Cascadia International Resources Inc.
TSX VENTURE : CJ

Cascadia International Resources Inc.

July 03, 2008 11:26 ET

Cascadia Signs Deal With Private Peruvian Exploration Company to Explore for Base Metals in Southern Peru

CALGARY, ALBERTA--(Marketwire - July 3, 2008) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OF AMERICA

Cascadia International Resources Inc. ("Cascadia" or "the Company") (TSX VENTURE:CJ) is pleased to announce that it has signed a MOU to enter into a Strategic Alliance agreement with QUIPPU EXPLORACIONES SAC. ("Quippu") to explore for base metals opportunities in southern Peru. Quippu is a privately operated Peruvian exploration company with a team of industry trained, highly experienced geoscientists that have a proven track record of exploration success. Quippu geoscientists have a solid knowledge of the geology and resource potential of Peru, as well as the expertise to seek out and deliver world class base metal opportunities in partnership with Cascadia throughout Peru.

As part of the Strategic Alliance agreement, Cascadia will be required to fund Quippu's base metal project generative exploration activities in southern Peru for a period of two (2) years in which case Cascadia will have the option to accept or decline all base metal opportunities generated. If Cascadia chooses to accept, Quippu will receive 20% of Cascadia's interest in the property carried through to feasibility. If Cascadia chooses to decline, Cascadia will have the option to earn 25% of Quippu's interest in the property by covering 25% of Quippu's exploration expenditures on the property including staking. Quippu will have the right of first refusal on Cascadia's 25% interest in Quippu properties and Cascadia will have the right of first refusal on all of Quippu's interests and non base metal opportunities within the Area of Interest.

The Company is pleased to have forged an alliance with such a solid exploration group which is expected to fast track discoveries in a highly prospective part of the world. Cascadia will continue to be an opportunity driven with the global outreach necessary to provide a solid base for achieving exploration success.

Mr. Osmond, P.Geo., President for Cascadia states, "With the recent signing of the Free Trade Agreement between Canada and Peru in conjunction with Peru's proven track record of world class base and precious metal discoveries, we feel that Peru provides the relatively low cost, low risk exploration climate necessary for investment."

Cascadia has granted a total of 1,875,000 options pursuant to its stock option plan to employees, directors and consultants. Each option entitles the holder to acquire one share at a price of $0.10 (Cdn funds) per share, vesting immediately, exercisable on or before July 3, 2013.

Forward Looking Statements

This press release may contain forward-looking statements based on management's current projections, beliefs and opinions at the date of this press release. Actual results could differ materially from those anticipated in these statements. Management undertakes no responsibility to update forward-looking statements if circumstances or management's projections, beliefs or opinions change.

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
    CEO
    (403) 262-9177