Cascadia International Resources Inc.

Cascadia International Resources Inc.

October 06, 2005 13:01 ET

Cascadia Announces Norton Lake Reserve Calculation Commissioned; Cascadia and NovaWest Consent to Partial Award in Arbitration

CALGARY, ALBERTA--(CCNMatthews - Oct. 6, 2005) -


Cascadia International Resources Inc. (TSX VENTURE:CJ) ("Cascadia") is pleased to announce that Cascadia has retained CCIC Ltd. in Sudbury, Ontario to conduct a Form 43-101 compliant Resource Report for the Norton Lake Project. These reports are expected to be completed by the end of November 2005. Cascadia has earned a 51% working interest (subject to a 2% NSR) in the property by spending $1.5 M on the project. Cascadia is the operator of the project with EastWest Resources Inc. and Canadian Golden Dragon owning the remainder of the working interest.

Cascadia has conducted three very successful exploration programs on the property over the past 2 (two) years. The existing zone has been extended from the 100m elevation to the 400m elevation with grades improving with depth. The zone is open at depth and to the east with another upper zone recently discovered. Prospecting and drilling also indicate that the gabbro host continues to the east for at least another 10 kilometres. Follow-up programs will be designed to determine whether additional lenses exist. See Company Press Releases dated August 23/05, August 18/05, June 28/05, April 20/05, April 11/05, April 6/05, March 21/05, and March 8/05,and April 28/04.


Cascadia is also pleased to announce that Cascadia and Novawest Resources Inc. ("Novawest") have consented to the issuance of a partial award by the arbitrator in the arbitration proceedings (see Cascadia's Press Release dated Feb 28/05).

A summary of the partial award agreed upon by Cascadia and Novawest is as follows:

1) The Option Agreement dated April 10/2003 is terminated as of February 16/2005.

2) Cascadia is the owner of an undivided 25% interest in the remaining original Raglan Assemblage.

3) Cascadia is the owner of an undivided 50% interest in the Thunder Claim.

4) Novawest shall promptly execute and deliver to Cascadia documents transferring the above interests to Cascadia, at Cascadia's cost, except for the sum of $600 payable by Novawest to the province of Quebec.

5) Cascadia's application for a declaration that a joint venture exists between Cascadia and Novawest is dismissed.

6) There are no continuing rights, obligations or duties whatsoever arising from any fiduciary relationship, any joint venture relationship, or any contract or any agreement between Novawest and Cascadia, including without limitation, any option rights, rights of first refusal, area of influence obligations, or joint venture obligations.

7) Nothing in the Partial Award shall be construed to prejudice the rights or position of either Cascadia or Novawest with respect to the True North property and the Option Agreement between Novawest and Minera Capital Corporation dated for reference March 26, 2004.

8) Nothing in the Partial Award shall be construed to prejudice any claim or alleged claim of either Cascadia or Novawest arising prior to the termination of the Option Agreement as of February 16, 2005 for a monetary award, or with respect to the Government of Quebec Incentive programs or for any claim for damages or debt for any breach or alleged breach of the Cascadia Option Agreement committed prior to February 16, 2005.

9) Cascadia has irrevocably elected not to seek specific performance of the Cascadia Option Agreement, including without limitation section 10.1 of the Cascadia Option Agreement. Nothing in the Partial Award shall prejudice in any manner whatsoever Cascadia's ability to claim damages for any alleged breach by Novawest of the Cascadia Option Agreement prior to February 16, 2005, including a breach of the alleged obligation to enter into an industry standard operator's agreement as referred to in section 10.1 of the Cascadia Option Agreement and including any argument that Cascadia may make on the measure of damages based on events that post-date February 16, 2005, nor shall anything herein prejudice in any manner whatsoever Novawest's ability to defend any such claims by Cascadia

10) The issue of costs was adjourned.

A full transcript of the Partial Award is available in the Press Release Section on Cascadia's website @

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

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