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Gold/Mining/Energy : Cadre Resources (CSL.V) Awaiting production #'s and Financ -- Ignore unavailable to you. Want to Upgrade?

To: Krikor who wrote (1215)	6/2/2005 4:50:19 PM
From: TrueScouse	Read Replies (1) \| Respond to of 1285

Krikor: More good news below. It's quite something that CSL has been able to raise cash at US$0.25 per share after all these years in the doldrums. Also it's good to see a clear statement that the first phase of the FS is going to proceed. Very encouraging... Howy =================== Cadre Resources Ltd. P.O. Box 2297 Vancouver, B.C. CANADA V6B 3W5 Phone: (250) 447-6641 TSX Venture Exchange-CSL 12g-2(b):82-2911 NEWS RELEASE June 2, 2005 R. Page Chilcott, President of Cadre Resources Ltd. (the “Company”), announces the Company has negotiated a non-brokered private placement for a total of 400,000 Units (the “Units”) at a price of US$0.25 per Unit to net the treasury US$100,000. A Finder’s Fee is payable on the transaction. The Units are comprised of one common share and one non-transferable share purchase warrant. Each share purchase warrant will entitle the placee to purchase one additional common share of the Company for a period of twelve months from the date of the initial purchase at an exercise price of US$0.25. The common shares and any shares issued on the exercise of the share purchase warrants forming a part of the Units will be subject to a “hold period” as consistent with policies of the TSX Venture Exchange (the “Exchange”) and in accordance with all applicable securities laws and regulations. The proceeds from the private placement combined with the early exercise of $60,000 US in outstanding warrants will be used to provide working capital in order to immediately proceed with the first phase of the Caroni Project feasibility study, the ‘Bathymetric and Geophysical Survey of Macagua Lake, Bolivar State, Venezuela’. The purpose of the survey is to precisely locate and to determine volumes and depths of the aggregate material deposits in the Caroni River bed prior to bulk sampling of selected areas. Terms of the private placement are subject to acceptance by the TSX and any other regulatory authority having jurisdiction. CADRE RESOURCES LTD. Per: R. Page Chilcott, President The statements made in this News Release may contain certain forward looking statements. Actual events or results may differ from the Company’s expectations. Certain risk factors may also affect the actual results achieved by the Company. The TSX Venture Exchange or any other regulatory authority has not reviewed, and does not accept, responsibility for the adequacy or accuracy of this news release.