(TheNewswire)
Toronto, ON - TheNewswire - July 19, 2023 - Cadillac VenturesInc. (CSE:CDC) (“ Cadillac ” or the “ Company ”) wishes to updateshareholders on its present status. The Company has been cease tradedfor failure to file financial statements for the years ended May 31,2021 and 2020 following its merger with KFG Resources. The Company ispresently working with its auditors in an attempt to get the financialstatements completed and bring its filings up to date.
The Company has commissioned a prospecting and sampling program on itsBurnt Hill property in New Brunswick as its assessment requirementsfor 2023. The work planned will focus on the Tin Hill claims whereinprevious work, carried out as part of a program in 2021, has shown thepresence of numerous independent Tin and Tungsten showings. At thetime, additional claims were staked to cover these showings and anypotential additional features along trend. The mineralized system atTin Hill is separate from and independent of the Burnt Hill depositpreviously outlined in the NI 43-101 report filed in August of 2013.All claims along the mineralized trend will be investigated by thisprogram.
Producing oil assets in Mississippi continue to be cash flow positive.The Company presently has interest in 12 wells. Additional scheduledfor the upcoming quarter will consist of a workover on the Spring Hilllease and an initial drill hole on a new prospect. Should these besuccessful the work will augment current production which is at 38BOPD.
The Company would like to recognize and thank the patience of itsshareholders during the difficult period experienced following themerger of Cadillac and KFG.
For further information please contact:
Norman Brewster
President and Chief Executive Officer
C: 416-970-3223
E: norman@cadillacventures.com
Unit 1B - 955 Brock Road, Pickering ON L1W 2X9
Cautionary statement regarding forward–looking statements This pressrelease contains 'forward-looking statements' within the meaning ofapplicable securities laws. Forward-looking statements are statementsthat are not historical facts and are generally, but not always,identified by words such as the following: "expects","plans", "anticipates", "believes","intends", "estimates", "projects","assumes", "potential" and similar expressions.Forward-looking statements also include reference to events orconditions that will, would, may, could or should occur, including,without limitation, statements and expectations. These forward-lookingstatements are necessarily based upon a number of estimates andassumptions that, while based on Cadillac’s respective expectationsand considered reasonable at the time they were made, are inherentlysubject to a variety of risks and uncertainties which could causeactual events or results to differ materially from those reflected inthe forward-looking statements, including those described inCadillac's respective public disclosure documents on SEDAR atwww.sedar.com. As a result, readers are cautioned not to place unduereliance on these forward-looking statements. The forward-lookingstatements contained in this press release are made as of the date ofthis release. Unless required by law, Cadillac does not intend to, orassume any obligation to, update or revise any forward-lookingstatements, whether as a result of new information, future events orotherwise.
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