Cascadia International Resources Inc.

Cascadia International Resources Inc.

February 28, 2005 14:30 ET

Cascadia Announces Raglan Arbitration Clarification


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: CASCADIA INTERNATIONAL RESOURCES INC.

TSX VENTURE SYMBOL: CJ

FEBRUARY 28, 2005 - 14:30 ET

Cascadia Announces Raglan Arbitration Clarification

CALGARY, ALBERTA--(CCNMatthews - Feb. 28, 2005) - Cascadia International
Resources Inc. (TSX VENTURE:CJ) ("Cascadia") announces that notification
of the commencement of arbitration proceedings by Novawest Resources
Inc. (Novawest) has not yet been received by Cascadia. Consequently for
shareholder clarification, Cascadia is responding to the public
announcement by Novawest's February 25, 2005 Press Release.

Cascadia is not in a position to elect on Year Three of the Raglan
Option Agreement dated April 10, 2003 between Cascadia and Novawest (see
Cascadia press release dated February 7, 2005) due to default conditions
on the part of Novawest.

Under the Option Agreement, Novawest is responsible for all expenditures
exceeding 20% of the annual budget as set by the Management Committee.
Therefore, Cascadia has demanded that Novawest refund Cascadia $132,985
immediately and review with Cascadia an additional $108,176 in
expenditures for which Cascadia also demands repayment from Novawest
(February 7th, 2005 letter to Novawest). In addition, Cascadia has
advised Novawest that a Joint Operating Agreement remains to be signed
by Novawest as prescribed by the Option Agreement. Furthermore, several
mining claims ("CDC") appeared to have been lost by Novawest without
explanation or remedy provided by Novawest. Also, Cascadia is currently
conducting an audit of the first two years expenditure on Raglan by
Novawest. Cascadia has also requested a response from Novawest to
queries with respect to the implementation of the 2004 exploration
season as planned by the Management Committee.

Cascadia is also mystified by the outstanding invoices totaling $58,123
mentioned in Novawest's press release dated February 25, 2005 as a
review of Cascadia's documents fail to reveal any invoice or prior
notification of these amounts by Novawest to Cascadia.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Cascadia International Resources Inc.
    James G. Evaskevich
    President
    (403) 262-9177
    or
    Cascadia International Resources Inc.
    Suite 1530, 715 - 5th Avenue S.W.
    Calgary, Alberta, T2P 2X6
    (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.