TORONTO, ONTARIO -- (Marketwire) -- 01/29/13 -- Cadillac Ventures Inc. (TSX VENTURE: CDC) ("Cadillac" or the "Company") announces that it has entered into an agreement (the "Agreement") with Renforth Resources Inc. ("Renforth") to sell to Renforth Cadillac's 100% interest the New Alger Property, located in Cadillac Township, Quebec.
The Agreement provides the payment to Cadillac of the following: (i) $20,000 cash and 2,000,000 common shares of Renforth at the time of signing the Agreement, (ii) $210,000 cash by June 15, 2013, and (iii) $250,000 cash by November 15, 2013. Upon satisfaction of the foregoing conditions, Cadillac will transfer its 100% interest in the property to Renforth and will retain a 1% net smelter return royalty in respect of the property.
Cadillac is a development-focused copper company currently advancing its 100% owned Thierry Property, near Pickle Lake, Ontario. The Thierry Property consists of the past producing Thierry Mine and hosts two NI 43-101 compliant resources: Thierry Mine and K1-1.
In addition, Cadillac also holds a 51% interest in the Burnt Hill Project, a historic tungsten/tin mine taken to test production by Mr. Norman Brewster P.Geo for Canadian International Paper during the early 1980's. Cadillac looks forward to resuming the development of this project.
For more information regarding Cadillac, please visit the Company's website at www.cadillacventures.com.
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.
Cadillac Ventures Inc.
President and Chief Executive Officer