Cascadia Signs Deal With Private Peruvian Exploration Company to ...

Tag : base metals
CALGARY, ALBERTA - (Marketwire - July 3, 2008) -
NOT FOR DISTRIBUTION IN THE UNITED STATES OF AMERICA
Cascadia International Resources Inc. ("Cascadia" or "the Company")(TSX VENTURE:CJ) is pleased to announce that it has signed a MOU toenter into a Strategic Alliance agreement with QUIPPU EXPLORACIONESSAC. ("Quippu") to explore for base metals opportunities insouthern Peru. Quippu is a privately operated Peruvian explorationcompany with a team of industry trained, highly experiencedgeoscientists that have a proven track record of explorationsuccess. Quippu geoscientists have a solid knowledge of the geologyand resource potential of Peru, as well as the expertise to seekout and deliver world class base metal opportunities in partnershipwith Cascadia throughout Peru.
As part of the Strategic Alliance agreement, Cascadia will berequired to fund Quippu's base metal project generative explorationactivities in southern Peru for a period of two (2) years in whichcase Cascadia will have the option to accept or decline all basemetal opportunities generated. If Cascadia chooses to accept,Quippu will receive 20% of Cascadia's interest in the propertycarried through to feasibility. If Cascadia chooses to decline,Cascadia will have the option to earn 25% of Quippu's interest inthe property by covering 25% of Quippu's exploration expenditureson the property including staking. Quippu will have the right offirst refusal on Cascadia's 25% interest in Quippu properties andCascadia will have the right of first refusal on all of Quippu'sinterests and non base metal opportunities within the Area ofInterest.
The Company is pleased to have forged an alliance with such a solidexploration group which is expected to fast track discoveries in ahighly prospective part of the world. Cascadia will continue to bean opportunity driven with the global outreach necessary to providea solid base for achieving exploration success.
Mr. Osmond, P.Geo., President for Cascadia states, "With the recentsigning of the Free Trade Agreement between Canada and Peru inconjunction with Peru's proven track record of world class base andprecious metal discoveries, we feel that Peru provides therelatively low cost, low risk exploration climate necessary forinvestment."
Cascadia has granted a total of 1,875,000 options pursuant to itsstock option plan to employees, directors and consultants. Eachoption entitles the holder to acquire one share at a price of $0.10(Cdn funds) per share, vesting immediately, exercisable on orbefore July 3, 2013.
Forward Looking Statements
This press release may contain forward-looking statements based onmanagement's current projections, beliefs and opinions at the dateof this press release. Actual results could differ materially fromthose anticipated in these statements. Management undertakes noresponsibility to update forward-looking statements ifcircumstances or management's projections, beliefs or opinionschange.
The TSX Venture Exchange Inc. has not reviewed and does not acceptresponsibility for the adequacy and accuracy of this release. (403)262-9177