2000 Acres Acquired by Cadence Resources in De Soto Parish, Louisiana.

Business Editors

WALLA WALLA, Wash.--(BUSINESS WIRE)--Oct. 23, 2001

Cadence Resources Corporation (OTC-BB: CDNR) of Walla Walla, Washington announced today that the Company has acquired 2,000 contiguous acres of oil and gas leases in De Soto Parish, Louisiana.

These holdings have been taken as three-year "paid-up" leases in three adjoining sections and are located in a highly productive trend along a major anticline.

In the past six years, other operators along this same trend have drilled over fifty wells which targeted the Hosston and Cotton Valley formations at depths ranging between 6,700 and 10,300 feet. All of these wells have been successful in discovering commercial quantities of natural gas. Some of these wells have already produced over 10 billion cubic feet of gas. Average production from these wells through the year 2000 has been 3.2 billion cubic feet in the Hosston, and 2.1 billion cubic feet in the Cotton Valley.

In addition to the highly favorable Hosston and Cotton Valley formations there are two other well-known shallower horizons, the Rodessa and Pettet, which have produced significant quantities of natural gas in the past. On the Cadence acreage, two older Rodessa wells have cumulatively produced 5 billion cubic feet of natural gas. Cadence's consulting geologists, Lucius Geer and Associates of Houston, believe that there remains several excellent targets in the Rodessa and Pettet formations.

According to Howard Crosby, Chairman and President of Cadence, "The Company has nearly completed the leasehold acquisition phase of its operations in De Soto Parish. We are currently exploring various alternatives to finance the drilling of the initial three wells. This is a large project, with room for up to thirty wells on the acreage."

Certain statements contained herein may contain forward-looking statements that involve risks and uncertainties. Therefore, actual results may differ materially from those projected or implied. As a result, these forward-looking statements represent the Company's best judgment as of the date of this news release. The Company's securities are classified as a penny or microcap stock. Potential investors are encouraged to read and carefully consider the risks of investing in penny or microcap stocks by referring to the information at the following webpage: http://www.sec.gov/investor/pubs/microcapstock.htm.