On March 6th 2009 Cascadero Copper Corporation ("Cascadero") is pleased to announce that it has signed an Option and Joint Venture Exploration Agreement (the "Option Agreement") with Gold Fields Toodoggone Exploration Corporation ("Gold Fields"), a member of the Gold Fields Limited group of companies. Pursuant to the Option Agreement, Gold Fields can earn a 51% interest in Cascadero's Toodoggone Project in British Columbia, Canada, by spending at least C$5 million over a three year option period, which has been extended by force majeure for about one year. Once the 51% interest has vested, Gold Fields can, at its discretion, earn a further 24% interest by completing a feasibility study, sole funding a further C$15 million in expenditure, or form a Joint Venture with Cascadero holding a 49% interest.
Gold Fields has achieved the minimum expenditure within the terms of the current Option and Joint Venture Agreement and with this Private Placement will vest a 51% interest in Cascadero's Toodoggone Project. Gold Fields is subscribing for 1,000,000 Cascadero Copper units at C$0.10 per unit for total proceeds of C$100,000. Each unit is comprised of one common share and one non-transferrable warrant, whereby the warrant entitles the holder to purchase one additional common share at C$0.12 for a period of one-year from closing. The units are subject to a four-month hold period.
Completion of the financing is subject to regulatory approval, including acceptance by the TSX Venture Exchange. Cascadero intends to use the proceeds for general working capital purposes. Cascadero had approximately 150 million shares issued prior to this Private Placement.
Cascadero Copper is focused on copper-gold porphyry prospects in British Columbia and Argentina as well as disseminated copper-gold prospects in Ontario, Canada.
Cascadero Copper Corp
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.