Cadillac Mining Corporation Completes Private Placement & Orientation Drill Progam at Goldstrike

Cadillac Mining Corporation Completes Private Placement & Orientation Drill Progam at Goldstrike

Vancouver, British Columbia CANADA, December 21, 2011 /FSC/ - Cadillac Mining Corporation (CQX - TSX Venture), announces that, further to its news release of December 7, 2011, it has completed a non-brokered private placement of 2,026,667 Units at a price of $0.075 per unit, for gross proceeds of $152,000 (the "Offering").  All securities issued in connection with the Offering are subject to a hold period in Canada which expires on April 21, 2012.  Each Unit comprises one common share and one warrant, each warrant exercisable at $0.15 until December 20, 2013.

The Company paid a finder's fee in the amount of $400 cash and 6,666 warrants to Union Securities Ltd.  Each finder's warrant will entitle the finder to purchase one common share of the Company for a period of 18 months from closing at an exercise price of $0.15 per Share.

The net proceeds of the Offering have been utilized in the Company's orientation drilling program recently completed on its 100%-owned Goldstrike Project in southwestern Utah, and for general working capital purposes.

Cadillac's drilling program comprised three reverse circulation angle holes for a total of 567 meters (1860 ft).  Undertaken in part to satisfy obligations pursuant to one of its patented claim lease agreements, the program was designed to provide cross-cutting information that will clarify the geometric relationship between mineralized intersections obtained in vertical drill holes completed 20 years ago.

Mineralized intervals have been sampled and shipped to an accredited laboratory for analysis.  Results are expected in mid-January.

Cadillac holds a permit to drill 19 additional drill holes in this area, and has prepared several drill pads for this purpose.

About Cadillac Mining Corporation

Cadillac Mining Corporation is a junior exploration and development company based in Vancouver, Canada focused on large-scale precious and base metal projects in the Abitibi geological province in Canada, and the Great Basin in the western USA. The Company's long term objective is the discovery of a major deposit through carefully planned exploration programs. Its business model provides shareholders access to a wealth of exploration experience, dedicated management and the opportunity to experience discovery through a very conservatively capitalized company.  The Company has approximately 29 million shares outstanding as of completion this placement.  The Company's audited financial statements for the fiscal year ended August 31, 2011 are now available for review on SEDAR.

Disclaimer

Statements contained in this release that are not historical facts may be "forward-looking statements".  Such statements are subject to risks and uncertainties and other factors which may cause actual developments or results or level of activity or performance to vary materially from those projected by Management.

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 press release.

For further information, please contact:

Website                   www.cadillacmining.com

Investor Relations   Gus Garisto 416-805-3106
                  Bay Street Connect

Company                   Victor Erickson 604-684-7300
                  President & CEO
                  v.erickson@cadillacmining.com


To view this release as a web page, please click on the following link:
http://www.usetdas.com/pr/cadillac12212011.htm



Source: Cadillac Mining Corporation (TSX-V: CQX) http://www.cadillacmining.com
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