Cascadero Copper Corp.
TSX VENTURE : CCD

Cascadero Copper Corp.

August 23, 2005 10:00 ET

Cascadero Copper Corporation: Settlement of Electrum Resource Corp Lawsuit

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 23, 2005) - Cascadero Copper Corporation (TSX VENTURE:CCD)

A lawsuit by Electrum Resource Corp , a private British Columbia company, filed in the Supreme Court of British Columbia on June 22nd, 2005 has been settled to the mutual satisfaction of both parties.

Under the terms of the settlement:

- Cascadero can further reduce the net smelter royalty held by Electrum on the applicable claims from 2% to 1.5% on precious metals and to 1.0% on base metals by payment of a further $1.5 million to Electrum;

- Electrum will exchange 3 million shares of Stealth Minerals Limited (TSX VENTURE:SML) for 2 million shares of Cascadero Copper, which reduces Stealth's control block of Cascadero to 22 million shares;

- Electrum has agreed not to litigate against Cascadero or Stealth in the future.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information

  • Cascadero Copper Corporation
    Bill McWilliam
    Chief Executive Officer
    604 999 0391
    Bill@Cascadero.com