Feb. 24, 2011 (Filing Services Canada) -- Cadillac Mining Corporation (CQX - TSX Venture), announces that it is preparing an exploration program comprising geophysics and diamond drilling at its 100% owned "Wasa" property, 15 kilometers west of Rouyn-Noranda in northwestern Quebec. The Company is strongly encouraged by Richmont Mines Inc. announcement on February 17, 2011, of a greatly expanded NI-43-101 resource of approximately 1.4 million ounces of gold on its Wasamac property as well as plans for 35,000 meters of additional drilling. Cadillac continues to review the details released by Richmont, but it is clear that the host Wasamac shear zone dips northerly at 50-55 degrees toward Cadillac's seven-claim Wasa property. In addition to testing gold targets, Cadillac will also be exploring the Wasa prospect for its VMS potential. The Company expects to announce details of its exploration program in the near future.
Meanwhile, Cadillac has completed the acquisition of the final group of seven patented claims covering the Goldstrike Project in southwestern Utah on terms comparable with the other 33 patents that were leased as announced January 17, 2011. A considerable volume of historical data and maps have been recovered and digitized to augment similar work performed in 1997. Previous managerial personnel from the Goldstrike Mine, which operated as a heap-leach gold-silver producer between 1988 and 1996, have assisted in these efforts. Management believes that the wealth of information, generated at a time of much lower gold prices, will lead to exciting drill targets.
Cadillac is also pleased to announce that it has contracted Bernie Kennedy Consulting Inc. ("BKC") of Cranbrook, B.C., for investor relations services. BKC provides corporate communications services to public companies in North America and specializes in the development and management of customized marketing programs. Mr. Kennedy brings over 14 years of successful marketing and corporate communications experience to Cadillac. BKC will assist Cadillac in fostering productive and continuing dialogues with private investors, analysts, brokers and other financial professionals.
Under the terms of the agreement, Cadillac will pay BKC $5,500 per month. Subject to regulatory approval, it has also granted BKC 200,000 stock options exercisable for three years at 30 cents per share.
Shareholders and interested parties should note that Cadillac Mining is in the process of revamping its web site to properly reflect its aggressive exploration plans for 2011 and significant recent developments for its projects in northwestern Quebec and Utah.
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:
Cadillac is a junior resource company focused on the acquisition, exploration and development of large-scale precious and base metal mineral properties in Canada and the western USA. The Company has 25,534,828 shares outstanding.
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
Bernie Kennedy 877-489-4440 Victor Erickson 604-684-7300
President & CEO
Email firstname.lastname@example.org email@example.com
Source: Cadillac Mining Corporation (TSX-V: CQX) http://www.cadillacmining.com
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