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Pacific Cascade Minerals Inc. (the "Company") is pleased to announce it has received notification from Arcelia Gold Corp. the optionor of the El Centenario property, Durango State, Mexico, that the Company has fulfilled the required Year One Expenditures as defined under the Letter of Intent dated April 26, 2011.
Harold Forzley, President of the Company states "We are very pleased to have completed our Year One Expenditures and are particularly pleased with the results reported to date on the Phase One drill program. The first seven holes reported previously have all encountered the La Esperanza silver, lead, zinc mineralized zone with both good grades and widths. Along with surface mapping, sampling and trenching the zone now covers over a kilometer along strike and is open to the North, South and at depth."
The Company is currently planning Year Two programs for surface work and Phase One drilling on the Santa Margarita gold zone 3 km to the East of the La Esperanza silver, lead, zinc zone. Planning is also underway for a Phase Two drilling program on the La Esperanza zone to follow extensions to the north and south and to explore the zone at depth to a targeted 200 meters.
Assay results for the remaining five holes on the La Esperanza silver, lead, zinc zone will be reported once they have been received and analyzed by the Company's technical staff.
Private Placement
The Company has closed its non-brokered private placement financing of 2,906,250 units of securities at $0.08 per unit for aggregate gross proceeds of $232,500.00
Each unit consists of one common share and one share purchase warrant of the Company. Each share purchase warrant entitles the holder, on exercise, to purchase an additional common share of the Company at a price of $0.15 per share at any time until March 5, 2013.
The Company paid $8,000.00 as a finder's fee on a portion of the private placement.
The securities issued are subject to a four-month hold period
About the Project
The El Centenario project is situated 15km southwest of the La Cienega mine (owned by Fresnillo PLC) a structurally controlled gold-silver-lead-zinc mineral deposit that has been in production since early?1999. To date, the La Cienega mine has produced more than 2M oz of gold and 50M oz of silver. Additionally, the world-class Metates deposit (27M oz gold equivalent owned by Chesapeake Gold Corporation (TSX-V: CKG) is located 10 km south-southeast of the El Centenario project. The project area encloses a historical, little-explored mining district that was active during the Spanish colonial times. The concession block contains dozens of mineral prospects and an abundance of small-scale mine workings. The style of mineralization varies from epithermal, low sulfidation, fracture-filling vein-stock-work breccia systems to skarn and sediment-hosted enriched disseminated zones. The Company has entered into an agreement to earn a 70% interest from Arcelia Gold Corp, a private company
Technical information in this news release has been reviewed by Derrick Strickland, P.Geo., a qualified person as defined in NI 43-101.
For further information regarding Pacific Cascade Minerals Inc. and the El Centenario project please visit the Company's website at www.pacificcascade.ca.
On behalf of the Board of Directors
"Harold Forzley"
President/CEO? Pacific Cascade Minerals Inc.
For more information contact Daniel Whittle, Investor Relations at: Telephone: (604) 637-1341 or e-mail ir@pacificcascade.ca.
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.
Forward Looking Statements
Certain of the statements made and information contained herein may contain forward- looking information within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, information concerning the Company's intentions with respect to the development of its mineral properties. Forward-looking information is based on the views, opinions, intentions and estimates of management at the date the information is made, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated or projected in the forward-looking information (including the actions of other parties who have agreed to do certain things and the approval of certain regulatory bodies). Many of these assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws, or to comment on analyses, expectations or statements made by third parties in respect of the Company, its financial or operating results or its securities. The reader is cautioned not to place undue reliance on forward-looking inform
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