Cadiscor Resources Inc. ("Cadiscor" or "the Company")(TSX
VENTURE:CAO)(FRANKFURT:DQN) is pleased to announce results of the Scoping Study
(the "Study") (referred to as a Preliminary Assessment under 43-101) for its
100% owned Discovery Gold Project in northwestern Quebec. The Study was prepared
by InnovExplo Inc. of Val-d'Or. The Study concludes that the project could
generate a positive cash flow given certain assumptions. The total income
generated by the Discovery Project before taxes is $17.2 million, with a NPV of
$11.5 million at a discount rate of 5% and an internal rate of return (IRR) of
27%. InnovExplo considers that an IRR of 27% is sufficient to move forward with
the project, considering that only a small part of the resources was used in the
study and that these resources were established with cut-off grades reflecting a
gold price at US $650/oz. While Phase I has a negative IRR, Phase II, the
development and pre-production phase, generates an IRR of 100%.


The Study recommends that a first phase consisting of an underground exploration
program be undertaken, including extraction of a 36,000-tonne bulk sample and an
underground drilling program to add new resources and upgrade the existing
resources categories. A second phase would include a pre-production period to
develop the underground infrastructure required to mine the deposit, followed by
production from the currently-known resources, without taking into consideration
the resources added and/or upgraded during Phase I underground exploration.


Michel Bouchard, President and CEO of Cadiscor, stated, "The Scoping Study
results are very encouraging, and Discovery continues to prove to be a project
we can build on. We have been exploring and drilling Discovery for the past two
years, with each drilling program resulting in increased resources. InnovExplo
recommends going underground with Phase I as a next step, in order to increase
confidence in resource continuity and grade through additional drilling and
underground bulk sampling. We agree with their recommendation, and will now
begin the environmental base line study and preliminary permitting process on
the Discovery project."


Only 37% of the Measured and Indicated resources and 9% of the Inferred
resources were used in the Study. Successful upgrading of the mineral resources
to mineral reserves by definition drilling and a prefeasibility study would
imply a total mine life of seven years if all mineral resources were to be
converted in mineral reserves, for an annual production of 44,000 ounces of gold
at a mill throughput rate of 245,000 tonnes per year.


Total Phase I costs are $23.1 million, with capital expenditures of $16.3
million. The net program cost is $7.8 million after revenues from the bulk
sample of $6.1 million and exploration credit of $9.2 million.


In Phase II, capital expenditures for the development and pre-production of the
mine will amount to $18.4 million, and revenues will total $103.2 million. In
Phase II, the NPV at a discount rate of 5% is $20.8 million with a cash flow of
$25 million and an IRR of 100%.


For the two phases, the total income generated by the Discovery Project before
taxes is $17.2 million, with an NPV of $11.5 million at a discount rate of 5%
and an internal rate of return (IRR) of 27%.


The highlights of the Study are as follows:

- The Mineral Resources of the Discovery project were based on the results of
327 holes (122,360 metres) drilled by Cadiscor and other companies.


- The resources considered in Phase I and II of this study amount to 470,889
tonnes @ 6.67 g/t Au for the Indicated category, and 135,364 @ 10.1 g/t Au for
the Inferred category. 


- The cut-off grades of the project were calculated on the basis of 673,991
tonnes milled. For the long-hole stopes, a cut-off of 4.00 g/t was used. For
shrinkage stoping, a cut-off of 5.00 g/t was used to reflect higher mining
costs.


- InnovExplo recommends a first phase consisting of an underground exploration
program to confirm the mining methods and upgrade the resources by drilling the
known zones. At the same time, a bulk sample will be taken from two stopes on
two different levels to confirm several parameters: metallurgy, grade, dilution,
recovery, etc. 


- The Inferred Resources will likely be upgraded by the proposed drilling
program and will allow a development decision to be made regarding the deepening
of the shaft in the second phase. Additional tonnage in the vicinity of the
proposed infrastructure could minimize both the capital and operating per-tonne
costs. As a result, the cut-off grade would also decrease, and additional
tonnage below the current cut-off grade would become economic.


- The production target is 700 tonnes per day, seven days a week, for 245,000
tonnes per year, at an average diluted gold grade of 6.35 g/t. The average
annual output is estimated at 44,000 ounces of gold.


- After mining and milling recoveries, 132,010 ounces will be produced during
Phase I and II. The duration of Phase I will be thirty months, and Phase II will
take three years. Phase I and II are separated by a one-year interim period
during which the preparatory work for Phase II will be completed, as well as a
pre-feasibility study.


- For the base case financial analysis, a gold price of $850/oz was used for the
first five years and $750/oz for the last year. The Canadian dollar and the US
dollar were considered to be at par (i.e., a constant exchange rate of US
$1.00/CDN $1.00). 


- A gold recovery of 96.0% was used for the purpose of the analysis based on the
results of metallurgical testing. 


- Operating revenues are estimated at $117,970,790 for Phases I and II.
Operating costs average $98.61 per tonne of ore milled, or US $503/oz over Phase
II of the project. Total operating expenditures, including stope development,
amount to $66,462,540. 


- Total capital expenditures, including deferred development, amount to
$34,695,621. 


- Not all the resources were used for the Phase II mining scenario: 811,193
tonnes @ 5.21 g/t Au in the Measured and Indicated categories and 1,410,136
tonnes @ 5.53 g/t Au in the Inferred category remain available.


- The Sleeping Giant Mine and Mill acquisition will allow ore from all
properties to be milled, including Discovery.


This Scoping Study is preliminary in nature and it includes inferred mineral
resources that are considered too speculative geologically to have the economic
considerations applied to them that would enable them to be categorized as
mineral reserves. Therefore, there is no certainty that the preliminary
assessment will be realized.


The mineral resource estimate, scoping study and technical report compliant with
43-101 Regulations were prepared by Carl Pelletier, B.Sc., P.Geo., of
InnovExplo, a exploration and mining consulting firm based in Val-d'Or. Mr.
Pelletier is a qualified and independent person as defined by 43-101
Regulations.


Mr. Vincent Jourdain, P.Eng., Ph.D, is the qualified person as defined by 43-101
Regulation and has over 20 years of experience in mineral exploration. Mr.
Jourdain has approved the content of this press release.


Forward-Looking Statements 

This press release contains forward-looking statements subject to certain risks
and uncertainties. There can be no assurance that these statements will prove to
be correct, and actual results and future events could differ materially from
those implied by such statements. These risks and uncertainties are discussed in
the annual report filed with the securities commissions of Alberta, British
Columbia and Quebec, and in the 10-KSB annual report filed with the US
Securities and Exchange Commission. The Company does not undertake to publicly
revise or update any such statements on the basis of new Information, future
events or any other event. 


THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.