Cavan Ventures Inc. ("Cavan" or the "Company") (TSX VENTURE:CVN) announced today
that it has closed its previously announced non-brokered private placement (the
"Financing") placing 1,110,000 units ("Units") at a price of $0.125 per Unit
(the "Unit Private Placement") and 2,500,000 flow-through units ("Flow-Through
Units") at $0.15 per Flow-Through Unit (the "Flow-Through Private Placement")
for aggregate gross proceeds of approximately $500,000. Each Unit consisted of
one common share of the Company and one-half non-transferable common share
purchase warrant of the Company. Each whole warrant acquired in the Unit Private
Placement entitles the holder thereof to purchase one common share of the
Company for a period of eighteen months following closing at an exercise price
of $0.18. Each Flow-Through Unit consisted of one common share to be issued as a
"flow-through share" for the purposes of the Income Tax Act (Canada), and
one-half common share purchase warrant. Each whole warrant acquired in the
Flow-Through Private Placement entitles the holder thereof to purchase one
common share of the Company for a period of eighteen months following closing at
an exercise price of $0.20. The securities issued under the Financing are
subject to a statutory hold period which will expire four months and one day
from the closing date in accordance with the rules and policies of the TSX
Venture Exchange (the "Exchange") and applicable Canadian securities laws and
such other further restrictions as may be applicable.


The Company engaged finders in connection with the sale of the Units and the
Flow-Through Units. Finders engaged by the Company received a cash commission
equal to 8 per cent of the gross proceeds raised from the sale of Units and the
Flow-Through Units placed by them, and non-transferable compensation warrants to
purchase a number of common shares equal to 8 per cent of the Units and
Flow-Through Units placed by them as part of the Financing. The compensation
warrants are exercisable for a period of 24 months from the date of closing of
the Financing and have an exercise price of $0.18. 


The Financing and the payment of finders' fees in connection with the Financing
remain subject to final Exchange approval.


The Company expects to use the net proceeds from the sale of the Units in
connection with mineral exploration activities, including the exploration and
development of the previously announced Crown King Silver Project in Arizona,
which remains subject to Exchange approval, and for working capital and general
corporate purposes. The net proceeds of the Flow-Through Units will be used in
connection with exploration activities on the Company's mineral properties
located in Canada. 


Cavan is considering completing a further tranche of the Financing at such time
that it considers appropriate depending upon market conditions. Any further
closing will be subject to the receipt of Exchange approval.


About Cavan

Cavan Ventures Inc. is a Vancouver based TSX Venture Exchange-listed junior
mining company with acquisitions in Canada and Arizona, USA. The Company's
vision is to become a globally diversified resource company with strong focuses
in gold, silver, and rare earth elements. Cavan strives to become a mid-tier
producer through the acquisition and development of domestic and international
mining properties.


On behalf of the Board of Directors

Andrew Mah, President & Director 

This news release contains certain forward-looking statements that reflect the
current views and/or expectations of Cavan with respect to its performance,
business and future events. Such statements are subject to a number of risks,
uncertainties and assumptions. Actual results and events may vary significantly.