Cascadia International Resources Inc.

Cascadia International Resources Inc.

March 03, 2005 15:00 ET

Cascadia Announces Offer to Purchase Raglan Property from Novawest Resources Inc.


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: CASCADIA INTERNATIONAL RESOURCES INC.

TSX VENTURE SYMBOL: CJ

MARCH 3, 2005 - 15:00 ET

Cascadia Announces Offer to Purchase Raglan Property
from Novawest Resources Inc.

CALGARY, ALBERTA--(CCNMatthews - March 3, 2005) - Cascadia International
Resources Inc. (TSX VENTURE:CJ) ("Cascadia) is pleased to announce that
it has made an offer to Novawest Resources Inc. ("Novawest") to purchase
its interest in the original Raglan property assemblage, the True North
property and the Thunder property, all of which are located in Quebec.
The offer has been presented to the Board of Directors of Novawest and
it's President for consideration.

Cascadia has offered to purchase the properties for a purchase price of
$4,000,000 to be payable by the issuance of 10,000,000 common shares of
Cascadia from treasury with a deemed value of $0.40 share (the "Cascadia
Shares"). The closing price of the common shares of Cascadia on TSX
Venture yesterday was $0.29 per share. A condition of the Offer is that
the Cascadia Shares be distributed to the shareholders of Novawest on a
pro rata basis as a dividend or a return of capital. Novawest's book
value for the assets of the Raglan property is less than $2 million
based on publicly filed statements.

The Offer is open to acceptance until April 16, 2005 and is subject to
the receipt of all necessary regulatory approval and the completion of
due diligence by Cascadia.

Cascadia's management believes that the current impasse between Cascadia
and NovaWest over the terms of the option agreement between them is not
in the best interests of either group of shareholders. The Offer to
Novawest gives the shareholders of both companies the opportunity to
have an effective 2005 exploration program in Raglan, Quebec and allows
Novawest shareholders to continue to participate in the Raglan through
its ownership of Cascadia shares.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Cascadia International Resources Inc.
    James G. Evaskevich
    President
    (403) 262-9177
    (403) 262-8284 (FAX)
    Email: info@cascadiaintl.com
    Website: www.cascadiaintl.com
    The TSX Venture Exchange Inc. has not reviewed and does not accept
    responsibility for the adequacy and accuracy of this release.