Apr. 27, 2011 (Filing Services Canada) -- Cadillac Mining Corporation (CQX - TSX Venture), that it has completed 1412 meters of a planned 8900-meter drill program on a series of targets within Cadillac's 100%-owned Break Project located on the Cadillac-Larder Lake Break in the Abitibi geological province of Quebec. Visible Gold has an option to earn 60% in 217 of the 228 claims in the Break Project.
In early April, Visible Gold commenced a drill program comprising four holes on the Kanasuta claims in Dasserat Township, situated within approximately 800 meters of Vantex Resources' Moriss Zone discovery on its Galloway Project, about 30 kilometers west of Rouyn-Noranda. To date, two holes of 756 and 656 meters respectively have been completed and logged, and 100 samples have been submitted for assay. The third hole was collared on the morning of April 26th.
On completion of the program on the Kanasuta property, Visible Gold has indicated it will commence drilling on three claims at the western end of Cadillac's Kekeko claim group (dubbed "Lucky Break" by Visible Gold). The initial holes will be collared approximately 2,800 meters southwest of Richmont Mines' Wasamac project.
Cadillac Mining - Visible Gold Option Agreement
As announced on December 7, 2010, Visible Gold may earn a 60% undivided interest in the 217-claim, 7423-hectate property over a period of four years by completing exploration expenditures of $4.2 million, issuing an aggregate 500,000 Visible Gold common shares to Cadillac and paying Cadillac a total of $100,000 cash. The initial payment of $25,000 cash and 100,000 common shares has been received by Cadillac. The balance of the payments are due in like annual installments.
Cadillac Break Project Summary & History
Cadillac Mining's Break project comprising 7,755 hectares is 100% owned by the Company. The claims cover more than 20 km of the Cadillac Break, and lie between the Noranda camp which has produced 18 million oz gold, and the 11-million oz former Kerr Addison Mine at Virginiatown, Ontario. Cadillac's claims are situated in and peripheral to the Noranda Basin where gold was produced primarily from VMS deposits, that include the world-class Horne Mine. Readers are reminded that the Cadillac-Larder Lake Break, which hosts more than 100 mines and significant gold prospects, extends from Kirkland Lake in Ontario to well east of Val d' Or, Quebec. This exceptional structure, productive over some 200 km, has over the past nine decades yielded and hosts an aggregate of more than 80 million oz gold.
The properties comprising the Break Project were staked in 2002 by the founders of Cadillac Mining Corporation. Exploration to date has included a project-wide airborne geophysical survey, extensive lithogeochemical sampling, and diamond drilling. Prior to Cadillac's involvement, the area it holds had been largely untested because of difficulties in penetrating to the prospective geological units.
Qualified Person
Andre J. Audet, P.Eng., Vice-President - Exploration, Cadillac Mining Corporation, fulfills the position of Qualified Person for Cadillac Mining Corporation, as per National Instrument 43-101.
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 aggressive 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. Insiders have very recently exercised 1.6 million options, so that the Company now has approximately 27.4 million shares outstanding.
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 the release.
For more information, please contact:
Website www.cadillacmining.com
Bernie Kennedy 877-489-4440 Victor Erickson 604-684-7300
President & CEO
Email berniekc@telus.net v.erickson@cadillacmining.com
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Source: Cadillac Mining Corporation (TSX-V: CQX) http://www.cadillacmining.com
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