Cascadia International Resources Inc.
TSX VENTURE : CJ

Cascadia International Resources Inc.

December 07, 2006 13:07 ET

Cascadia Announces Final Award in Raglan Arbitration

CALGARY, ALBERTA--(CCNMatthews - Dec. 7, 2006) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OF AMERICA

Cascadia International Resources Inc. ("Cascadia") (TSX VENTURE:CJ) is pleased to announce that the Arbitrator has issued his Final Award in the arbitration proceedings between Cascadia and Novawest Resources Inc. ("Novawest").

A summary of the Arbitrator's Final Award is as follows:

1) The Arbitrator confirmed his previous award in favour of Novawest in the amount of $14,990.05 relating to License Fees incurred for maintenance of the Raglan Properties and rejected Novawest's claim that this amount should be increased to $16,662.05 and Cascadia's claim that it should be reduced to $12,490.05.

2) The Arbitrator awarded pre-award interest to Novawest in the amount of $14,036.65.

3) The Arbitrator awarded to Cascadia 40% of its costs of the Arbitration and awarded to Novawest 60% of its costs of the Arbitration. The Arbitrator assessed 40% of Cascadia's costs at $253,987.37 and assessed 60% of Novawest's costs at $353,552.98, resulting in a net amount payable by Cascadia to Novawest of $99,565.61.

The aggregate of all of the arbitration awards has resulted in a net amount of $412,057 (net of GST) which the Arbitrator has ruled is owed to Novawest by Cascadia. As previously announced, (see Cascadia Press Release dated November 17, 2006) Cascadia has commenced appeal proceedings on various rulings of the Arbitrators awards.


The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.

Contact Information

  • Cascadia International Resources Inc.
    James G. Evaskevich
    President
    (403) 262-9177
    Website: www.cascadiaintl.com