Cadillac Mining Corporation Announces Appointment of New CFO and Granting & Re-pricing of Stock Options
Vancouver, British Columbia CANADA, May 10, 2012 /FSC/ - Cadillac Mining Corporation (CQX - TSX Venture), announces the resignation for personal reasons of Larry D. Sorenson, CA, as CFO and Secretary of Cadillac Mining Corporation, and as a director and officer of its subsidiaries. The Company thanks Mr. Sorenson for his contributions to the Company since its listing on the TSX Venture Exchange in 2006. The Company is pleased to announce the appointment of Justin Blanchet, CA, CPA as the new CFO and Secretary of the Company.
Mr. Blanchet is qualified as a Chartered Accountant and as a Certified Public Accountant (Illinois). He has extensive experience as an auditor, and has acted in various roles as CFO, consultant, controller, and director for a number of public companies listed on the TSX Venture Exchange.
The Company announces that it has granted an aggregate of 475,000 stock options to certain of its officers, key employees and consultants in accordance with the provisions of the Company's stock option plan, which plan was approved at the Annual General Meeting held on February 21, 2012, and accepted by the TSX Venture Exchange. The options were granted effective May 9, 2012 for terms of up to five years, at an exercise price of $0.17 per share. The Company also intends to re-price at $0.17 a total of 150,000 stock options that were previously granted to a consultant at a price of $0.25, subject to the approval of the TSX Venture Exchange.
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 strategies. 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 will have approximately 31.7 million shares outstanding as of completion of the First Tranche of the Placement as announced on May 7th.
On Behalf of the Board of Directors
Victor Erickson, P.Eng.
President & CEO
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 the release.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of the Canadian securities laws. Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "budgets", "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions. Forward-looking information in this news release include statements about the recently completed reverse circulation drilling program which may be deemed to be forward-looking information in that it reflects a prediction of the mineralization that could be encountered if additional exploration and drilling is completed.
In connection with the forward-looking information contained in this news release, Cadillac has made numerous assumptions, regarding, among other things: the geological data and information has received is reliable, and is based upon practices and methodologies which are consistent with industry standards. While Cadillac considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies. Additionally, there are known and unknown risk factors which could cause Cadillac's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: the possibility that future drilling on the Goldstrike project may not occur on a timely basis, or at all; that additional drilling may not intersect additional gold mineralization and uncertainty as to timely availability of permits and other governmental approvals.
All forward-looking information herein is qualified in its entirety by this cautionary statement, and Cadillac disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
For more information, please contact:
Website www.cadillacmining.com
Company Victor Erickson 604-684-7300
President & CEO
v.erickson@cadillacmining.com
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Source: Cadillac Mining Corporation (TSX-V: CQX) http://www.cadillacmining.com
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