Cadillac Ventures Inc.

Cadillac Ventures Inc.

April 04, 2007 10:42 ET

Cadillac Ventures: Press Release

TORONTO, ONTARIO--(CCNMatthews - April 4, 2007) -

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN SECURITIES LAW, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN.

Cadillac Ventures Inc. (the "Company") is pleased to announce that the Company has acquired the joint-venture agreement on the Burnt Hill tungsten and molybdenum project in New Brunswick. This property is wholly owned by Noront Resources Inc. ("Noront"), the joint venture with Noront has been acquired from a private Ontario company. The Company is assuming the obligations under this joint venture for the right to earn into an initial 51% interest. These obligations include the payment of $100,000 in cash to Noront, the issuance of 2,500,000 shares in the capital of the Company to Noront, and a work commitment of $1,500,000, all of these obligations must be met prior to October 27, 2009. The joint venture has been acquired for a cash payment of $75,000 to the private Ontario company which reimburses its expenses incurred in respect of the joint venture.

The Burnt Hill property was most recently privately worked in the late 1970's, early 1980's, by a subsidiary of Canadian International Paper Company at which time a historic non-compliant resource was identified and a 400 tpd pilot plant operated on the property for 4 months as part of a pre-feasibility study. Products from the pilot plant were sent to Lakefield Research for process testing which resulted in two concentrates being made, Tungsten and Molybdenum Due to the price of tungsten falling progressing with the operation became not financially viable. Recently the price of tungsten has risen, in part due to worldwide demand for this strategic metal, and in part due to relatively few active tungsten mines supplying demand. This, in the opinion of management of the Company, makes Burnt Hill a very attractive project.

Noront commissioned an updated but non-compliant technical report on the Burnt Hill project, which also identified the requirements and made work recommendations to enable the Company to make a 43-101 compliant statement as to the project's potential.

The Company has immediate plans for the Burnt Hill project which include re-surveying the property, as historic mine preparation operations altered the surface elevation and removed historic drillhole collars, site rehabilitation and re-establishment of control grids, and sampling historic core in storage. The Company is intending to embark on a drilling campaign for this project later in the summer 2007 season.

With regard to the Company's wholly owned New Alger property the final report on the geophysical surveying completed in the winter has been received, the Company and its consultants are reviewing this report and prioritizing drillhole targets for a drilling campaign to be commenced in the late spring/early summer of 2007.

Cadillac Ventures Inc. is a reporting issuer which has 22,075,823 shares issued and outstanding after the transactions listed above, and it does not presently trade on any listed Exchange.

These securities have not been registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom.

This press release includes certain "Forward-Looking Statements" within the meaning of the US Private Securities Reform Act of 1995. Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". All dollar amounts are Canadian dollars unless otherwise noted.

Contact Information

  • Cadillac Ventures Inc.
    Jim Voisin
    President
    (519) 699-5352