SEATTLE, August 11, 2003 (PRIMEZONE) -- Cascade Mountain Mining Company, Inc. (OTCBB:CSCA), a mining and exploration corporation, announced today that it has signed a Letter of Intent to acquire a 100% stake in the Kirkland Lake Morrisette Property located in Morrisette Township, Ontario, Canada, in the Kirkland Lake Mining District. The letter of intent was executed by both parties on August 8th, 2003.
According to the terms of the LOI, Cascade will be responsible for committing $500,000 CDN in exploration financing over a three-year period, as well as providing geological and drilling services. The terms of this agreement also calls for the current owners of the property to receive restricted stock as well as a 2% royalty of all Gold mined on the property or $25,000 CDN per annum as an advanced royalty fee whichever is greater.
The Morrisette Property consists of 29 Claims spanning 1,160 acres. The property is located between the Kirland Lake gold deposit to the southwest and the Victoria Creek gold deposit to the southeast, both of which have mined in excess of 24,000,000 ounces of Gold in previous years, and have a dollar value in the billions of dollars.
According to Cascade Mining Chief Geologist Michael Skopos, "In the neighboring southwest region of the property approximately 24 million ounces of gold were produced from over 53 million tons at an average recovered grade of .045 opt from the 7 mines of the Kirkland Lake deposit. The geology combined with the geophysical response strongly indicates that this property has the potential to be similar in scope to the Kirkland Lake deposits. It is difficult to forecast the potential revenue to Cascade Mountain, but one would expect it to potentially be in the tens of millions or greater, based on previous mining results."
Commenting on the LOI for the Morrisette Property, Cascade Mountain Mining's President, Wayne Daley, stated, "This acquisition has the potential to add significant revenue to our Company in the coming years. If past and previous exploration results remain consistent, this acquisition has the potential to produce significant revenues in the coming years. We are excited at the strong rate of growth we have been making with our current acquisitions of gold claims in North America."
About Cascade Mountain Mining Company
Cascade Mountian Mining, www.Cascade-Mining.com, owns 31 mining claims, which encompasses the Mazama Project. The Company is in the process of confirming previous exploration work that was started in 1963 by Bear Creek Mining (the exploration division of Kennecott), Brenda Mines (Moranda), Exxon Minerals, and others. Cascade was formed in 2002 to develop these and other reserves. The company intends to concentrate entirely solely on claims that become available that have been "worked". This means the claims have known ore reserves where data is available on test borings and analysis which shows that a mining operation is marginally profitable or close to breakeven, given the mining techniques and commodity price of the metals extracted at the time. Cascade Mountain will re-evaluate such analysis, typically by adding more testing and by "upgrading" the ore-to-waste ration. This is done by employing the newest mining technology, employing state-of-the-art 3-dimensional computer modeling and targeting the enriched areas of a group of claims.
The statements contained in this news release that are not historical facts may be statements regarding the Company's future that involve risks and uncertainties which could cause actual results to differ materially from those currently anticipated. For example, statements that describe the Company's hopes, plans, objectives, goals, intentions or expectations are all forward looking statements. Any such statements made herein about the Company's future are only made as of the date of this news release. Numerous factors, many of which are beyond the Company's control, may affect actual results. The Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.