Cadillac Updates Thierry Underground Resource
TORONTO, ONTARIO--(Marketwire -02/23/12)- CadillacVentures Inc. (TSX-V: CDC.V - News) ("Cadillac" or the "Company") is pleased to announce that the underground resource at the Thierry Mine Project has been revised, based upon the operating costs of conceptually combining the operations of the Thierry underground and the K1-1 open pit deposits. The conceptual combination of operations has resulted in a decrease to the NSR cut-off of $5.30/tonne for the underground resource. The impact on the Resource calculation is illustrated below.
February 2012 Updated Resource Estimate at a C$41/tonne NSR cut-off
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Class Tonnes Cu % Ni % Ag g/t Au g/t Pt g/t Pd g/t
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Measured 3,233,000 1.65 0.19 4.6 0.03 0.03 0.09
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Indicated 5,582,000 1.66 0.19 3.8 0.05 0.05 0.14
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Meas&Ind 8,815,000 1.66 0.19 4.0 0.05 0.04 0.13
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Inferred 14,922,000 1.64 0.16 6.4 0.10 0.07 0.21
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(1) Mineral resources which are not mineral reserves do not have
demonstrated economic viability. The estimate of mineral resources may
be materially affected by environmental, permitting, legal, title,
taxation, socio-political, marketing, or other relevant issues.
(2) The quantity and grade of reported Inferred resources in this
estimation are uncertain in nature and there has been insufficient
exploration to define these Inferred resources as an Indicated or
Measured mineral resource and it is uncertain if further exploration
will result in upgrading them to an Indicated or Measured mineral
resource category.
(3) The mineral resources in this press release were estimated using the
Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM
Standards on Mineral Resources and Reserves, Definitions and Guidelines
prepared by the CIM Standing Committee on Reserve Definitions and
adopted by CIM Council
(4) The January 31, 2012 two year trailing average US metal prices used in
this estimate were $3.72/lb Cu, $10.15/lb Ni, $28.18/oz Ag, $1,419/oz
Au, $1,663/oz Pt and $639/oz Pd. The C$US$Exchange rate was 0.99.
(5) Overall payable metal in the NSR calculation were 84% Cu, 13% Ni and
37% for Ag, Au, Pt & Pd.
(6) Costs used to determine the C$41/tonne NSR cut-off value are as
follows: mining C$30/tonne, processing C$9.50/tonne and G&A C$1.50/tone
(Processing and G&A costs were developed on a shared basis with K1-1)
"The impact to the existing resource statement of the lowering of the conceptual combined operating costs for both the Thierry Mine underground and the K1-1 Open Pit deposits, while not resulting in significant additional tonnage at this time, will be positive for project economics and broadens the range of underground material which, may, one day, be economically mined from Thierry underground, should a production decision be made," stated Norman Brewster P.Geo, President and CEO of Cadillac.
Mr. Brian H. Newton, P.Geo, of Billiken Management Services Inc., on behalf of the Company, and Mr. Eugene Puritch, P.Eng. of P&E Mining Consultants Inc. are "Qualified Persons" pursuant to NI 43-101 and have both reviewed and approved the contents of this press release.
About Cadillac
Cadillac is a development-focused copper company currently advancing its 100% owned Thierry Property, near Pickle Lake, Ontario. The Thierry Property consists of the past producing Thierry Mine and hosts two NI 43-101 compliant resources: Thierry Mine and K1-1.
Thierry Mine Deposit
The Thierry Mine is a past producing mine with a current resource estimate consisting of 8.8 million tonnes Measured and Indicated grading 1.66% Cu, 0.19% Ni, 4 g/t Ag, 0.05 g/t Au, 0.04 g/t Pt and 0.13 g/t Pd and 14.9 million tonnes Inferred grading 1.64% Cu, 0.16% Ni, 6.4 g/t Ag, 0.10 g/t Au, 0.07 g/t Pt, 0.21 g/t Pd using a cut-off NSR of C$41/tonne. The deposit remains open at depth and to the west.
K1-1 Deposit
The K1-1 is an open-pit, large tonnage, low grade deposit located approximately 3 km from the past producing Thierry Mine. The Inferred mineral resource estimate for K1-1 within a Whittle pit shell consists of the following: 53,614,000 tonnes grading 0.38% Cu, 0.10% Ni, 1.83 g/t Ag, 0.03 g/t Au, 0.05 g/t Pt, and 0.14 g/t Pd at an NSR cut-off of $41/tonne.
Forward Looking Statements
This news release contains forward-looking statements and information under applicable securities laws, including with respect to the impact of the updated resource at the Thierry Mine Project. All statements, other than statements of historical fact, are forward looking. Forward-looking statements are frequently identified by such words as 'may', 'will', 'plan', 'expect', 'believe', 'anticipate', 'estimate', 'intend' and similar words referring to future events and results. Such statements and information are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration a nd development, fluctuating commodity prices, the risks of obtaining necessary licences and permits and the availability of financing, as described in more detail in the Company's securities filings available atwww.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and the reader is cautioned against placing undue reliance thereon. Forward-looking information speaks only as of the date on which it is prov ided and Cadillac assumes no obligation to revise or update these forward-looking statements except as required by applicable law. All dollar amounts are in Canadian dollars unless otherwise noted.
Neither 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:
Cadillac Ventures Inc.
Norman Brewster
President and Chief Executive Officer
416 203-7722
www.cadillacventures.com
OR
MI3 Communications Financieres Inc.
Nathalie Dion
514 904-1333
nathalie@mi3.ca
