Pacific Cascade Minerals Inc. Cancels BioFuel Project and Change of Business
Suite 520 - 700 West Pender Street Vancouver, British Columbia V6C 1G8
Pacific Cascade Minerals Inc. Cancels BioFuel Project and Change of Business
July 13, 2010 TSX-V: PCV
Vancouver, British Columbia, Canada – July 13, 2010 - Pacific Cascade Minerals Inc. (the “Company”) (TSX-V, PCV) On behalf of the Board, Mr. Harold Forzley, President of the Company announces that the Company will not be proceeding with the Biofuels Joint Venture Project (“Biofuel Project”) . The Company received Shareholder approval on the proposed Biofuel Project, Change of Business and Name Change at its April 16, 2010 Annual General and Special Meeting of the Shareholders and the Company later received Conditional Approval from the TSX Venture Exchange on April 27, 2010. The Company proposed a $1,750,000 brokered private placement to fund the Biofuel Project and provide working capital but market conditions have not been conducive to complete this financing. At this point, the Board of Directors of the Company believes it is in the best interests of the Company and its Shareholders to retain the Company’s status as a mining and exploration company. The Company is currently negotiating a private placement to provide working capital and return PCV to trading on the TSX Venture Exchange as soon as possible. The Company has been halted from trading since July 6, 2009 due to the Change of Business related to the Biofuel Project.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release. We seek Safe Harbor.
ON BEHALF OF THE BOARD OF DIRECTORS,
“Harold Forzley”
Harold Forzley President & CEO Pacific Cascade Minerals Inc.
For more information contact Harold Forzley, President and CEO at:
Telephone: (604) 685-5851 Facsimile: (604) 685-7349
Website: www.pacificcascade.ca
Email: [email protected]
This communication to shareholders and the public contains certain forward-looking statements. Actual results may differ materially from those indicated by such statements. All statements, other than statements of historical fact, included herein, including, without limitations statements regarding future production, are forward looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release. Forward-looking statements in this release are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Investors are caused that such forward-looking statements involve risks and uncertainties.