Cadiscor Intersects the Depth Extension of IAMGOLD's Sleeping Giant Mine

MONTREAL, QUEBEC (FRANKFURT: DQN) ("Cadiscor") is pleased to announce the first results from underground exploration drilling at the Sleeping Giant Mine, ("Mine") on which it has an option to acquire a 100% interest from IAMGOLD Corporation ("IAMGOLD"). In December 2007, Cadiscor started a 9,000-meter underground exploration program to test the continuity of the gold zones at depth, below the deepest mining level (-975 meters).

These results are highly significant as they confirm the presence of the gold zones down to 445 meters below the current mine workings, with grades that are similar to the grades in the mine. Drilling will continue until the end of Q2 2008. The results will then be evaluated to consider the feasibility of extending the mine shaft.

The Sleeping Giant Mine entered production in 1988. The mine has since been deepened twice to follow the gold zones. The main mine production zones are, in order of importance, Zones #30, 8, 20, 3 and 18. Three underground drill rigs are testing the next 400 meters of Zones #8, 30 and 18 below the deepest mining level.

The mine's gold zones are narrow quartz veins that are mainly mined by shrinkage stoping. Typically, mine planning uses a minimum width of 1.6 orthogonal meters. Results from the immediate extension of the mined zones or areas where geological control is sufficient to determine the gold zone attitude with confidence, are reported using this minimum 1.6 orthogonal meters width. Results from areas where the gold zone attitude can not be determined with confidence are reported using the core length.

The new drill results are shown below. Zone #8 was intersected down to a depth of 445 meters under the current mine, at its projected position in space, which indicates excellent continuity at depth. The deepest mining level is 975 meters below surface.


-----------------------------------------------------------------
                      Depth below        Au     Core   Orthogonal
Hole #    Target Zone        Mine       g/t   Length        Width
-----------------------------------------------------------------
66-911(i)     Zone #8     - 400 m       4.8                 1.6 m
-----------------------------------------------------------------
66-911B(i)    Zone #8     - 445 m      10.7                 1.6 m
-----------------------------------------------------------------
66-920        Zone #8     - 115 m       0.3                 1.6 m
-----------------------------------------------------------------
66-921        Zone #8     - 120 m       2.1                 1.6 m
-----------------------------------------------------------------
66-923        Zone #8      - 75 m       2.7                 1.6 m
-----------------------------------------------------------------
66-924        Zone #8      - 85 m      13.1                 1.6 m
-----------------------------------------------------------------
97-86         Zone #8      - 25 m       3.3                 1.6 m
-----------------------------------------------------------------
97-27(i)     Zone #30      - 65 m       8.3                 1.6 m
-----------------------------------------------------------------
66-923       Zone #30     - 213 m       5.9    0.8 m
-----------------------------------------------------------------
66-923       Zone #30     - 229 m       6.5    1.1 m
-----------------------------------------------------------------


(i) Holes 66-911 and 97-27 were drilled by IAMGOLD and Hole 66-911B was
started by IAMGOLD.

Hole 66-923 was deepened past Zone #8 to test Zone #30. Two veins were intersected and returned 5.9 g/t Au over 0.8 m and 6.5 g/t Au over 1.1 m, indicating the presence of Zone #30 at a depth of about 225 m below the deepest mining level. Holes 66-911 and 66-924 also intersected values of 8.9 g/t Au over 1.0 m and 36.2 g/t Au over 0.5 m respectively before the #8 Zone intersection, in new structures previously unknown at the mine. Additional drilling is planned to test these structures.

Prior to the current exploration program, one exploration hole, Hole 97-27, intersected the extension of Zone #30 at elevation 3960, 65 meters below the last mine level. It returned a value of 8.3 g/t Au over 1.6 meters, indicating the possibility of extending the mined zones at depth.

Cadiscor is also in the process of reassessing the historical production, development and exploration data of the current mine to identify resources in the vicinity of the existing underground infrastructure, in the context of a higher gold price. The 7 g/t Au cut-off grade presently used at the mine is based on a gold price of $US600/oz. This reassessment should be completed by the end of Q2 2008. Cadiscor will then evaluate the economic potential of the resources located close to actual mine infrastructures.

On December 11, 2007, Cadiscor announced that it had signed a formal option agreement with IAMGOLD to acquire a 100% interest in the Sleeping Giant Mine and related milling facilities. 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(st), 2009. It also grants Cadiscor the immediate right to carry out exploration at the mine and on the property. Located approximately 80 km north of Amos in Quebec's Abitibi region, the Sleeping Giant mine has been in operation since 1988. At the end of 2006, it had produced 825,000 ounces of gold from 2,306,000 tonnes of ore grading an average of 11.1 g/t Au.

The assay determinations were carried by the Sleeping Giant Mine laboratory. A QA/QC program is in place at the lab and includes the use of blanks, standards and re-analysis by outside independent laboratories.

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. Jourdain has 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, Investor Relations 866-774-7722 abeland@bbhgm.com www.cadiscor.com

Cadiscor Resources Com Npv (TSXV:CAO)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024