Cadiscor Resources Inc.

Cadiscor Resources Inc.

December 11, 2007 14:42 ET

Cadiscor Locks in IAMGOLD's Sleeping Giant Mine/Mill and Begins Underground Exploration

MONTREAL, QUEBEC--(Marketwire - Dec. 11, 2007) - Cadiscor Resources Inc. ("Cadiscor") (TSX VENTURE:CAO)(FRANKFURT:DQN) is pleased to announce that it has signed a formal option agreement with IAMGOLD Corporation, ("IAMGOLD") to acquire a 100% interest in the Sleeping Giant Mine and related milling facilities ("the Mine"). The option grants Cadiscor the right to take possession of the Mine at the end of production from current reserves and in any event not later than April 1, 2009.

Located approximately 100 km north of Amos, Quebec, in the Abitibi region, the Sleeping Giant Mine has been in operation since 1988. By the end of 2006, it had produced 825,000 ounces of gold from 2,306,000 tonnes of ore at an average grade of 11.1 g/t Au. The production schedule calls for production to end in late 2008, once current reserves are depleted. The mine has a 900 tpd C.I.P. mill on site. The production target for 2007 is 50,000 ounces of gold.

At signature of the agreement, Cadiscor made a cash payment of CAN $300,000 and issued 600,000 common shares of Cadiscor to IAMGOLD. Cadiscor also issued 1,000,000 common share purchase warrants to IAMGOLD, each warrant entitling IAMGOLD to purchase one common share of Cadiscor at a price of $1.00 until April 1, 2009.

The main terms of the option are the following:

1- On the earlier of (i) April 1, 2009 and (ii) the date of completion of mining and processing of the current reserves of the Mine, Cadiscor will take possession of the Mine by paying IAMGOLD CAN $5,000,000, payable, at Cadiscor's sole discretion, either in cash or by the issuance of the relevant number of common shares of Cadiscor at a price equivalent to the volume-weighted average price of the previous 20 trading days, less the maximum allowable discount permitted by the TSX Venture Exchange.

2- Once Cadiscor has acquired the Mine and milled a total of 300,000 tonnes of ore from any source at the milling facilities, whether the milling facilities are located at the Mine or at any other property of Cadiscor, Cadiscor will pay IAMGOLD CAN $1,000,000, payable at Cadiscor's sole discretion either in cash or by the issuance of the relevant number of common shares of Cadiscor at a price equivalent to the volume-weighted average price of the previous 20 trading days, less a discount of 5%.

3- Once it has acquired the Mine, Cadiscor will undertake to grant IAMGOLD the following royalties: a 1.0% NSR royalty on future gold production from the Mine property, with Cadiscor having the right to buy back such royalty for an amount of $1,000,000 at any time; and a 1.5% NSR royalty on any future base metal production from the Mine property, it being understood that such royalty will only be granted if there exists more than 5,000,000 tonnes of Measured and Indicated resources on the property, as established by a 43-101 compliant resource estimate.

All issuances and potential issuances of Cadiscor shares under the deal are subject to the approval of the TSX Stock Exchange.

Cadiscor has already started an underground exploration program at the Sleeping Giant Mine. The program will test the continuity of the currently-mined zones at depth below the last Level at 975 metres. Two underground drill rigs are already exploring the next 400 meters of depth, and a third drill will be soon added to accelerate the program. Cadiscor also plans to reassess the data for the current mine to identify potential drill targets in the vicinity of the existing underground infrastructure.

Cadiscor has invested more than $4M over the last year in successful exploration drilling on its wholly owned Discovery gold property, located 70 km to the east of the Sleeping Giant mine. In May 2007, a NI 43-101 report by independent consulting firm InnovExplo Inc. established that measured and indicated resources totalled 1,163,186 tonnes at a grade of 5.53 g/t Au, for 206,624 ounces. The property also hosts inferred resources of 966,864 tonnes at a grade of 6.06 g/t Au for 188,510 ounces. The gold zones remain open at depth and along strike.

Cadiscor has resumed surface drilling on the Discovery property in the 1200 Sector, 600 metres to the east of the Main Area, which was the subject of the NI 43-101 resource estimate. Previously-announced results include 14.1 g/t Au over 2.97 metres in Hole B-07-150A and 5.15 g/t Au over 6.9 metres in Hole B-07-152. This gold zone is open at depth and along strike.

InnovExplo Inc. is completing a scoping study on the Main Area of the Discovery project to design an underground exploration program, including a bulk sample and underground exploration drilling. The report will be delivered to Cadiscor by the end of December 2007.

Mr.Vincent Jourdain, P. Eng., Ph. D., is the qualified person as defined by National Instrument 43-101. He has over 20 years of experience in mining exploration. Mr. Vincent Jourdain approved this press release.

This press release contains forward-looking statements subject to certain risks and uncertainties. There can be no assurance that these statements will prove to be correct, and actual results and future events could differ materially from those implied by such statements. These risks and uncertainties are discussed in the annual report filed with the securities commissions of Alberta, British Columbia, Ontario and Quebec, and in the 10-KSB annual report filed with the US Securities and Exchange Commission. The Company does not undertake to publicly revise or update any such statements on the basis of new Information, future events or any other event.


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