Cavan Ventures Inc.
TSX VENTURE : CVN

Cavan Ventures Inc.

April 10, 2012 08:00 ET

Cavan Acquires Buckingham Graphite Property in Quebec

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 10, 2012) - Cavan Ventures Inc. ("Cavan" or the "Company") (TSX VENTURE:CVN) announces that it has acquired a 100% interest in approximately 900 hectares of prospective graphite claims located in Buckingham township, Quebec.

The property contains ground referred to in a 1984 report, most specifically the ground covers the northern portion of Lot 20 Range 8, and all of the ground referred to in the report on Lots 19, 20, 21 of Range 9, and the area mentioned within the report discussing two airborne electromagnetic anomalies on lot 21, 22 and 23 on Range 9.

The report mentions the Walker Mine, on an adjacent property, as being located on the Southern half of the lot 20 Range 8. The same report states "Graphite deposits were worked at numerous locations in Buckingham township from the 1860's to 1910. One of the most significant deposits was called the Walker Mine which was located in the south half of Lot 20 in range VIII of Buckingham Township…veins of disseminated flake estimated at 25% graphite were mined…Lots 19, 20 and 21 of Range IX which are part of the present group were part of the Walker Mine property and graphite occurrences were reported on these lots…the Walker Mine was referred to as "Graphite City" in some of the old reports."

The report discusses the electromagnetic anomalies, "Two linear conductors are noted on Lots 21, 22 and 23 of Range IX of Buckingham Township. The conductors were mapped on 7 airborne survey lines (200 metre spacing) - one conductor is at least 200 metres long and the other is approximately 1000 metres long."

Terms of the acquisition have Cavan making cumulative payments of $75,000 and issuing one million common shares of the Company over 2 years. A 2% NSR will also be issued with the option to purchase back 1% for $1 million. A finder's fee will be payable on this transaction. This transaction is subject to TSX Venture approval.

Cavan has also determined to not proceed with its option to acquire the Crown King prospect located in Arizona, USA (see PR dated May 5th, 2011).

The technical contents of this release were approved by Mike Magrum, P.Eng., a qualified person as defined by National Instrument 43-101.

Cavan Venture's mission is to identify, acquire, and advance high potential mining prospects located in North America for the benefit of its stakeholders. For more information visit the website at www.cavanventures.com.

ON BEHALF OF THE BOARD

Peter P. Swistak, President

Forward-Looking Statement:

Some statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Cavan Ventures Inc. Actual results may differ materially from those currently anticipated in such statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Cavan Ventures Inc.
    Peter P. Swistak
    President
    1-604-683-3995 or Toll Free: 1-888-945-4770
    604-683-3988 (FAX)
    www.cavanventures.com