Gee-Ten Ventures Inc.
TSX VENTURE : GTV

Gee-Ten Ventures Inc.
Cabia Goldhills Inc.
TSX VENTURE : CGH

November 22, 2011 16:01 ET

Cabia Goldhills Inc. Announces its Reinstatement to Trading, the Appointment of Officers and Directors and Provides an Update on its Operations in Colombia

MONTREAL, QUEBEC--(Marketwire - Nov. 22, 2011) - Cabia Goldhills Inc. ("Cabia") (TSX VENTURE:CGH) is pleased to announce that following its amalgamation with Gee-Ten Ventures Inc. (TSX VENTURE:GTV), its shares will trade on the TSX Venture Exchange effective at the opening of the market on Wednesday, November 23, 2011, under the symbol CGH.

Prior to the completion of the Merger, Cabia completed a brokered private placement for aggregate gross proceeds of $3,000,060, through the issuance of 7,500,150 subscription receipts which were exchanged for an equivalent number of Units each comprised of one Cabia Share and one-half of one Cabia Share purchase warrant (collectively, the "Units"). Each warrant is exercisable to acquire one Cabia Share for a period of twenty-four month at an exercise price of $0.75. Furthermore, Cabia has since completed an additional non brokered private placement for aggregate gross proceeds of $80,000 through the issuance of 200,000 additional Units.

APPOINTMENTS

Cabia is also pleased to announce the appointment of Mr. Hernando Escobar to its board of directors and Mr. Maurice Montpetit as Vice-President, Business development. These appointments are subject to regulatory approval.

Mr. Escobar, is an attorney based in Medellin Colombia whose practice is specialized in mining and natural resources. Mr. Michel Delisle, CEO of Cabia, commented: "We have been fortunate to be able to count on Mr Escobar's expertise and extensive network of contacts in the business and mining establishments in Colombia during our first two years of activity there. His joining of our board of directors will greatly enhance Cabia's presence in Colombia."

Mr. Montpetit, who is based in Montréal, has been active in the junior mining sector for more than twenty years in diverse capacities. He was instrumental in Cabia's being successful at closing its private placement despite the difficult market conditions which have prevailed during the last months.

Cabia currently has 34,894,934 common shares outstanding and has reserved for issuance (2,115,000) additional common shares pursuant to stock options and 6,318,597 common shares pursuant to warrants and compensation options.

UPDATE ON OPERATIONS

Cabia is also pleased to announce the commencement of the new phase of its exploration field program covering the Mejia Gold Project located in Colombia. The Mejia Gold Project is a 6,946 ha mineral concession located close to sea level and outside of any environmentally restricted areas in the Sur de Bolivar region of Colombia. A complete description of the Mejia Gold Project and of the exploration program is available in the 43-101 geological report which is available under Cabia's profile at www.sedar.com.

Cabia's Colombian operations are managed by Dr Peter Bolt, C.Eng, VP Operations, who has been based in Colombia for six years. Prior to joining Cabia, Dr Bolt was VP Operations at Continental Gold Ltd from 2007-2010. To date, Dr Bolt has worked on three gold projects in Colombia that are now in production. He has 25 years of experience in the mining industry.

Eddy Escalante, BSc, MSc, VP Exploration, is responsible for Cabia's exploration programs. Mr. Escalante was previously Senior Geologist at Continental Gold Limited for their Buritica project from 2007-2009. He has over 20 years of experience in mineral exploration throughout South America.

Cabia completed an airborne geophysical magnetic and radiometric survey over the property during April/May 2011 and commenced the exploration field program in September 2011. Work to date has included geological mapping and stream sediment sampling. All assays from this initial phase are awaited and this work remains on-going at this time.

Michel Delisle, CEO, stated "The Sur de Bolivar region is characterized by artisanal gold mining of high grade veins. The La Gloria mines immediately adjacent to the Mejia Gold Project illustrate this with the grab sampling of selected mineral production grading upwards of 80.1, 138.0 and 155.5 g/t gold, as reported in Cabia's 43-101 geological report. The Mejia Gold Project has potential for the discovery of further vein systems and we are excited by the rapid start-up of activities in our concession. Cabia is also actively looking to acquire further significant mineral concessions in the region."

Quality Control and Assurance: Dr Peter Bolt, C. Eng, VP Operations for Cabia is the "Qualified Person", as defined by National Instrument 43-101, who is responsible for the management and disclosure of Cabia's exploration programs and disclosure of results. Dr. Bolt has read and approved the technical and scientific information in this news release.

Statements in this press release contain forward-looking information within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Readers are cautioned that assumptions used in the preparation of forward-looking information may prove to be incorrect. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, level of activity, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors (many of which are beyond the control of Cabia) that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors could cause results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions, the risks associated with the mining exploration, commodity prices and exchange rate changes. Industry related risks could include, but are not limited to: operational risks in exploration, development and production; delays or changes in plans; competition for and/or inability to retain other services; competition for, among other things, capital, acquisitions of reserves, undeveloped lands, skilled personnel and supplies; risks associated to the uncertainty of reserve estimates; governmental regulation, including environmental regulation; geological, technical, drilling and processing problems and other difficulties in producing reserves; the uncertainty of estimates and projections of production, costs and expenses; unanticipated operating events or performance which can reduce production or cause production to be shut in or delayed; incorrect assessments of the value of acquisitions; the need to obtain required approvals from regulatory authorities; stock market volatility; access to capital; and other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Cabia does not undertake any obligation to update or revise any forward-looking statements to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

Neither the 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.

Contact Information

  • Cabia Goldhills Inc.
    Mr. Maurice Montpetit
    VP- Business Development
    (514) 237-0645