Cadan Res Corp. (WKN: A0YEAF)

Gibt es schlechte Nachrichten ?
oder bist du das Abwarten leid ?  

 

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/06/11 -- Cadan Resources Corporation (TSX VENTURE: CXD) announces the resignation of Mr. Brett Taylor as the President and CEO and further announces the appointment of Mr. Robert Butchart as the Company's new President and CEO.

Mr. Robert Butchart joined the Board of Directors of Cadan Resources Corporation ("Cadan") on December 18, 2009. Mr. Butchart is an experienced hands-on mining executive as well as having experience in owning and operating drilling service companies in Australia and Asia. Mr. Butchart commented, "I am very pleased to lead the Cadan team and look forward to the tremendous opportunity to grow this company into a significant operating asset for the shareholders of the Company." Mr. Butchart has been Chief Operating Officer of Cadan Resources Corporation since January 2010 and will be overseeing the development of the Company's T-Boli Gold-Silver mine as well aggressively exploring Cadan's 9,000 hectare Comval Gold-Copper property. Mr. Butchart has been directly involved in the mining industry for more than 25 years with direct involvement in heap leaching operations and narrow vein underground gold mines.

"We are very happy to have Robert Butchart take on the role as CEO of the Company and we are excited to aggressively step up the exploration efforts on the Company's two projects," said John Anderson, the Company's Chairman. "I am honored to be given the opportunity to lead Cadan Resources Corp.," said Mr. Butchart. "The challenge ahead is to build on the strong foundation that has been established, and I'm looking forward to leading the continued evolution of Cadan."

CADAN RESOURCES CORPORATION  

http://www.marketwire.com/press-release/...SX-VENTURE-CXD-1424897.htm  

sehr hoher Goldgehalt :-))))  

Cadan Completes Resource Definition Drilling at Its Tagpura Porphyry Skarn Copper-Gold Project First Hole Intercepts 106 Meters @ 0.65% Copper Including 31 Meters @ 1.21% Copper
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/19/11 -- CADAN RESOURCES CORPORATION (TSX VENTURE: CXD)(FRANKFURT: A0MZ25) ("Cadan" or the "Company") is pleased announce the completion of resource definition drilling at its Tagpura porphyry skarn on its Comval property located in East Mindanao, Philippines.

This drilling program is within the zone where a potential tonnage of 10 to 15 million tonnes has been reported previously (See News Release dated Aug 5th, 2008). The completion of this drilling program, together with previous drilling and open pit bench sampling, provide a data base of sufficient density to allow the upgrading of the potential tonnage to that of a measured resource.

"We are very excited that the Comval property continues to deliver great exploration results. The Tagpura porphyry located on the eastern portion of the property becomes more attractive with the continued gold and copper assays we are receiving on the skarn," says Robert Butchart, President and CEO. "Our plans are to increase drilling on the Tagpura porphyry as well as follow-up with a district sized exploration strategy on Comval."

Using the 100% company owned LY 24 drill rig, the first hole, Diamond Hole TGD 108, was drilled to 139.10m and was cored from the surface. The second hole, TGD 109, was drilled to 148.80m and was also cored from surface. In-house preliminary XRF assay results have now been received for TGD 108, with the defined mineralized zone averaging 0.65% Cu from 0 to 106meters. High-grade magnetite skarn was intersected from 33m to 64m and assayed 1.21% Cu for the 31meters. A complete report will be issued when assay results from a certified laboratory have been received.

Visual inspection of the high-grade skarn zone, from the core, shows magnetite and garnet skarn hosting chalcopyrite and chalcocite mineralization (To see Figure 1 and 2, please visit the following link: http://media3.marketwire.com/docs/cxd419i.pdf).

Cadan is a gold and copper exploration and development company with assets in Mindanao, Philippines. The Company's two properties are the T'Boli gold and silver mine, currently in final development of small-scale production, and its 9,000 ha Comval gold and copper property.

Qualified Person and Quality Control and Assurance

Technical aspects of this news release were prepared and verified by William Donald Goode, a member of the AusIMM and Technical Director of Cadan Resources. He is the qualified person as required by NI 43-101, and is the technical person responsible for this news release. The qualified person has verified the data disclosed in this news release, including sampling, analytical and test data underlying the information and opinions contained in this news release.

Quality Assurance and Quality Control (QA/QC)

Assays reported have been verified by the Company's QA/QC procedures. All samples have been prepared & assayed by McPhar Geoservices (Phil) Inc., in Manila, an ISO 9001 certified laboratory, with the inclusion of appropriate blanks and standards for which 1.5 - 2kg samples were pulverized to 90%, passing 200 mesh or -75 microns. Assays for gold were 50g fire assay, (0.05 ppm), AAS finish. Samples were assayed for copper, iron and sulphur by ICP.

The Company also announces it has granted an aggregate of up to 2,975,000 stock options at a price of $0.65 to directors and consultants to the Company. The options are exercisable for a period of up to 5 years.

On behalf of the board of directors,

Robert G Butchart, President / CEO

For further information visit our website at www.cadanresources.com or email: info@cadanresources.com.  

Bald ist der Preis erreicht wie vor dem Split.
Das Management sollte wohl langsam mal die Ärsche aus dem Sattel bringen.
Sonst wird das hier wohl nichts.  

nachdem in dem Gebiet wo ihre Mine steht, ein paar Minenarbeiter tödlich verunglückt sind durch Erdrutsche. Nun wird geprüft, ob  ein Minenbetrieb in diesem Gebiet nicht zu gefährlich ist, und deshalb eine Erlaubnis nicht erteilt wird.  

TRAURIG !  

Cadan Reports Results From Its Tagpura Copper-Gold Project / Hole 112 Intercepts 77 Meters @ 1.26% Copper and 0.42 gm Gold/Tonne
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/08/11 -- CADAN RESOURCES CORPORATION (TSX VENTURE: CXD)(FRANKFURT: AOMZ25) ("Cadan" or the "Company") is pleased to announce further results from resource definition drilling at its Tagpura porphyry skarn on its Comval property located in east Mindanao, Philippines.

This drilling is within the zone where a potential tonnage of 10 to 15 million tonnes has been reported previously (See News Release dated Aug 5th 2008). The completion of this drilling program, together with previous drilling and open pit bench sampling, provide a database of sufficient density to allow the upgrading of the potential tonnage to that of a measured resource.


--------------------------------------------------
                                                                      GOLD
             COORDINATES      RL   DIP  AZIMUTH   FROM    TO  COPPER  GM/T
--------------------------------------------------
               N       E
Hole 108   827400  845720   415.8    46       86      0   106   0.65%     -
--------------------------------------------------
Hole 109   827350  845750   415.0    60       95      2   100   0.32%     -
--------------------------------------------------
Hole 110   827401  845775   453.8    62       91      4    25   1.59%   0.4
--------------------------------------------------
Hole 111   827451  845738   465.9    60       93      2    71   0.30%     -
--------------------------------------------------
Hole 112   827508  845721   449.1    59       91      2    79   1.26%   0.4
--------------------------------------------------
Hole 113   827564  845727   487.5    59       90      2   137       #     #
--------------------------------------------------
Hole 114   827456  845766   470.9    81       87     31    37   0.29%     -
--------------------------------------------------
Hole 115   827350  845771   418.9    60       92      4    38   0.41%     -
--------------------------------------------------
                                                    49    52   0.33%     -
--------------------------------------------------
# certified laboratory results still outstanding.

Drilling completed to date, combined with open pit bench sampling has defined a massive magnetite - chalcopyrite/chalcocite skarn strike length of some 350m, with true widths ranging from 65m to 25m. Surface mapping of magnetite has extended the strike length some 300m to the south. Recent drill site preparation has uncovered massive magnetite - chalcopyrite/chalcocite mineralization 100m to the north.

The massive magnetite - chalcopyrite/chalcocite mineralization in the Maangob skarn has been previously reported in the News Release dated June 30th 2009 (38m @ 1.72% copper, 30m @ 0.98% copper, 105m @ 0.52% copper).

A number of other skarns have been mapped and new discoveries are ongoing. The total skarn potential associated with the large tonnage porphyry copper deposits is yet to be determined. Multiples of announced skarn potential is a realistic expectation.

Drilling of the large tonnage porphyry potential is ongoing, with the recent completion of the deepening of hole TGD28 to some 500m.

Cadan is a gold and copper exploration and development company with assets in Mindanao, Philippines. The Company's two properties are the T'Boli gold and silver mine, currently in final development of small-scale production, and its 9,000ha Comval gold and copper property.

Qualified Person and Quality Control and Assurance

Technical aspects of this news release were prepared and verified by William Donald Goode, a member of the AusIMM and Technical Director of Cadan Resources. He is the qualified person as required by NI 43-101, and is the technical person responsible for this news release. The qualified person has verified the data disclosed in this news release, including sampling, analytical and test data underlying the information and opinions contained in this news release.

Quality Assurance and Quality Control (QA/QC)

Assays reported have been verified by the Company's QA/QC procedures. All samples have been prepared & assayed by Mcphar Geoservices (Phil) Inc in Manila (an ISO 9001certified laboratory) with the inclusion of appropriate blanks and standards for which a 1.5 - 2kg sample was pulverized to 90%, passing 200 mesh or -75 microns. Assays for gold were 50g fire assay, (0.05 ppm), AAS finish.

On behalf of the board of directors,

Robert Butchart, President / CEO  

Cadan Encounters Further High-Grade Gold Assays as it Reaches South Vein System


Link:
http://www.cadanresources.com/wp-content/uploads/...adanNR-S-Vein.pdf  

CADAN !!!!!!  

der goldpreis klettert und klettert, dank der Angst vor der nächsten Krise durch die USA...

von einem Gold Explorer hatten wir uns doch alle ein Wenig Hebelwirkung gewünscht...

Hätten doch den Goldbarren nehmen sollen...  

Cadan Arranges a Non-Brokered Private Placement of $2,500,000
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/22/11 -- CADAN RESOURCES CORPORATION (TSX VENTURE: CXD)(FRANKFURT: A0MZ25) ("Cadan" or the "Company") is pleased to announce that subject to regulatory acceptance, the Company is arranging a non-brokered private placement consisting of up to 8,333,333 units of the Company ("Units") at a price of $0.30 per Unit for gross proceeds of up to $2,500,000. Each Unit will consist of one common share of the Company and one common share-purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one Warrant Share for a period of 2 years from the Closing Date at a price of $0.45 per Warrant Share.

The gross proceeds from the private placement will be used to advance the development of the Company's two properties being the T'Boli gold and silver mine, currently in final development of small-scale production, and its 9,000ha Comval gold and copper property including the further drilling of the Batoto Gold Stockworks. The funds will also provide the Company with additional working capital.

All securities issued in connection with this financing will be subject to a four-month hold period. The Company may pay a finders' fee of up to 7% of the gross proceeds in connection with a portion of the financing. In addition, finders may also be granted non-transferable finders' warrants entitling the holder to purchase that number of shares equal to 7% of the number of Units for a period of one year after closing.

On behalf of the board of directors,

Robert Butchart, President / CEO  

Cadan Reports Further 'Payrun' From Lateral Development in T'boli Gold-Silver Mine
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/13/11 -- Cadan Resources Corporation (TSX VENTURE: CXD)(FRANKFURT: A0MZ25) ("Cadan" or the "Company") is pleased to announce a second 'payrun' at its underground T'Boli gold-silver mine located in Mindanao, Philippines (First 'payrun' 52m@ 9.2gm/Au over 2.21m) (See News Release April 8th, 2011).

Cadan has been continuing lateral development along a number of vein systems so as to commence mining upon final approvals, which the Company expects shortly. The 418 N vein has now been advanced 109m towards a target area previously defined by intense historical surface workings. Results from the new development face are as follows:

HIGHLIGHTS

--  Development drive face sample returns including:
   --  2.7m @ 10.3 g/t gold
   --  2.0m @ 17.0 g/t gold
   --  2.0m @ 25.2 g/t gold
   --  2.0m @ 11.7 g/t gold

--  Bulk samples: 15.0, 10.7, 33.3, 8.4, 18.3 g/t gold

The above highlights, together with supporting samples, defined a 'payrun' of 47m averaging 12.2g gold over a width of 2.0m. The 'payrun' was from 0 - 47m. The next 52m was in sub ore grade mineralization. The last 10m shows increasing grades as the prospective target area is entered. The prospective target area has a strike length of 200m. The development of this second 'payrun' indicates that the vein systems are producing results in excess of expectations from the NI 43-101 resource. "These 'payruns' will help kick start production once final approvals are granted," said Robert Butchart, CEO and President.

All assays reported were prepared and assayed in the Company's on site laboratory. Samples are dried, jaw crushed & pulverized to 90% minus 200 mesh. Gold assays were 50gm fire with AAS finish  

 Foreign miner girds for mining production in T’boli
By Bong S. Sarmiento | Saturday| October 15, 2011 | Filed under: Top Stories


KORONADAL CITY (MindaNews/14 Oct) – A large-scale gold and silver mining project is expected to start commercial operations soon in T’boli, South Cotabato, a top mining company executive said Thursday.

Robert Butchart, chief executive officer and president of Cadan Resources Corp., said they are continuing their lateral development work along a number of vein systems at its underground T’boli gold-silver mine project.

The company recently determined a second “payrun” of 47 meters averaging 12.2-gram gold over a width of 2.0 meters, it said.

The “payrun” was from 0 to 47m. The next 52m was in sub ore grade mineralization. The last 10m shows increasing grades as the prospective target area is entered. The prospective target area has a strike length of 200m. The development of this second “payrun” indicates that the vein systems are producing results in excess of expectations.

“These ‘payruns’ will help kickstart production once final approvals are granted,” Butchart said in a statement, noting they expect the final permit approvals to come “shortly.”

Cadan Resources and the local Tribal Mining Corp. are pursuing the T’boli project, with the Canadian firm holding a stake of 40 percent.

The T’boli project has deposits of 2.4 million tons, containing 420,000 ounces of gold and 1.6 million ounces of silver, Cadan Resources said earlier.

Excavation of deposits will involve the underground or tunneling method.

The feasibility study for the T’boli gold and silver project started in 2007, although exploration activities kicked off a long time ago.

Hernani Abdon, records and licensing division chief of the Mines and Geosciences Bureau-Region 12, said Friday the firm’s mining feasibility declaration has already been endorsed to the national office.

“The main office will be the one to give the final approval,” Abdon said.

Along this process, the main office has asked the mining firm to submit lacking requirement which they have already complied, he added.

Dominador Siloterio, T’boli information officer, said the company has set up mining facilities in the town in preparation for commercial production.

In 1997, Tribal Mining acquired from the government a mineral production sharing agreement (MPSA) covering 85 hectares. The agreement has a lifespan of 25 years.

The MPSA area, however, straddles the “minahang bayan” or small-scale mining area, covering 21 hectares, that was declared over a decade ago by the provincial government.

The Court of Appeals earlier ruled that the conflict over rights between the mining firm and the small-scale miners involving the disputed area shall be resolved by a Regional Panel of Arbitrators, which is a quasi-judicial body annexed to the Department of Environment and Natural Resources. (Bong S. Sarmiento / MindaNews)

http://www.mindanews.com/top-stories/2011/10/15/...in-t%E2%80%99boli/

 

Cadan berichtet Topbohrergebnisse aus dem Lateralvortrieb auf der T'Boli Gold-Silber-Mine

Vancouver, British Columbia, 13. Oktober 2011: Cadan Resources Corporation (TSX.V: CXD und Frankfurt: A0MZ25) (“Cadan” oder das “Unternehmen”) freut sich, Ihnen die zweiten Topbohrergebnisse aus ihrem Untertagebohrprogramm auf der T’Boli Gold-Silber-Mine die in Mindanao, Philippinen liegt, bekannt zu geben. (Erste Ergebnisse waren 52 m mit 9,2g/Au pro t über 2,21 m) (siehe auch Pressemitteilung vom 8. April 2011).

Cadan hat den Lateralvortrieb weiter entwickelt entlang zahlreicher Venensysteme, sodass man nun mit dem Abbau nach Erhalt der letzten Genehmigungen beginnen kann, was das Unternehmen in Kürze erwartet. Die Vene 418 N konnte nun über 109 m weiter entwickelt werden hinein in das Zielgebiet das schon zuvor bestimmt worden durch intensive historische Oberflächenarbeiten.

Die Ergebnisse des neuen Vortriebs sind wie folgend:

HÖHEPUNKTE

• Entwicklungsvortrieb ergab Kopfproben die unter anderem enthielten:

• 2,7 m @ 10,3 g/t Gold

• 2,0 m @ 17,0 g/t Gold

• 2,0 m @ 25,2 g/t Gold

• 2,0 m @ 11,7 g/t Gold

• Haufenproben: 15,0, 10,7, 33,3, 8,4, 18,3g/t Gold

Obige Topergebnisse, zusammen mit den unterstützenden Proben ergaben eine “Auszahlungstrecke” von 47 m mit durchschnittlich 12,2 g Gold über eine Weite von 2,0 m. Die „Auszahlungsstrecke“ läuft von 0 – 47 m. Die nächsten 52 m ergaben eine untergeordnete Erzgradmineralisierung. Die letzten 10 m zeigen ansteigenden Grade die dann in das prospektierte Zielgebiet hinein laufen. Das prospektierte Zielgebiet hat eine Streichlänge von 200 m. Der Vortrieb dieser zweiten Strecke lässt vermuten, dass das Venensystem höher als erwartete Ergebnisse produzieren wird als die NI 43-101 Ressource vermuten liess. “Diese Zahlstrecken werden uns helfen die Produktion zu starten sobald wir die letzten Genehmigungen erhalten haben.“ sagte Robert Butchart, CEO und President.

Alle berichteten Proben wurden präpariert und verprobt auf dem Unternehmenseigenen Labor auf der Mine. Die Proben wurden getrocknet, Vorgemahlen und Pulverisiert auf 90% minus 200 Gewebeeinheiten. Die Goldproben wurden mit 50gm Feuerbeprobt und einem AAS Abschluss.

Obige technische Informationen wurden angefertigt und geprüft von William Donald Goode, Mitglied der AusIMM und Technischer Direktor von Cadan Resources. Herr Goode hat die Daten bestätigt die in dieser Pressemitteilung stehen inklusive der Proben, der analytischen und der Testdaten die diesen Informationen zu Grunde liegen.

Im Namen der Geschäftsleitung und des Direktoriums

“Robert G Butchart”

Robert Butchart
President / CEO  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cadan Announces Mining Group Limited to Acquire Significant Interest in Comval Project
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/07/11 --

CADAN RESOURCES CORPORATION (TSX VENTURE: CXD)(FRANKFURT: AOMZ.25) is pleased to announce that it has signed a binding Heads of Agreement with Mining Group Limited (ASX: MNE) (Mining Group or MGL) whereby Mining Group may acquire an 80% interest in the Comval copper-gold project located in the Compostella Valley, Philippines. Cadan will retain a 20% interest which is free and carried until the Mining Group has incurred a minimum of AUD$48 million of expenditures on the Comval Project.

Pursuant to the terms of the Heads of Agreement, Mining Group may acquire an 80% interest in Philco Mining Corporation ("PMC") which holds exploration permits EP1 and EP2, comprising the Comval project, as well as assume the right to receive certain inter-corporate amounts owing by PMC to Cadan, by doing the following:

--  paying AUD$1,000,000 to Cadan to be advanced to Cadan as a secured loan.
   Upon MGL obtaining shareholder approval for the transaction and
   completing its due diligence reviews, the loan will be deemed repaid in
   full by crediting the loan amount towards the purchase price. In the
   event that the transaction with MGL does not proceed, the loan is
   repayable in 12 months plus accrued interest at the rate of LIBOR plus
   2%. Cadan has granted MGL security over the shares of PMC and EP2 as
   security for the Loan;

--  at closing, MGL will pay to Cadan a further AUD$2,000,000 and issue of
   2,600,000 fully paid ordinary shares of MGL;

--  when (and if) MGL's share price trades at or above AUD$1 for 30
   consecutive days, MGL will issue to Cadan a further 2,600,000 shares;
   and

--  subject to certain conditions being met within 24 months of closing of
   the Transaction (which period may be extended by up to a further 24
   months) MGL will pay a further AUD$1,000,000 to Cadan.

Upon closing of the transaction with MGL, Cadan will retain a 20% free carried equity interest in PMC, which cannot be diluted until MGL has expended AUD$48 million in exploration and development costs on the Comval Project. Thereafter Cadan and MGL will be required to contribute to further costs in proportion to their interest or be diluted.

In addition to the above, on closing MGL will be granted an option to acquire an 80% interest in the Batoto Gold/ Silver project held by Cadan on the following terms:

--  MGL must exercise the option within 9 months of closing; and

--  if MGL exercises the option to acquire an 80% interest in the Batoto
   Gold/ Silver project, it must pay to Cadan:$3,000,000; and issue a
   further 5,200,000 shares to Cadan.

Robert Butchart, President and CEO of Cadan stated "MGL together with its financiers is a group with the demonstrated capability of raising the significant funds that are required to properly explore and develop both the porphyry copper and the gold stock work assets at Compostela Valley. This represents an excellent opportunity for Cadan to retain a substantial interest in the project without having to contribute funding until the project is significantly advanced. Cadan will be able to focus its resources and efforts to the advancement of Cadan's core asset, being the T'Boli gold-silver project and mine."

Mr. Andrew Maurice, Managing Director of Mining Group, stated that "the proposed acquisition represents an exciting phase in the Mining Group's growth and is consistent with the company's objective of acquiring commercially significant mineral properties that can readily be brought into production. The Comval Project's tenement area covers 4310 hectares, and has had over 24,000 metres of drilling completed, which we intend to review and reinterpret with the aim of defining a resource."

The transactions are subject to various conditions precedent, including MGL obtaining shareholder approval and regulatory approval, and in the case of Cadan the acceptance of the TSX Venture Exchange.  

Ja, Ja, seit dem Merger kennt die Aktie nur noch eine Richtung und zwar nach unten.
Zum Kursverlauf hört man ja leider von den Verantwortlichen gar nichts.  

Link: Cadan Announces Private Placement and Proposes ASX Listing
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/06/11 -- CADAN RESOURCES CORPORATION (TSX VENTURE: CXD)(FRANKFURT: AOMZ25) is pleased to announce that it is proposing to complete a private placement of 16,336,667 common shares of the Company at a price of $0.15 per share for total proceeds of $2,450,500.

Proceeds from the private placement will be used for expenses associated with the ongoing development of the Company's Philippines minerals properties and general working capital. Closing of the private placement is subject to approval by the TSX Venture Exchange.

The Company is also pleased to announce that it has engaged Azure Capital Limited of Perth, Australia to act as lead manager and corporate adviser in relation to assisting the Company with its on-going financing strategies including a proposal to seek a dual listing on the Australian Securities Exchange (ASX) during the first half of 2012.

The Company further announces that, pursuant to the Company's Stock Option Plan, it wishes to grant 2,190,000 stock options at a price of $0.20 per common share to employees, directors, advisors and consultants of the Company. As per the Company's Stock Option Plan, the options granted are exercisable until December 6, 2016. Grant of the options is subject to the approval of the TSX Venture Exchange.

On behalf of the board of directors,

Robert Butchart, President / CEO  

 http://www.cadanresources.com/wp-content/uploads/...ember-2011-V2.pdf

 

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/23/11 -- CADAN RESOURCES CORPORATION (TSX VENTURE: CXD)(FRANKFURT: AOMZ25)

Further to the company's announcement of November 7, 2011, Cadan is pleased to report that it has signed a formal share purchase agreement and facilitation agreement (the "Formal Agreements") with Mining Group Limited (ASX: MNE) ("Mining Group" or "MGL") whereby Mining Group may acquire an 80% interest in the Comval copper-gold project located in the Compostella Valley, Philippines. Cadan will retain a 20% equity interest in the project, which is free carried until the Mining Group has incurred a minimum of AUD$48 million of expenditures on the Comval Project.

The Formal Agreements provide Cadan with the right to acquire up to a 17% equity position in the Mining Group on a fully diluted basis, and the right to nominate two directors to MGL's board for so long as it holds at least 10% of the issued shares in MGL, below which it shall be entitled to nominate one director to MGL's board.

The terms of the Formal Agreements provide that Mining Group will acquire an 80% interest in Philco Mining Corporation ("PMC"), being Cadan's Philippine based affiliate which holds Exploration Permits 000001-XI and 000002-09-XI ("Project Tenements"), comprising the Comval project. Unless otherwise mutually agreed, closing is scheduled for January 17, 2012. ("Closing").

Terms for the acquisition of 80% of the Comval Project

The Formal Agreements contemplate that among other items, the following will occur at Closing:
--  MGL will pay to Cadan a facilitation fee of AUD$3,000,000 ("Facilitation
   Fee") and issue of 2,600,000 fully paid ordinary shares in MGL.
   AUD$1,000,000 of the cash payment will be satisfied by applying the
   proceeds of a prior loan from MGL to Cadan in the same amount, and
   deeming the loan repaid;

--  Cadan will be issued 2,000,000 ASX listed options in MGL, with an
   exercise price of AUDS$0.20 each, subject only to Cadan paying to MGL an
   aggregate issue price for the options of AUD$0.01 per option
   (AUD$20,000), which may be offset against the Facilitation Fee;

--  Cadan will be issued 500,000 ordinary shares in MGL at a price of
   AUD$0.20 per share subject only to Cadan paying to MGL the subscription
   price for the shares of AUD$100,000, which may be offset against the
   Facilitation Fee;

--  MGL and Cadan will enter into a Shareholders' Agreement setting out
   their respective rights as co-owners of PMC and certain provisions
   governing the management of the project. The Shareholders' Agreement
   will include the following key terms:


   --  MGL must incur AUD$48 million in qualifying expenditures over a
       period of five years (the "Sole Funding Period"), and conduct
       required minimum activities in years 1 and 2 of the Sole Funding
       Period, as summarized below:

       A. the qualifying activities for years 1 and 2 of the Sole Funding
       Period are as follows:

       Year 1
          - no less than 10,000 meters of drilling on the Project
       Tenements;

          - the completion of an initial JORC compliant statement of
       Mineral Resources (with an obligation to provide same in a NI 43-101
       compliant format; and

          - the completion of a Scoping Study, re-logging of existing data
       and reconfiguration of existing sampling

       Year 2:
          - no less than 12,500 meters of drilling on the Project
       Tenements;

          - and ommencement or procurement of commencement of a definitive
       feasibility study relating to the Project.

       B. Annual qualifying expenditures on the project must comply with a
       minimum expenditure condition as follows:

--------------------------------------------------
                      Qualifying                     Cumulative Qualifying
Year            Expenditure (AUD$)                        Expenditure (AUD$)
--------------------------------------------------
1                       5,000,000                                      None
--------------------------------------------------
2                       5,000,000                                      None
--------------------------------------------------
3                       5,000,000                                15,000,000
--------------------------------------------------
4                      15,000,000                                30,000,000
--------------------------------------------------
5                      18,000,000                                48,000,000
--------------------------------------------------

The cumulative qualifying exploration expenditures must be incurred, or funded in cash contribution to PMC in lieu thereof, within the time frames provided above, failing which MGL's interest will be diluted at the rate of 1.1% per AUD$1 million in deficiency or part thereof. The time frames for incurring the cumulative qualifying expenditures may be extended by an additional year in certain limited circumstances related to delays in approvals or permits to the extent they are beyond the control of MGL.

Following the Sole Funding Period, Cadan and MGL will be required to contribute to further costs in proportion to their interests or their equity interest will be subject to dilution on a straight-line basis.
--  Cadan will be initially entitled to nominate one director to the board
   of PMC (in addition to its right to nominate two directors to the Board
   of MGL); Various pre-emptive rights on sale or transfer of shares and
   minority shareholder protections relating to certain project decisions.


The Formal Agreements also provide that the following additional payments will apply:
--  when (and if) MGL's share price trades at or above AUD$1 for 30
   consecutive days, MGL will pay a further facilitation fee to Cadan of
   2,600,000 shares;

--  subject to certain conditions being met within 24 months of Closing
   (which period may be extended by up to a further 24 months) MGL will pay
   a further facilitation fee of AUD$1,000,000 to Cadan.


Closing of the transactions contemplated in the Formal Agreements is subject to various conditions precedents, including transferring certain assets of PMC to other Philippine entities affiliated with Cadan.

Option to Acquire 80% of the Batoto Gold/Silver Project

The Formal Agreements provide that on Closing Cadan will grant MGL an option to acquire an 80% interest in the Batoto Gold/ Silver project held by Cadan on the following terms:
--  MGL must exercise the option within 9 months of Closing;

--  if MGL exercises the option to acquire an 80% interest in the Batoto
   project, it must pay to Cadan AUD$3,000,000 and issue a further
   5,200,000 shares of MGL to Cadan; and


If MGL exercises the option, it must also incur qualifying exploration expenditures of AUD$30 million or have its interest diluted at the rate of 1.5% for each AUD$1 million shortfall (or part thereof). MGL will free carry Cadan's 20% interest in Batoto until it has spent expended the qualifying exploration expenditures as follows:
--------------------------------------------------
                                       Qualifying Expenditure
            Year                                        (AUD$)
            --------------------------------------------------
            1                                       3,000,000
            --------------------------------------------------
            2                                       5,000,000
            --------------------------------------------------
            3                                       6,000,000
            --------------------------------------------------
            4                                       8,000,000
            --------------------------------------------------
            5                                       8,000,000
            --------------------------------------------------


The parties have agreed to prepare and execute a separate agreement in relation to the Batoto Option.

On behalf of the board of directors,
Robert Butchart, President / CEO  

Cadan Completes Comval Project Transaction; Focus on Development of High Grade T'Boli Gold and Silver Project

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/17/12 -- Cadan Resources Corporation (TSX VENTURE: CXD)(FRANKFURT: AOMZ25) -
--------------------------------------------------
--------------------------------------------------
- Key Points: Sale of 80% interest in Comval copper-gold assets successfully
completed

- Major company focus to be development of T'Boli Gold and Silver Project

- Cadan to retain a free carried 20% project interest in Comval until AUD$48
million is expended; minimum agreed expenditure commitments and timeframes
intended to ensure rapid progress

- Cadan retains further upside in Comval through a significant shareholding
in Mining Group Limited

- Proceeds from the sale together with recent private placement and
Convertible Note issue brings total cash raised since December 2011 to
CDN$7.95 million, adequate funding to continue advanced drilling and
development at T'Boli and preparation for a dual listing on ASX.

Cadan is pleased to announce the completion of the sale of an 80% interest in the Comval copper-gold project located in the Compostella Valley, Philippines, to Mining Group Limited (ASX: MNE) ("Mining Group" or "MGL"). Details of the transaction, which include the grant of an option to MGL to acquire an 80% interest in the Batoto gold project also located in the Comval area, are set out in the Company's news releases dated November 7, 2011 and December 23, 2011.

This transaction represents an important step in the implementation of a new strategy by Cadan, namely to focus on the more advanced and high grade T'Boli Gold and Silver Project, also located on the island of Mindanao, Philippines. The Company intends to invest in targeted drilling with the objective of expanding on the present Indicated and Inferred Resources at T'Boli and to work toward the grant of permits that will allow the commencement of gold production.

Central to its strategy, is that while Cadan's management and financial resources are freed up to focus on T'Boli, the Company retains exposure to its Comval assets through arrangements that will see third parties carry out and fund extensive development activities. In this regard, Cadan will retain a free carried 20% interest in the Comval assets until AUD$48 million is expended.

MGL will be required to incur AUD$48 million in qualifying expenditures over a period of five years (which period may be extended by up to a further 18 months in certain limited circumstances, the "Sole Funding Period") and conduct required minimum activities or minimum investments into the project operating company over the next 2 years, including:
--  a combined 22,500 metres of drilling;
--  generation of an initial NI 43-101 compliant resource estimate;
--  the completion of a scoping study to review geological, metallurgical
   and engineering data as part of a financial analysis to assist with
   determining the most appropriate development options moving forward; or,
--  if the commitments above are not met within the first 2 years, AUD$10
   million is to be invested into the project operating company.


Failure to meet these commitments will result in MGL forfeiting equity in the project under agreed formulas set out in the formal agreements(1). Cadan believes the combined effect of these measures will ensure rapid progress is made with the project, adding value to Cadan's retained interest, while it focuses on T'Boli.

In addition, as part of the agreed consideration received, Cadan will become a significant shareholder of MGL, with an initial 3.1 million shares and 2.0 million options (exerciseable on or before July 1, 2014 at AUD$0.20 or approx CDN$0.21 at an exchange rate of CDN$1.00=AUD$0.95). Subject to certain conditions agreed with MGL, Cadan's equity position in MGL could increase to 10.9 million MGL shares and 2.0 million options in the circumstances set out below:
--------------------------------------------------
                        Prescribed Event                            Million
--------------------------------------------------
- initial number of shares issued to Cadan at completion (January
 17, 2012)                                                           3.1(2)
--------------------------------------------------
- if MGL's share price trades at or above AUD$1.00 for 30
consecutive days(3)                                                     2.6
--------------------------------------------------
- if MGL exercises option over Batoto Gold Project                       5.2
--------------------------------------------------
                       Total possible shares in MGL held by Cadan      10.9
--------------------------------------------------
- options acquired at completion                                         2.0
--------------------------------------------------
           Total possible shares and options in MGL held by Cadan      12.9
--------------------------------------------------


Based on MGL's published Appendix 3B dated January 17, 2012 (available from www.asx.com.au), Cadan's fully diluted position in MGL upon the receipt of all of the shares, and the exercise of all options on issue would be approximately 17%.(4)

Therefore, Cadan stands to benefit, both through its continuing free carried direct project interest, as well as indirectly through its position in MGL if the significant potential for upside in value at the Comval projects is realised. Based on the last traded price of MGL shares and options on ASX, the current value of Cadan's stake in MGL (held today) is approximately CDN$3.0 million and upon the issue of an additional 7.8 million shares as outlined above, its pro forma value at current prices grows to approximately CDN$8.0 million(5).

Other Terms of Transaction

Cadan has now received the AUD$3.0 million cash payment as contemplated by the formal agreements of which AUD1.0 million was paid by applying a cash advance previously received by Cadan from MGL. A further AUD$20,000 was applied to acquire 500,000 MGL shares at AUD$0.20 each and 2.0 million MGL options at AUD$0.01 each. Therefore, the net cash received by Cadan at completion is approximately AUD$1.88 million (approximately CDN$1.95 million based on exchange rate of CDN$1.00 = AUD$0.95).

Contingent upon certain conditions being met, Cadan may receive a further AUD$1.0 million in cash within 24 months of closing (which period may be extended by up to a further 24 months).

In accordance with the agreed terms, Cadan is now entitled to nominate two directors to the Board of MGL and intends to do so as soon as practicable.

Focus on T'Boli Gold and Silver Project

The proceeds from the MGL transaction together with the recent private placement of CDN$2.45 million (Company news release December 20, 2011) and the issue of CDN$2.5 million in Convertible Notes (Company news release December 23, 2011) have raised an aggregate of CDN$7.95 million before transaction costs. The Company intends to apply available funds towards the continued drilling and development as well as the completion of the permitting process at T'Boli to allow for commencement of small scale production and working capital requirements. The Company also intends to proceed with its proposal to seek a dual listing of its securities on ASX during the first half of 2012. The Company hopes to be in a position to provide regular updates to shareholders on these matters, in particular, in relation to the drilling programme which the Company intends to commence during this quarter.

On behalf of the board of directors,

Robert Butchart, President / CEO