Cavan Ventures Inc.
TSX VENTURE : CVN

Cavan Ventures Inc.

September 05, 2012 10:49 ET

Cavan Amends Option Agreement on Pythonga Lake Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 5, 2012) - Cavan Ventures Inc. ("Cavan" or the "Company") (TSX VENTURE:CVN) is pleased to announce that it has successfully entered into an amending agreement with Investissements Horizon Inc. ("Investissements") as of August 21, 2012 (the "Amending Agreement") to amend their original option agreement dated September 29, 2011 (the "Original Agreement"), pursuant to which Cavan can earn an undivided 70% interest (the "First Option") in certain mining leases with respect to certain properties located at the Pythonga Lake Rare Earth Project (the "Property"). Upon Cavan exercising its First Option, Cavan may acquire the remaining 30% interest (the "Second Option") in the Property.

Pursuant to the terms of the Amending Agreement, the aggregate expenditures Cavan shall incur to exercise the First Option is reduced from an aggregate of $500,000 to $225,000 and, as of the date of the Amending Agreement, Cavan has exercised the First Option and has earned and is the beneficial owner of an undivided 70% in the Property. Additionally, the Original Agreement was further amended so that Cavan shall be deemed to have exercised the Second Option, to have earned and be the beneficial owner of the remaining 30% in the Property on the date it has issued 2,500,000 common shares in the capital of the Company within 10 days of signing of the Amending Agreement and paid $100,000 to Investissements upon the completion of Cavan's next financing of a minimum gross proceeds of $100,000.

All other terms in the Original Agreement remain the same.

Cavan Venture's mission is to identify, acquire, and advance high potential base and precious metal prospects. For more information visit the website at www.cavanventures.com.

ON BEHALF OF THE BOARD

Peter P. Swistak, President

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
    (604) 683-3995 or Toll Free: (888) 945-4770
    www.cavanventures.com