VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/02/13 -- Cassius Ventures Ltd. (TSX VENTURE: CZ) (the "Company") announces that as part of ongoing discussions between the Company and the Nicaraguan Ministry of Mines ("MEM" or "Ministry") to restructure its landholdings and associated rents, the Company has submitted an application to reduce its landholdings by 66,097 hectares. The application is subject to review and approval by MEM. Discussions between the Company and MEM are ongoing in regards to the extent of concession rents owing in respect of the Company's retained and relinquished landholdings.
Following approval, the Company will hold 11 concessions over 71,689 hectares, including a significant portion of the Nueva Segovia and Leon project areas, where most of its work to date has been targeted and where exploration results have been the most encouraging.
The Company continues to explore alternatives to finance the development of its properties, including joint venture and / or partnership structures with junior and senior gold companies. Further updates will be provided in due course.
About Cassius Ventures
Cassius Ventures is focused on the development of the Nueva Segovia and Leon gold projects over approximately 71,000 hectares in Nicaragua. Exploration work to date has resulted in the identification of high grade anomalous values in drilling identified at Nueva Segovia targets, as well as the occurrence of a 6 km2 porphyry with a potential gold/molybdenum/silver/copper mineralization and high grade vein targets in the Leon area. The Company is currently focused on securing a strategic partner or other financing to help advance a development program consisting of 2,000 meters of drilling to follow up targets in Nueva Segovia, and airborne magnetics, mapping, prospecting, rock geochemistry, a trench/pit exploration program, induced polarization and 1,500m of drilling at the gold/molybdenum/silver/copper porphyry target at Leon.
On behalf of the Board of Directors
John A. Thomas P.Eng, CEO and President
Eddy Canova, P.Geo., Director of Exploration of the Company and a Qualified Person as defined by NI 43- 101, has reviewed and is responsible for the technical information contained in this news release.
This news release contains forward-looking information (within the meaning of Canadian securities laws) about the Company and its future plans. Forward-looking information reflects management's expectations or beliefs regarding future events rather than historical facts, and in this news release includes, without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "scheduled", "believes", or variations of such words and phrases or statements that certain actions, events or results "potentially", "may", "could", "would", "might" or "will" be taken, occur or be achieved. There can be no assurance that forward-looking statements will prove to be accurate, and actual results could differ materially from those expressed or implied by the forward-looking statements. Forward-looking statements are based on certain assumptions that management believes are reasonable at the time they are made. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including, but not limited to, the assumption that:
(1) the Company's ability to discover minerals in commercially feasible quantities in Nicaragua, (2) the Company's ability to raise the necessary financing for ongoing operations and to complete any acquisitions or pursue any planned exploration programs, (3) there being no significant disruptions affecting operations, whether due to labour/supply disruptions, damage to equipment or otherwise; (4) permitting, development, expansion and power supply proceeding on a basis consistent with the Company's current expectations; (5) certain price assumptions for gold; (6) prices for availability of natural gas, fuel oil, electricity, parts and equipment and other key supplies remaining consistent with current levels; (7) the accuracy of current mineral resource work and studies on the Company's property; and (8) labour and material costs increasing on a basis consistent with the Company's current expectations. Important factors that could cause actual results to differ materially from the Company's expectations include, among others, risks related to the ability of the Company to obtain necessary financing and adequate insurance; the economy generally; fluctuations in the currency markets; fluctuations in the spot and forward price of gold or certain other commodities (e.g., diesel fuel and electricity); changes in interest rates; disruption to the credit markets and delays in obtaining financing; the possibility of cost overruns or unanticipated expenses; employee relations. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise. Reference to the section entitled "Risks and Uncertainties" immediately preceding this section.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cassius Ventures Ltd.
604 558 1107
604 566 9081 (FAX)
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