Gold Fields is mobilizing a drill crew to the MEX Cu-Au-Mo porphyry prospect on Cascadero's Toodoggone Project in north central British Columbia, Canada, for continued exploration.
The 2012 program will consist of approximately 2,000 metres of core drilling and is expected to be completed by 15 August 2012. The 2012 expenditure program is expected to achieve the C$5 million threshold that will vest Gold Fields with a 51% interest.
In 2011, Gold Fields drilled 7 core holes on the MEX porphyry system for a total of 2,447.9 metres. The area explored by drilling is approximately 500 metres northeast to southwest by 900 metres northwest to southeast. The 2012 program will further test this area as well as other undrilled geophysical anomalies.
On March 6th 2009, Cascadero signed an Option and Joint Venture Exploration Agreement (the "Option Agreement") with Gold Fields. Pursuant to the Option Agreement, Gold Fields can earn a 51% interest in Cascadero's Toodoggone Project by spending at least C$5 million over an initial three-year option period. Gold Fields can earn a further 24% interest by completing a feasibility study or sole funding a further C$15 million expenditure. Gold Fields' exploration expenses to date are approximately C$4 million.
Due to an indigenous complaint in 2010, the agreement was subject to force majeure and a full exploration season was lost. The agreement was mutually extended for one year - 2012 is thus the third year of Gold Fields' option. Gold Fields holds a three-year British Columbia N.O.W. permit.
The property is located in the Toodoggone region in north-central British Columbia, which is about 550 km north of Prince George. The MEX prospect is approximately 16 km northeast of the Aurico Kemess mine property, formerly owned by Northgate Minerals. The area has excellent infrastructure including a 52,000 tonne flotation-concentration mill that is on care and maintenance.
Chief Executive Officer
Cascadero Copper Corp
ABOUT CASCADERO COPPER
Cascadero Copper is an integrated prospecting and mineral exploration business with offices in North Vancouver, BC, Canada, Sudbury, Ontario, Canada and Salta City in the province of Salta, Republic of Argentina. The Company generates, acquires and explores mineral properties and is active in the three jurisdictions.
In north central British Columbia, the Company has a 100% interest in a 31,000 hectare property in the Toodoggone region, which is prospective for copper gold porphyry systems. This property is subject to a C$20 million Joint Venture with Gold Fields.
In Ontario, the Company holds or has the right to acquire a 100% in 17 properties in the Sudbury, Swayze and Timmins camps, which are volcanic and sediment hosted copper gold prospects.
In north western Argentina, the Company holds a 50% interest in a 46 property portfolio, which consists mainly of bulk mineable copper-moly-gold porphyries and bulk mineable sediment hosted silver-gold plus base and rare metals.
Cascadero's commodity focus is gold, silver, moly, copper, base and rare metal hosted in large-scale bulk mineable mineral systems.
In 2009, the Company discovered Taron, a large bulk mineable sediment hosted epithermal rare metal deposit in Argentina. In 2011, Cascadero discovered Las Burras, a new Argentine Cu-Mo-Au porphyry.
The Company holds a large claim block that adjoins Lumina Copper's Taca Taca Bajo Cu-Mo-Au deposit. Several copper and gold showings exist on these claims. A first stage geochemical program is complete.
In 2012 to 2013, Cascadero intends to conduct exploration in three core areas: Pancho Arias Cu-Mo-Au porphyry District, the Taca Taca Mineral District and the bulk mineable sediment hosted silver prospects in the El Oculto District. Exploration is also planned for Taron, an exciting large-scale sediment hosted rare metal discovery.
For more information please contact:
Alan or Janice Feldman at AJF Consultants:
1207 Beach Grove Road, Tsawwassen, BC
Office = 604-948-9663 Cell = 604-377-2942
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