Cadiscor Resources Inc.

Cadiscor Resources Inc.

July 09, 2007 10:06 ET

Cadiscor Resources Announces the Acquisition of the Flordin Gold Property from IAMGOLD

MONTREAL, QUEBEC--(Marketwire - July 9, 2007) - Cadiscor Resources Inc. ("Cadiscor") (TSX VENTURE:CAO)(FRANKFURT:DQN) is pleased to announce that it has signed today a Purchase Agreement with a wholly owned subsidiary of IAMGOLD Corporation, ("IAMGOLD"), to acquire a 100% interest in the Flordin Property. The property is located within the Harricana-Turgeon volcano-sedimentary assemblage of the Northern volcanic zone of the Abitibi Greenstone Belt, Province of Quebec. The Flordin property consists of 40 ground-staked claims in Desjardins Township, which covers a surface area of 590.9 hectares. It includes the Flordin and Cartwright gold deposits. It adjoins to the east the Cameron Shear property on which Cadiscor has an option to gain a 50% interest from Canadian Royalties Inc. With this transaction, Cadiscor now has a controlling interest in a 21 kilometres length of the Cameron Shear Zone that host Cadiscor Discovery gold deposit to the West.

To acquire the property, Cadiscor has agreed to issue 300,000 common shares of Cadiscor to IAMGOLD and to grant a 1% Net Smelter Returns (NSR) production royalty on future commercial production from the property. Cadiscor will have a pre-emptive right at any time to purchase back this 1% NSR royalty for $US 1,000,000.

The discovery of gold on the Flordin property dates back to the 1930s. The mineralization is directly related to a major shear zone associated to the Cameron Shear Zone. The Flordin deposit is in the direct eastern extension of the Discovery gold deposit. Cadiscor has released, in May 2007, a new 43-101 resource estimation for Discovery, following a 23,000 meters drilling campaign. The Measured and Indicated resources are estimated at 1,163,186 tonnes at an average grade of 5.53 g/t for a total of 206,624 ounces of gold, representing more than a 150% increase of the gold content and a 204% increase in tonnage over the previous May 2006 43-101 estimate for the same category. In addition to these Measured and Indicated resources, a total of 966,864 tonnes at an average grade of 6.06 g/t for 188,510 ounces of gold are classified as Inferred resources. This represented an increase of 9% of the gold content and a 14% increase in tonnage over the previous May 2006 43-101 estimate for the same category.

The Flordin deposit was last explored in 1988. From 1981 to 1988, some 168 surface drill holes (for a total of 28,602 meters) and 29 underground drill holes (2,280 meters) were done by Sullivan Mines, Cambior inc., and Bachelor Lake Gold Mines Inc. A mineral resource of 815,000 t at 5.1g/t Au was calculated. This resource calculation does not comply with 43-101 regulation. In 1988, Western Premium Resources Corp, a successor to Bachelor Lake gold mines, carried an underground exploration program with the extraction of a 4,053 t bulk sample at a grade of 4.71g/t Au and a mill recovered grade of 4.25g/t Au. A 203 meters ramp was excavated down to 50 meters depth to access the ore. The mineralized zones were not drilled at depths greater than 200 meters, except for one hole.

The Cartwright gold deposit according to the Quebec Ministry of Mines has resources of 82,000 t at 10.5g/t Au. This resource calculation does not comply with 43-101 regulation.

Vincent Jourdain, Ph. D. Ing., Vice-President Exploration, a qualified person under NI 43-101 regulation has not done sufficient work to classify the historical estimate as current mineral resources. Cadiscor is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.

Cadiscor intends to aggressively explore the property; especially the depth extensions of the known gold zones of the Flordin and Cartwright gold deposits. An exploration program is in preparation and will include deep drilling.

This acquisition adds and consolidates Cadiscor land position in the Discovery area. It also adds to its gold resource base.

Forward-Looking Statements

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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