Cadiscor Locks in IAMGOLD's Sleeping Giant Mine/Mill and Begins Underground Exploration
11 Décembre 2007 - 8:42PM
Marketwired
MONTREAL, QUEBEC (TSX VENTURE: CAO)(FRANKFURT: DQN) is pleased
to announce that it has signed a formal option agreement with
IAMGOLD Corporation, ("IAMGOLD") to acquire a 100% interest in the
Sleeping Giant Mine and related milling facilities ("the Mine").
The option grants Cadiscor the right to take possession of the Mine
at the end of production from current reserves and in any event not
later than April 1, 2009.
Located approximately 100 km north of Amos, Quebec, in the
Abitibi region, the Sleeping Giant Mine has been in operation since
1988. By the end of 2006, it had produced 825,000 ounces of gold
from 2,306,000 tonnes of ore at an average grade of 11.1 g/t Au.
The production schedule calls for production to end in late 2008,
once current reserves are depleted. The mine has a 900 tpd C.I.P.
mill on site. The production target for 2007 is 50,000 ounces of
gold.
At signature of the agreement, Cadiscor made a cash payment of
CAN $300,000 and issued 600,000 common shares of Cadiscor to
IAMGOLD. Cadiscor also issued 1,000,000 common share purchase
warrants to IAMGOLD, each warrant entitling IAMGOLD to purchase one
common share of Cadiscor at a price of $1.00 until April 1,
2009.
The main terms of the option are the following:
1- On the earlier of (i) April 1, 2009 and (ii) the date of
completion of mining and processing of the current reserves of the
Mine, Cadiscor will take possession of the Mine by paying IAMGOLD
CAN $5,000,000, payable, at Cadiscor's sole discretion, either in
cash or by the issuance of the relevant number of common shares of
Cadiscor at a price equivalent to the volume-weighted average price
of the previous 20 trading days, less the maximum allowable
discount permitted by the TSX Venture Exchange.
2- Once Cadiscor has acquired the Mine and milled a total of
300,000 tonnes of ore from any source at the milling facilities,
whether the milling facilities are located at the Mine or at any
other property of Cadiscor, Cadiscor will pay IAMGOLD CAN
$1,000,000, payable at Cadiscor's sole discretion either in cash or
by the issuance of the relevant number of common shares of Cadiscor
at a price equivalent to the volume-weighted average price of the
previous 20 trading days, less a discount of 5%.
3- Once it has acquired the Mine, Cadiscor will undertake to
grant IAMGOLD the following royalties: a 1.0% NSR royalty on future
gold production from the Mine property, with Cadiscor having the
right to buy back such royalty for an amount of $1,000,000 at any
time; and a 1.5% NSR royalty on any future base metal production
from the Mine property, it being understood that such royalty will
only be granted if there exists more than 5,000,000 tonnes of
Measured and Indicated resources on the property, as established by
a 43-101 compliant resource estimate.
All issuances and potential issuances of Cadiscor shares under
the deal are subject to the approval of the TSX Stock Exchange.
Cadiscor has already started an underground exploration program
at the Sleeping Giant Mine. The program will test the continuity of
the currently-mined zones at depth below the last Level at 975
metres. Two underground drill rigs are already exploring the next
400 meters of depth, and a third drill will be soon added to
accelerate the program. Cadiscor also plans to reassess the data
for the current mine to identify potential drill targets in the
vicinity of the existing underground infrastructure.
Cadiscor has invested more than $4M over the last year in
successful exploration drilling on its wholly owned Discovery gold
property, located 70 km to the east of the Sleeping Giant mine. In
May 2007, a NI 43-101 report by independent consulting firm
InnovExplo Inc. established that measured and indicated resources
totalled 1,163,186 tonnes at a grade of 5.53 g/t Au, for 206,624
ounces. The property also hosts inferred resources of 966,864
tonnes at a grade of 6.06 g/t Au for 188,510 ounces. The gold zones
remain open at depth and along strike.
Cadiscor has resumed surface drilling on the Discovery property
in the 1200 Sector, 600 metres to the east of the Main Area, which
was the subject of the NI 43-101 resource estimate.
Previously-announced results include 14.1 g/t Au over 2.97 metres
in Hole B-07-150A and 5.15 g/t Au over 6.9 metres in Hole B-07-152.
This gold zone is open at depth and along strike.
InnovExplo Inc. is completing a scoping study on the Main Area
of the Discovery project to design an underground exploration
program, including a bulk sample and underground exploration
drilling. The report will be delivered to Cadiscor by the end of
December 2007.
Mr.Vincent Jourdain, P. Eng., Ph. D., is the qualified person as
defined by National Instrument 43-101. He has over 20 years of
experience in mining exploration. Mr. Vincent Jourdain approved
this press release.
This press release contains forward-looking statements subject
to certain risks and uncertainties. There can be no assurance that
these statements will prove to be correct, and actual results and
future events could differ materially from those implied by such
statements. These risks and uncertainties are discussed in the
annual report filed with the securities commissions of Alberta,
British Columbia, Ontario and Quebec, and in the 10-KSB annual
report filed with the US Securities and Exchange Commission. The
Company does not undertake to publicly revise or update any such
statements on the basis of new Information, future events or any
other event.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE
Contacts: Cadiscor Resources Inc. Michel Bouchard President
450-641-0775 mbouchard@bbhgm.com Cadiscor Resources Inc. Alain
Beland Investors Relations 866-774-7722 abeland@bbhgm.com
www.cadiscor.com
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