Cedar Mountain Exploration Inc. Completes Initial Public Offering
CALGARY, ALBERTA – October 26, 2007 – Cedar Mountain Exploration Inc. ("Cedar Mountain" or the "Corporation") is pleased to announce that it has completed its initial public offering of 4,000,000 common shares at a price of $0.40 per common share raising gross proceeds of $1.6 million. PI Financial Corp. acted as agent in connection with the offering. The common shares will be listed and posted for trading on the TSX Venture Exchange under the stock symbol "CED" at the opening of trading on Monday October 29, 2007.
The net proceeds from Cedar Mountain's initial public offering will primarily be used to conduct exploration work on the Corporation's Cedar Creek Property, the development of new exploration properties, to fund general and administrative expenses and for general working capital.
Following completion of the initial public offering, Cedar Mountain has 13,985,088 common shares issued and outstanding.
About Cedar Mountain
The principal business of the Corporation is and has been since incorporation, the exploration and development of properties and deposits with the potential for gold in sediment hosted bulk tonnage type deposits, lode gold and/or base metal deposits. In addition to the exploration of its existing properties, the Corporation intends to seek and acquire additional properties worthy of exploration and development.
The Corporation's principal project is the Cedar Creek Property which is located 56 km northeast of Williams Lake and adjacent to Quesnel Lake at Likely, in south-central British Columbia. The Cedar Creek property consists of 1453 hectares of land located in the Cariboo region of south-central British Columbia. This emerging gold district has a history as a world-class producer of gold during the historic Cariboo Gold rush, producing approximately 3.8 million ounces of gold since 1874, which is more than any other placer area in B.C.
Interest in the Cariboo region has recently increased due to the exploration work completed by Skygold Venture Ltd.'s adjacent Spanish Mountain Property.
Based on results from adjacent properties, favourable geology, and the presence of gold anomalies with coincidental geophysical anomalies, Cedar Mountain is exploring for gold in sediment hosted vein deposit types at the Cedar Creek Property.
Additional information about the Corporation can be found in Cedar Mountain's final prospectus dated July 13, 2007 which has been filed and is available on SEDAR (www.sedar.com), or at the company’s website: www.cedarmountainexp.com
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Corporation's filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Corporation does not assume any obligation to update any forward-looking statements, save and except as may be required by applicable securities laws.
For more information contact:
President and CEO
Cedar Mountain Exploration Inc.
Tel: (403) 454-1297
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.