Cache Identifies Priority Properties For Ongoing Exploration
(via Thenewswire.ca)
TORONTO, CANADA - October 18, 2011 - Mr. George A. Brown, President and CEO of Cache Exploration Inc. (TSX-V: CAY), wishes to announce that the Company has completed the annual process of reviewing all Company exploration properties with the goal of identifying which properties to abandon and write off as at the September 30, 2011 fiscal year end and which properties to continue to focus future efforts on.
The Company has made the decision to abandon and write off the Bluff Lake Property in British Columbia which was under option from Candorado Operating Company Ltd. (news release November 20, 2009), the Louil Hill Property in Newfoundland which was under option from Kulwant Malhi (news release March 5, 2010), and the Long Lake Property in New Brunswick which was under option from Arthur and Lorena Hamilton (news release June 28, 2010). The value of the write-off will be included in the audited financial statements to September 30, 2011 that are due to be SEDAR filed prior to the end of January 2012.
Mr. Brown states: "A priority objective of Cache is to increase the potential for making a mineral discovery. Management believes that the exploration process should be a fluid process involving adding projects with geological merit, evaluating their potential by completing thorough exploration programs, and dropping projects that do not meet the Company criteria for continued exploration. We have been very active completing summer exploration programs and assessing our various projects. In January 2011, the Company was granted six new prospecting permits in Nunavut (news release February 3, 2011). In June 2011, the Company acquired all of the projects of Cache Minerals Inc. (formerly Rockbridge Minerals Inc.) (news release June 6, 2011). In August 2011, the Company completed the staking of additional Rare Earth Element exploration targets in Nunavut (news release September 12, 2011). Our summer exploration results are currently being evaluated to plan follow up exploration programs at our remaining priority properties."
Cache Exploration is a well funded exploration company with a focus on exploring for Rare Earth Element ("REE") deposits. Cache is exploring the Welsford REE Properties in New Brunswick, the Cross Hills REE Property and Cross Hills Northern IOCG Property in Newfoundland, and the Nunavut REE Properties. In June 2011, the Company acquired a 100% interest in Cache Minerals Inc. ("CMI") (formerly Rockbridge Minerals Inc.) through which it now controls the CMI Cross Hill REE Properties adjacent to Cache's Cross Hills Properties, the 3,360 acre Stewart South Property in BC, the 4,349 acre Quinn Eskay Property in BC, the 719 acre GSM Property in BC, and the 4,680 acre White Gold Properties in the Yukon. All of the Cache REE properties are considered to have excellent potential for rare earth element mineralization. The BC and Yukon properties provide a diversity of exposure to exploration potential for copper, silver, and gold.
Additional information is available under the company's profile at www.sedar.com and on the Cache website at www.cacheexploration.com For additional information please contact us by email at info@cacheexploration.com or by phone at (416)867-1101.
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