Braveheart Resources acquires Thierry Mine Project

Braveheart Resources Inc. [TSXV:BHT; OTCQB:RIINF] and Cadillac Ventures Inc. [TSXV:CDC; OTC:CADIF] have closed on the previously announced purchase by Braveheart of a 100% interest in the Thierry Mine Project near Pickle Lake, Ontario from Cadillac.

Braveheart purchased all the shares of Cadillac Ventures Holdings Inc., Cadillac’s wholly-owned subsidiary which owns the Thierry Project, for a total consideration of $275,000 cash, which represents $300,000 net of $25,000 previously advanced by Braveheart to Cadillac; the issue of 11,000,000 Braveheart common shares to Cadillac; the issue of up to an additional 2,500,000 Braveheart common shares following delivery of the pending Updated Rehabilitation Plan to the Ministry of Energy, Northern Development and Mines of Ontario (MENDM) for Thierry, with the number of potential Braveheart shares to be reduced from 2,500,000 based on 50% of the amount of additional financial assurance needing to be posted with MENDM, above the $400,000.

Cadillac will reimburse Braveheart in cash to the extent that the additional financial assurance exceeds the value of the 2,500,000 Braveheart shares and a 2% NSR to be retained by Cadillac of which 1% can be purchased by Braveheart for $1,000,000.

The Thierry Project is a past-producing copper and nickel mine located approximately 15 km west of Pickle Lake and is accessible on a year-round basis by paved and all-weather roads. The property is approximately 4,700 hectares in size and contains a NI 43-101 mineral resource. There is a municipal airport, nearby rail system and provincial power grid within eight km of the mine. The underground infrastructure includes a three-compartment shaft, production decline to 520 metres below surface and lateral developments on three levels. The underground workings are currently flooded.

Braveheart’s main asset is the Bull River Mine project near Cranbrook, British Columbia which has a current mineral resource containing copper, gold and silver.