www.cadillacventures.com
Exploration activities in Cadillac's property portfolio range from the grass roots stage to resource development projects and are not limited by geographical boundaries. The company holds the right to earn up to 90% interest on 14 separate properties within the prolific Iberian Pyrite Belt of southern Spain and two advanced Canadian projects; the New Alger property which is a gold project in Quebec and Burnt Hill, a tungsten project in New Brunswick.
Cadillac Ventures to acquire 30% of Lima Norte Property in Peru
Cadillac Ventures (CVE:CDC) said Thursday it has entered into an agreement with Urion Mining International, to acquire an initial 30% interest in the Lima Norte property in Peru.
The property, located 100km north of Lima, the capital city of Peru, covers 51,000 hectares. According to Cadillac, several airborne anomalies have been identified and high priority drill targets have been located at the property.
Under the agreement, Toronto-based Cadillac will pay CAD$0.31 million worth of shares to Urion, a subsidiary of Swedish-based Trafigura Beheer B.V. Cadillac will also be responsible for the annual payments due in respect of the property. In that regard, Cadillac will pay Urion US$127,000 in either cash or shares on closing, representing the reimbursement for the first annual payment.
Cadillac will have the option to acquire up to an additional 50% interest in the property by spending CAD$2.25 million on the property over a three-year period.
After acquisition of the initial 30% interest, Cadillac will manage operations on the property.
The deal, subject to the approval of the TSX Venture Exchange and other customary closing conditions, is expected to close less than 21 days.
Some of Cadillac’s assets include the past-producing Thierry Property near Pickle Lake in Northern Ontario, several joint venture exploration projects in Spain, and the 51%-owned Burnt Hill Project in Fredericton, New Brunswick.
