Cascadia International Resources Inc.

Cascadia International Resources Inc.

June 02, 2005 18:46 ET

Cascadia Announces Private Placement

CALGARY, ALBERTA--(CCNMatthews - June 2, 2005) - Cascadia International Resources Inc. ("Cascadia") (TSX VENTURE:CJ) is pleased to announce its intention to complete a private placement of a minimum of 2,000,000 units ("Units") and up to a maximum of 4,000,000 Units, at $0.25 (Cdn Funds) per Unit (the "Offering"). Each Unit will be comprised of one common share of the Corporation issued on a "flow-through" basis under the Income Tax Act (Canada) (the "FT Shares") and one common share purchase warrant (the "Warrants"), with each whole Warrant exercisable into a "FT Share" anytime up to December 15, 2006 at $0.40 (Cdn Funds) per share. Cascadia may pay registered dealers a commission of up to 6 % of the proceeds from the Offering. The Offering is subject to approval by the TSX Venture Exchange Inc. Management and directors have committed to purchase up to 1,000,000 units of the private placement.

The proceeds from the Offering will be used to incur eligible Canadian Exploration and Development Expenses. In particular, Cascadia plans to drill the Norton Property in Northern Ontario (see press release April 28, 2004), and test three new conductors that have similar airborne signatures to the existing deposit. The goal of the June 2005 program will also be designed to continue to test the down dip extension of the existing zone which is currently open to depth and extended to the 400 m elevation. Assays grades have reached up to 2.02% Ni, 1.21% Cu, PGEs up to 10 grams/tonne, and cobalt up to 3.96 lbs/tonne (0.18%) from the March/April 2005 program (see press releases dated March 8 through April 20, 2005). This drill program is designed to assist with a resource calculation which will be done to conform to the new National Instrument 43-101 and will include the incremental tonnage inferred by the January 2004 and April 2005 drill programs.

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

Contact Information