-7722 www.cadillacventures.com
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