VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 8, 2011) - Cascadero Copper (TSX VENTURE:CCD) has granted Gold Fields Sudbury Exploration Corp. (Gold Fields), a member of the Gold Fields Limited group of companies, a series of options to earn up to a 75% interest in the Marble Mountain gold prospect (the Property) in Sudbury Ontario. Gold Fields may earn an initial 65% interest by sole funding C$600,000 in expenditure and making a series of cash payments totaling C$700,000 by January 14, 2014.
Gold Fields may then increase its interest to 75% by sole funding the completion of a feasibility study in relation to any deposit in respect of the Property or contributing C$20,000,000 in expenditure in excess of that associated with the 65% Option, whichever comes first.
Marble Mountain is a high-sulphide gold prospect marked by an auriferous gossan. Marble mountain is located about 55 kilometres north of Sudbury in Parkin Township, Ontario. The Property has good road access. Samples taken by Cascadero geologists assayed high-gold values in pyritic sediments with relatively low-silver and base metal values. Silica is the dominant alteration and silicified sedimentary units that are also calcium carbonate altered yield the highest-grade gold.
In January 2011, Cascadero entered into an Option Agreement to acquire a 100% interest in the Marble Mountain prospect (the Brady Option), which consists of 66 contiguous units that are in good standing. The Brady Option agreement provides for cash, share issuances and a work commitment over a four-year term. The Property is subject to a net smelter return royalty (the "NSR"), 50% of which can be purchased for cash. Cascadero is obliged to maintain the Brady Option in good standing as long as Gold Fields has its exclusive right to the Property.
Cascadero has spent approximately C$260,000 on the property to date, which includes geochemistry and IP/Res/Mag geophysics.
Gold Fields Toodoggone Exploration Corporation (GFTEC) and Cascadero Copper Corporation (Cascadero) are also parties to a document entitled 'Option and Joint Venture Exploration Agreement - Toodoggone Property dated March 2, 2009, whereby Cascadero granted GFTEC a series of options to earn up to a 75% interest in the Toodoggone Project by sole funding $5,000,000 in expenditure to earn a 51% interest in the Project. Gold Fields may then increase its interest to 75% by sole funding the completion of a feasibility study in relation to any deposit in respect of the Property or contributing C$15,000,000 in expenditure in excess of that associated with the 51% Option. The GFTEC option is in its second year. To date, Gold Fields incurred approx. C$4 million of exploration expenditure. The Toodoggone Project is located in north central British Columbia and adjoins the Kemess Mine property now controlled by AuRico Gold to its north.
Gold Fields is also a shareholder of Cascadero Copper.
ABOUT CASCADERO COPPER
Cascadero Copper is an integrated prospecting and mineral exploration business. The Company has offices in North Vancouver, BC, Sudbury, Ontario and Salta City in the province of Salta, Republic of Argentina. The Company generates, acquires and explores mineral properties. Exploration is currently active in Ontario and Argentina.
The Company has several copper-gold porphyry prospects in the Toodoggone Project in north central British Columbia, which adjoins the Kemess Mine property now controlled by AuRico Gold. Cascadero holds a 100% in the Toodoggone Project. The Company holds a 100% interest in 17 volcanic and intrusive hosted gold properties in the Sudbury, Swayze and Timmins camps of Ontario and holds a 50% interest in SESA Holdings LLC (Nevada), which holds a 100% interest in Salta Exploraciones SA. Salta has a large high-quality property portfolio organized into 14 project areas consisting of 226,000 hectares in north western Argentina.
Cascadero's commodity focus is gold, silver and base metals, which are hosted in large-scale mineral bulk mineable open pit systems.
In 2011 and 2012, Cascadero and Salta plan to initiate development drilling on Las Burras, a new Cu-Mo-Au porphyry discovery, twin historic holes and drill several new core holes on the Pancho Arias Cu-Mo-(Au) deposit and drill test Incahuasi an undrilled large-scale Cu-Mo-Au porphyry prospect with excellent geochemistry and a compelling geophysical anomaly. There is an undrilled sediment hosted gold and silver-rich mineral system peripheral to Pancho Arias and Incahuasi porphyry.
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