Cadillac Mining Corporation Acquired by Pilot Gold

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 29, 2014) - Cadillac Mining Corporation (TSX VENTURE:CQX) ("Cadillac" or the "Company") announces the completion of the previously announced transaction that will see all of the issued and outstanding shares of Cadillac being acquired by Pilot Gold Inc. (TSX:PLG) ("Pilot Gold") by way of a court-approved plan of arrangement (the "Arrangement").

Under the Arrangement, shareholders of Cadillac received (i) 0.12195 of a Pilot Gold share, and (ii) 0.12195 of a Pilot Gold share purchase warrant (the "Pilot Warrants") for each common share of Cadillac held. Each whole Pilot Warrant entitles the holder to acquire one Pilot Gold share at an exercise price of C$2.00 with a two-year term. Existing Cadillac warrants and stock options are exercisable for Pilot Gold shares, adjusted in respect of exercise price and number, based on the 0.12195 exchange ratio.

The TSX Venture Exchange has advised Cadillac that it will de-list Cadillac's shares today following the close of trading.

About Cadillac Mining Corporation

Cadillac Mining Corporation is a junior exploration company based in Vancouver, Canada focused on large-scale precious metal projects the Great Basin in the western USA and in the Abitibi geological province in Canada. The Company's long term objective is the discovery of a major deposit through carefully planned exploration strategies.

THIS NEWS RELEASE WAS PREPARED BY MANAGEMENT WHICH TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. THE TSX-VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX-VENTURE EXCHANGE) DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

This news release contains "forward-looking information" within the meaning of the Canadian securities laws. Forward-looking information is generally identifiable by use of the words "believes", "may", "plans", "will", "anticipates", "intends", "could", "expects" and similar expressions, and the negative of such expressions.

In connection with the forward-looking information contained in this news release, Cadillac has made assumptions. While Cadillac considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies. Additionally, there are known and unknown risk factors which could cause the forward-looking information to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein.

All forward-looking information herein is qualified in its entirety by this cautionary statement, and Cadillac disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.