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Unfortunately as I'm sure we all noticed the same volume today took it back down again
Cadan Commences Drilling Batoto Zone Main Vein System
Wednesday December 16, 2009, 2:41 pm EST
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 16, 2009) - CADAN RESOURCES CORPORATION (TSX VENTURE:CXD - OTC:CADAF; FRANKFURT:A0MZ25 - News; "Cadan" or the "Company") is pleased to announce that it has commenced a series of diamond drill holes on its Batoto mineralized zone's main vein system.
This follows a comprehensive review of historic data, combined with updated geologic mapping information by Cadan's Technical Director, William (Bill) D Goode, and based on that a targeted diamond drill program designed to test the new geological model is being implemented.
Batoto gold deposit is a stockworks of quartz veins associated with locally intense quartz pyrite seracite alteration which has a Philippine 1981 historic resource of 39Mt @ 1.8 g/t gold for 2.2 million ounces of gold (F.C. Gervasio & Associates, Geological Consultants, Certification dated June 30, 1981, based on 3,945m of trenching, 232m of aditing, 328m of diamond drilling and 2,600m of access road construction and pit development). This is a non-compliant NI 43-101 resource and it should be noted that the exploration information of potential quantity and grade, outlined herein, is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource as defined in the CIM Definition Standards December 11, 2005.
Gold stockworks traditionally provide large tonnage low grade resources and a common feature of stockwork systems is the emergence along strike and at depth of discreet tabular veins which are individual mining targets. These tabular veins are often higher grade than the bulk stockwork systems. A number of tabular veins have been identified emerging from the Batoto stockwork system.
The current drill target is the most prominent of these tabular veins and, historically, designated as Main Vein. Previous mining of 80,000t from Main vein was reported to have returned 4-5 grams gold recovered. Main vein is described as being between 5-10m wide, averaging between 15 to 25 g/t of gold.
Cadan, using its own drill rig and experienced drilling team, has already completed one hole BMVDD-007 to a depth of 120m. It intersected the Batoto mineralized zone's Main vein system between 0-80m.
Analysis will be undertaken by a certified laboratory and results when received will be released.
In addition to this, Cadan is driving two new adits into the Batoto system to confirm and expand on a previous adit which returned 122m at 2 g/t of gold.
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.
The Inferred Mineral Resource Estimate conforms with CIM Standards and is a NI 43-101 compliant Inferred Mineral Resource as defined in the Technical Report filed on SEDAR, February 12, 2003.
For further information relating to the historical resource and the geological setting, readers are referred to SUR technical report, specifically "Sabena Group of Properties" pages 21 - 31, that is published and available on www.sedar.com - news release dated February, 12, 2003. It is the opinion of the qualified person that all geological information in the report, as it relates to the T'Boli gold-silver project, is current.
For further information relating to the historical resource and the geological setting of the Comval Project, readers are referred to SUR technical report, specifically "Deposit Types Comprising the Sabena Project" page 8, that is published and available on www.sedar.com - news release dated February, 12, 2003. It is the opinion of the qualified person that all information in the report, as it relates to the Batoto-Tarale belt, is current.
It should be noted that the exploration information of potential quantity and grade, outlined herein, is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource as defined in the CIM Definition Standards December 11, 2005.
On behalf of the board of directors,
Brett Taylor, President & CEO
http://finance.yahoo.com/news/Cadan-Commences-Drilling-ccn-3030092027.html/print?x=0
Cadan Resources completes 55% of T'Boli plant
2009-12-01 12:43 ET - News Release
Mr. Brett Taylor reports
CADAN'S T'BOLI GOLD-SILVER MINE PLANT NOW 55% COMPLETED
Cadan Resources Corp.'s new processing plant at the T'Boli gold-silver mine is now 55 per cent completed.
A series of commissioning tests are scheduled for late December and early January, 2010.
Five of the six CIL tanks have been structurally completed, with the last tank at 60 per cent. Once this is finished, supporting steel work and infrastructure will be installed.
Civil works for the ore storage have been completed. Building form work and foundations are well under way for the primary and secondary crushers, vibrating screens and the ball mill (equipment recently purchased from Zhengzhou Zhongding Heavy Duty Machine Manufacturing Co. Ltd. China).
In the mine, the decline has progressed about 70 metres and has intersected the North Vein B and the Central Vein systems. North Vein A remains about 20 m ahead of the decline face.
Development headings will commence off the decline toward a Central Vein drill intercept of 24.1 grams per tonne (g/t) gold over one metre and a North Vein drill intercept of 15.3 g/t gold over one metre.
The two-storey complex being constructed to house operations and staff is in its finishing stages, with three operational rooms almost ready.
These rooms will house administration, mining engineering and geology operations.
"Our progress to date, on plant, mine exploration and lateral development and building, is more or less in line with our planning and we are pleased with this -- nonetheless we continue to seek incremental improvements across the board."
Hi,
Cadan has a NEW Homepage!!
insert-text-here
New symbol(s) for Cadan Resources (Canada: CXD.V ~ USA: CADAF)
Cadan Resources Corporation: Share Consolidation, New Symbol "CXD"
Tue Nov 10, 10:33 PM
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 10, 2009) - CADAN RESOURCES CORPORATION (TSX VENTURE: CXD.V; OTC: CADAF) (the "Company") announces that effective November 10, 2009, all of the issued and outstanding common shares in the capital of the Company were consolidated on a five old for one new basis. Trading of the consolidated shares of the Company commenced on November 10, 2009 under the new symbol "CXD".
Cadan Resources Corporation is a junior exploration company with operations in the Philippines and Colombia and trades on the TSX Venture Exchange (Canada) with trading symbol CXD-V.
On behalf of the board of directors,
Brett Taylor, President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts
John Anderson
Cadan Resources Corporation
Director
604-307-7721
cadanresources@gmail.com
Matthew Bell
Cadan Resources Corporation
604-910-4908
mattcnf@yahoo.ca
www.cadanresources.com
http://ca.news.finance.yahoo.com/s/10112009/28/link-f-ccnmatthews-cadan-resources-corporation-share-consolidation-new-symbol-cxd.html
Trading stopped to implement the consolidation?
Cadan Resources Corporation: Share Consolidation
1:35 pm EDT, Friday October 23, 2009
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 23, 2009) - CADAN RESOURCES CORPORATION (TSX VENTURE:CNF - OTC:CNFRF; the "Company") announces that shareholders of the Company approved the consolidation of all of the issued and outstanding common shares in the capital of the Company on a five old for one new basis (the "Consolidation") at the general meeting of its shareholders held on October 21, 2009 (the "Meeting"). A total of 62 shareholders holding 42,086,890 common shares voted at the Meeting with 38,680,020 shares (92.7%) voted in favour of the Consolidation and 3,030,370 shares (7.3%) voted against the Consolidation.
The Consolidation is subject to TSX Venture Exchange acceptance.
Cadan Resources Corporation is a junior exploration company with operations in the Philippines and Colombia and trades on the TSX Venture Exchange (Canada) with trading symbol CNF-V.
On behalf of the board of directors,
Brett Taylor, President & CEO
http://finance.yahoo.com/news/Cadan-Resources-Corporation-ccn-3927553333.html?x=0&.v=1
Cadan Announces Plant Construction and Civil Works for T'Boli Gold-Silver Mine
9:15 am EDT, Friday October 9, 2009
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 9, 2009) - CADAN RESOURCES CORPORATION (TSX VENTURE:CNF - OTC:CNFRF; FRANKFURT:A0MZ25 - News; "Cadan" or the "Company") is pleased to announce that it has commenced construction of six CIL tanks and associated plant and equipment with capacity up to 300tpd for its T'Boli gold-silver mine.
Preliminary plant site civil works began in mid September 2009. Major works are scheduled to begin in early October 2009 following the arrival on site of the new jaw and cone crushers, ballmill, gravity circuit, spares and ancillary equipment recently purchased from Zhengzhou Zhongding Heavy Duty Machine Manufacturing Co Ltd, China. (News Release September 8, 2009).
This development continues Cadan's progress of becoming a gold-silver producer. Based on current development costs, the Company estimates a production cost range cost between US$ 250 - 350 per ounce of gold.
Cadan is targeting end of Q4 2009 to begin testing mineralized ore from the known systems. This enables the lateral development of the decline, which is on a mineralized zone, highlighted by some 40m @ 23 g/t gold (uncut), to be advanced sufficiently to ensure continuous mineralized material and to test actual widths and gold-silver grades in the mineralized system.
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.
The Inferred Mineral Resource Estimate conforms with CIM Standards and is a NI 43-101 compliant Inferred Mineral Resource as defined in the Technical Report filed on SEDAR, February 12, 2003.
For further information relating to the historical resource and the geological setting, readers are referred to SUR technical report, specifically "T'Boli Group of Properties" pages 33 - 49, that is published and available on www.sedar.com - news release dated February, 12, 2003. It is the opinion of the qualified person that all geological information in the report, as it relates to the T'Boli gold-silver project, is current.
For further information relating to the historical resource and the geological setting of the Comval Project, readers are referred to SUR technical report, specifically "Deposit Types Comprising the Sabena Project page 9, that is published and available on www.sedar.com - news release dated February, 12, 2003. It is the opinion of the qualified person that all information in the report, as it relates to the Tagpura Kalamatan Maangob belt, is current.
On behalf of the board of directors,
Brett Taylor, President & CEO
http://finance.yahoo.com/news/Cadan-Announces-Plant-ccn-3193519935.html?x=0&.v=1
Cadan Resources negotiates $1-million financing
2009-10-02 19:29 ET - News Release
Mr. Brett Taylor reports
CADAN ANNOUNCES $1,000,000 NON-BROKERED PRIVATE PLACEMENT COMPLETED
Cadan Resources Corp. has negotiated a non-brokered private placement of five million units priced at 20 cents per unit, for gross proceeds of $1-million. Each unit comprises one common share of the company and one-half of one common share purchase warrant. Each whole warrant is exercisable to acquire one common share of the company at a price of 30 cents per common share for a period of one year.
All securities issued pursuant to the private placement bear a four-month hold period.
The company will pay finders' fees of $50,000, representing 5 per cent of the gross proceeds in connection with the financing, subject to TSX Venture Exchange acceptance. In addition, finders were also granted non-transferable finders' warrants entitling the holders to purchase up 500,000 common shares at a price of 20 cents per share for a period of one year.
Closing of the private placement is subject to TSX Venture Exchange acceptance.
The gross proceeds from the private placement will be used to advance development of the T'Boli gold-silver deposit and detailed exploration of surrounding area, further drilling and leaching analysis of the Tagpura-Kalamatan porphyry copper-gold property, and to provide the company with additional working capital.
We seek Safe Harbor.
Cadan Announces Crushers and Ballmill for T'Boli Gold-Silver Mine Ready for Shipment
Wednesday September 9, 2009, 9:15 am EDT
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 9, 2009) - CADAN RESOURCES CORPORATION (TSX VENTURE:CNF - OTC:CNFRF; "Cadan" or the "Company") is pleased to announce that the recently purchased new jaw and cone crushers, ballmill, gravity circuit, spares and ancillary equipment is ready for shipment to the Philippines. (see News Release August 18, 2009).
The contracted shipping and customs agent advises that, based on current information, delivery to the Philippines is estimated between 10 to 20 days from the Port of Tianjin, China.
The plant has the capacity for the first phase test production, between 50 and 150tpd, at its T'Boli gold-silver mine.
T'Boli has a NI 43-101 Inferred Mineral Resource (2.4Mt @ 5.5g/t gold and 21 g/t silver) of some 420,000 ounces of gold and 1,600,000 ounces of silver (see News Release dated Thursday, December 18, 2008).
The equipment has been purchased from Zhengzhou Zhongding Heavy Duty Machine Manufacturing Co Ltd based in Zhengzhou, China, which is ISO9001-2000 rated. The company has international customers in Asia, Africa and Latin America.
Cadan Resources Corporation President/CEO Brett Taylor and Zhengzhou Zhongding Heavy Duty Machine Manufacturing Mechanical Engineer, Ba Jianzhang (left) reviewing the cone crusher above and below the new ball-mill.
The plant and equipment advances Cadan's strategic objective of being a gold-silver producer in Q4, 2009.
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.
The Inferred Mineral Resource Estimate conforms with CIM Standards and is a NI 43-101 compliant Inferred Mineral Resource as defined in the Technical Report filed on SEDAR, February 12, 2003.
For further information relating to the historical resource and the geological setting, readers are referred to SUR technical report, specifically "T'Boli Group of Properties" pages 33 - 49, that is published and available on www.sedar.com - news release dated February, 12, 2003. It is the opinion of the qualified person that all geological information in the report, as it relates to the T'Boli gold-silver project, is current.
For further information relating to the historical resource and the geological setting of the Comval Project, readers are referred to SUR technical report, specifically "Deposit Types Comprising the Sabena Project page 9, that is published and available on www.sedar.com - news release dated February, 12, 2003. It is the opinion of the qualified person that all information in the report, as it relates to the Tagpura Kalamatan Maangob belt, is current.
On behalf of the board of directors,
Brett Taylor, President & CEO
http://finance.yahoo.com/news/Cadan-Announces-Crushers-and-ccn-2944570074.html?x=0&.v=1
Thanks! email is blocks677@yahoo.com - I don't have a premium subscription.
I have held stock in SUR/CDN from nearly the "beginning" of the rally which started in 2004 or there abouts. I bought shares at around a dime and have been tight fisted. I did make a profit in that run up to $1.97 years back...but could have done much more...listened to all the jive talk about the play and saw all the calculations of elephant sized resources. It was inebriating to say the least. And over these years of relative dormancy there have been accumulations...both on my/our part, on managements part, and on the the resources which have slowly been brought forth.
As GR has said in the past, not stellar in any one instance. But they sure build a panoramic picture of the whole over time and this is major in potential. If the market would awaken to it before the need to consolidate that would be top drawer...but for all the reasons Hallicrafter put forth, as negative an impact as it appears to be to give up 4/5ths of ones personal accumulated shares, it may not be so burdensome when the production begins and the commercial investment houses are enabled by the price to begin to hold shares as well. We may then finally see the stock looking all dressed up with some place to go. I guess I would rather have a hundred k shares doing $5 to $8 than to have a half a million doing nothing. It is not boring to say the least. I look forward to the future in this and it is a bit like the game I am playing (Fallout 3) There are many quests to perform and many pit falls to endure to "level up" and to achieve the quest. But I do believe it can be done. It would be nice to have an ARU here. But that is the stuff dreams are made of. It takes a market gone berserk to get a stock up to those levels. And reality has been harsh and nuances of management's inputs leaves one gasping for breath every few weeks/months. As Maggie Muggins used to say, "Well Mr Mcgarrity, it has been a most wonderful day! I wonder what will happen tomorrow? I see just now it is down a penny but volume is evident. I would have wondered at anyone buying a stock that has a plan to reverse split. Shows what I know.
Hope you're right, Granite. I've been in this since 87c from SUR days and have been accumulating since. I'm ancicipating some initial weakness tomorrow, but hopefully we'll see 22-25c as the support before the split
The resources look fabulous
At first I too was cursing the BOD's for their decision. After digesting the information throughout the weekend (now I see why they released it after the market closed Friday), I am very BULLISH on this play again.
If the share price was falling and they did a reverse split to artificially prop the price up, I'd be very concerned.
In Cadan's case the SP is rock steady at double the last private placement, and as others have mentioned the volume of trades has increased significantly. What will a reverse split do for us??
--It will allow the stock to meet the minimum requirements for institutionals to hold it.
--It will allow for a quicker listing on either TSX or Ammex and get off the Venture Exchange.
--If there is future rounds of financing, more money will be raised with less dilution.
--It changes the market perception on the stock. Meaning they think it's a bigger and stronger company because of the elevated SP.
-- And it will put the company's share price in to the arena of a mid-tier producer. Giving them a stronger position in capital markets.
--It also reduces the public float making supply/demand move the price dramatically.
I may be forever an optimist on this play, but I really, really like the direction the Directors are taking.
I can't wait to see this stock in Q2 - 2010. I'll probably be looking at it from somewhere in the Caribbean!!
Hold tight longs, it's going to be a heck of a ride.
Hal
Although they had 168,371,570 shares o/s, according to the PR, not hundreds of millions - on the high side though - yes.
Anyhow we'll see if the reason for doing it now was to please some institutional investors or if there was some ulterior motive.
>>>>>>>>>So, one might conjecture that perhaps Cadan's board had a good reason, or two, to implement a reverse split at this time.<<<<<<<<<<
Knowing the reason why BOD's and management of junior miners do what they do certainly would unlock the mystery of knowing which JM's to buy. Suffice it to say that frequently it has little to do about enhancing shaeholder value and more about lining management pockets at the expense of SH......JMHO.
There has been a significant increase in daily trading share volume over the last two months and a significant jump in share price. I think that these are the tip of the iceberg of funds buying. My best guess is the share re-structure is for the larger funds, many of them require a minimum share price before they can buy, say $1 per share.
The majority of share consolidations don't work in favor of the shareholder. Since CNF management owns 30% plus they already have cash, going into production with a portfolio of world class assets, this time will be the exception. I think massive buying is ahead with large global institutional buyers.
CNF has the makings of the next ELD 'Eldorado Gold', market cap of $4.4 billion. CNF market cap say around $35 million CAD, their is tremendous upside with this stock. Management with large share position I am sure have strategized this decision. I wouldn't be surprised to see this thing quickly run to $3 per share or 60 cents the old way quite quickly.
Makes for a great speculation!
Sure, should be that way and I hope you are right, but you saw how easily management readjusted the option price 'to align management incentives with the shareholders'. As we are just now where we were pre-crisis from a PPS point of view, that really stuck in my craw. At the bottom they get readjusted, we don't.
So naturally I am suspicious especially when they do not communicate
No one in particular benefits from a reverse split--all outstanding warrants and options are adjusted accordingly.
I'm convinced that the reason for the reverse split is from pressure from some institutional buyers who don't like companies with hundreds of millions of shares outstanding. That's it, plain and simple, in my opinion.
I agree, the management seems to be doing very well and I have been buying from SUR days. I plan on buying more too and see nothing but good things.
But email I have written IR has gone unanswered and there have been (of course necessary) private placements lately, and options have been recently revalued.
I'd like to see a statement from the company as to exactly what impact this has on the entire fully diluted share structure (shares, options, warrants) i.e who if anyone will benefit from this reverse split, and an explanation as to why it was done now if that can be revealed.
I'll write them again but I doubt they'll answer
I certainly do not have any inside track to Cadan, but let me point out that the company did not have to do a reverse split. It's not as though they needed to maintain a minimum price to remain listed, as many Nasdaq companies must do.
So, one might conjecture that perhaps Cadan's board had a good reason, or two, to implement a reverse split at this time.
Certainly some institutions, although not all of them, of course, don't like penny stocks--they prefer something a bit higher. And many of those institutions won't even touch a gold company unless there is a 43-101 resource number that they can hang their hat on. After all, they might like to have some substantial reason to invest, rather than just the PRs from management.
And, we all expect that Cadan should be issuing some 43-101 numbers before too long. At least that's what they have threatened to do. So, might those numbers be significant enough to attract some large buyers? Let's hope so.
In truth, I have no clue as to why they did the reverse split, but Brett Taylor and the new members of the BOD, seem to be moving along the right path--certainly they are executing a heck of a lot better than Rennie ever did.
delete....dbl post
Don't have clue Zohar......typically rev. splits don't create experiences that make one stand on his head but who knows......your question might be better directed to those that really have the insider info on Cadan....that would be Basser and obewonconnobe(OEO).
Cadan Announces 5:1 Share Consolidation
Friday August 28, 2009, 4:54 pm EDT
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 28, 2009) - CADAN RESOURCES CORPORATION (TSX VENTURE:CNF - OTC:CNFRF; the "Company") announces that at the upcoming General Meeting of the Company's Shareholders scheduled for October 21, 2009 (the "Meeting"), the Board of Directors will ask the shareholders to approve a five old for one new consolidation of the common shares of the Company (the "Consolidation").
The Company currently has 168,371,570 common shares issued and outstanding, and, if the Consolidation is approved, will have approximately 33,674,314 common shares issued and outstanding.
The Consolidation is subject to shareholder approval, acceptance of the TSX Venture Exchange and such other regulatory approvals as may be necessary.
Cadan Resources Corporation is a junior exploration company with operations in the Philippines and Colombia and trades on the TSX Venture Exchange (Canada) with trading symbol CNF-V.
On behalf of the board of directors,
Brett Taylor, President & CEO
http://finance.yahoo.com/news/Cadan-Announces-51-Share-ccn-3743561731.html?x=0&.v=1
5:1 REVERSE SPLIT
I wonder how it affects those people with warrants to buy stock at 20c just announced.
Is management screwing the little guy here?
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 28, 2009) - CADAN RESOURCES CORPORATION (TSX VENTURE:CNF - News; the "Company") announces that at the upcoming General Meeting of the Company's Shareholders scheduled for October 21, 2009 (the "Meeting"), the Board of Directors will ask the shareholders to approve a five old for one new consolidation of the common shares of the Company (the "Consolidation").
The Company currently has 168,371,570 common shares issued and outstanding, and, if the Consolidation is approved, will have approximately 33,674,314 common shares issued and outstanding.
http://finance.yahoo.com/news/Cadan-Announces-51-Share-ccn-3743561731.html?x=0&.v=1
>>>>>>>>>Dividends: return capital excess after operational and exploration requirements to shareholders;<<<<<<<<<<
That's so absurd that it just about eliminates any chance to take him seriously about anything.
Interview - Brett Taylor – Cadan Resources
We spoke to Cadan’s President/CEO Brett Taylor, who has lived in Davao City, Mindanao for some 12 years, about the progress of Mindanao, Cadan’s projects and the future of the mining sector in Mindanao and the Philippines.
Asian nations have long been a destination for base and precious metal exploration and development. The Philippines, long known for its exceptional mineral endowment of porphyry copper, gold and nickel, has seen its fortune expand with global companies successfully producing copper, nickel, silver and gold.
The latest company soon to join the “producer” group is the TSX-V listed Canadian company Cadan Resources Corporation, (TSX:CNF.V; OTC:CNFRF).
Cadan has two project areas in East Mindanao, Philippines. First is the TBoli gold-silver mine and the second is the Comval porphyry copper-gold and Batoto Tarale gold project.
You are the President, CEO and a Director of Cadan Resources Corporation., a Canadian mining company, which is focused on exploring, developing and mining gold-silver and copper-gold in the Philippines.
Could you please give a short introduction into your company?
CADAN RESOURCES CORPORATION has focused over the past two years specifically on resource drilling its Comval “world class” porphyry copper-gold assets, validating the Batoto gold deposit with some 2M ounces of gold (Philippine historic resource 39Mt @ 1.8g/t gold); completing essential infrastructure and reviewing / updating existing the gold-silver resource at its Tboli gold silver mine.
Why did you decide to work in the Philippines: what makes it so interesting for you?
I first visited Mindanao in 1996 and while traveling around reviewed 10 porphyry copper-gold and gold-silver projects. The mineral potential was evident then and over the years Mindanao has witnessed the discovery of the Tampakan porphyry copper-gold project, with some 2.2Bt @ 0.6% copper and 0.2 g/t gold containing some 12.8Mt of copper metal and 15.2 Moz ounces of gold, which represents one of the largest undeveloped copper-gold deposit in South East Asia and, with significant potential for additional mineralization, who knows how large this can be. Xstrata Copper has a 62.5% interest.
Then there is Medusa Mining Limited: another successful international gold company operating a narrow vein, high grade gold system which has a resource of some 4Mt @ 10.8 g/t for some 1.38M oz of gold. It, too, is seeking a porphyry copper arm.
Davao City is my base: and that of my wife and children. And, like all business people, we simply focus on investment, development and promoting investment opportunities in Mindanao. And investment has come with three major land development corporation construction new shopping malls; residential estates being developed, commercial / industrial estates being constructed and more and more business outsourcing and international call/service centers being established. And all this demand has seen a jump in land values – one visible sign of economic prosperity.
A combination of the mineral industry on a global scale combined with expanding investment in services, agriculture, education and training give Mindanao a strong platform for continued growth and for our businesses to be part of it.
Could you please give a short overview of Cadan’s projects.
Cadan’s TBoli epithermal high-grade gold-silver mine, set for initial production in Q4 2009 is a tremendously exciting operation. It has a current NI 43-101 Inferred Resource of 2.4Mt @ 5.5 g/t gold and 21 g/t silver, for 420,000 contained ounces of gold and 1,600,000 contained ounces of silver. The data for this has been extensively reviewed internally and on the basis of a 1meter mining width, the conclusion is a new resource of 1.3Mt @11.60 g/t gold and 40 g/t silver, for 485,000 contained ounces of gold and 1.7M contained ounces of silver. This makes a significant difference to the project’s overall economics. Moreover, based on recent test production of 13.5t, the head grade was actually higher at 14.06 g/t gold and 38 g/t Ag.
T'Boli is an epithermal vein and stockwork system carrying gold and silver and is thought to be of the carbonate base metal hot spring style as defined by Leach and Corbett. In carbonate base metal hot spring style systems gold is associated with base metal introduction and is rich in silver. These systems are regarded as developing at intermediate levels between porphyry and shallow epithermal systems. Carbonate base metal hot spring style systems are known throughout the SW Pacific and this class of mineralization includes Acupan, Porgera, Wau, Kelian, Mt Kare and Gold Ridge, which are all multimillion ounce deposits.
This in part is why Cadan holds the view that Tboli gold-silver system has the potential for some 2 to 5 million ounces of gold and 8 to 25 ounces of silver.
Cadan’s second significant gold target is the Batoto gold project, which has a Philippine historic resource of some 39Mt @ 1.8 g/t gold for some 2.1 million ounces of gold. Exploration to date has been focused on validating this resource, using the bottle-roll assaying method and geological mapping and sampling, and this work is presently ongoing. Exploration work completed to date indicates that gold mineralization is widespread and the potential to expand this resource is significant. Indeed, the potential is between five to 10 million ounces of gold.
Cadan, too, is fortunate to have identified four major copper-gold resources over which some 20,000m have been drilled using both diamond and RC. The resources have a potential of some 10Mt to 16Mt of copper metal and some 11Moz to 21M oz of gold.
Tagpura-Maangob porphyry copper-gold corridor has a “conceptual or order of magnitude” potential tonnage range between 1 billion and 1.7 billion tonnes and a grade range between 0.30% copper and 0.17 g/t gold to 0.7% copper and 0.31 g/t gold.
Tagpura porphyry skarn zone now has an indicated internal resource analysis of some 12 million tonnes @ 0.70% copper and 0.31 g/t gold. A Technical Report is in preparation.
Kalamatan porphyry copper-gold has an indicated “conceptual or order of magnitude” potential tonnage range of some 100 million tonnes to 525 million tonnes with a potential grade range from 0.27% copper and 0.11 g/t gold to 0.55% copper and 0.46 g/t gold.
The newly discovered Cadan porphyry copper-gold target, based on geophysical analysis, has a potential tonnage between 450Mt and 900Mt. This is an exciting target.
More recently Cadan announced that its Maangob porphyry skarn had high grade sections of: 38m at 1.72% copper (“true width”) and, at 65m along strike, 30m at 0.98% copper (“true width”). The mineralized zone contains a historic resource of 39.6 M tonnes @ 0.36% copper, 0.5 g/t gold and 4 g/t silver. Assays for gold and silver are pending.
Near term copper-gold production and early positive cash flow is possible from the Tagpura porphyry skarn, using the BioHeap™ leaching technology. Test results returned a head grade of 0.66 g/t gold and 1.96% copper and, after 63 days, recovery was 85.5 % for copper and 93.7 % for gold.
An initial five to seven year plus mine life is envisaged, with low cost metal production. It has a projected cashflow of US$ 26m with a production cost per pound between US$0.70 and US$0.90 cents.
What strategies do you have for these projects?
TBoli is the first gold-silver project to be brought into production. Plant and equipment for a 150tpd operation is finalized and will be installed and operational in Q4 2009. For 2010, we are targeting mining 71,000t to produce 30,000 ounces of gold and 71,000 ounces of silver at a cash cost range of US$250 - 350 per ounce. At US$800 gold and US$12 silver, projected gross revenue is US$21m in 2010.
As lateral development continues, we plan for a doubling of production by 2012. At US$800 gold and US$12 silver, projected gross revenue is expected to be US$42m in 2012. And from there it is a continuation of resource definition to increase resources and increasing gold-silver production.
Cadan recently appointed Mr Ron Huston as Technical Consultant, Mining Operations. He has more than 40 years management and operational experience in underground mining throughout Australia and in Southern Ukraine covering gold, copper-gold and nickel operations with emphasis on administration, management and cost control systems. Ron owned and operated a mining contract business with an annual turnover of AUD$40m which was sold in 1995. Some of the significant contracts were: Youanmi – gold and base metals project with a contract value of AUD$25m and work involving decline access to fill stopping methods; Lady Eloise copper-gold project with contract value AUD$15m and work including new mine decline access to sub level stopping methods; Mt Isa Mines –Hilton Shaft project with contract value AUD$ 12m and work including declining from shaft bottom and installing ore production development.
Our TBoli gold-silver operation gives Cadan enormous flexibility in its future funding and development strategies for its Tagpura porphyry skarn copper-gold and its Batoto Tarale gold project.
When will you be ready to start full production and at what costs will you be able to produce at Tagpura porphyry skarn copper-gold?
Tagpura porphyry skarn copper-gold resource (pictured left) has been defined by drilling and now is ready for production. It has a projected mine life of six years at 2Mt a year @ 0.7% copper and.31 g/t gold and is projected to produce some 12,000t of copper metal and 17,000oz of gold. Using US$15 a tonne to mine and leach, cost per pound of copper is US0.89 cents. Capex is projected at US$26m with a NPV of US$82m and IRR of 132%. Moreover, with costs decreasing going forward the potential free cash flow could be greater than US$34m a year. An exciting and rewarding project indeed for our stakeholders and shareholders.
Will Tagpura porphyry skarn copper-gold be your key project for the future?
It is part of Cadan’s substantial porphyry / skarn copper-gold resource inventory. It is higher grade skarn, compared to the porphyry, and that is why it will be brought into production earlier. Cadan also has the Maangob skarn which has the potential of some 30-40Mt and the yet to be drilled Tagpura East and Bayagbayag skarns both of which have the potential to add significant tonnes to the skarn inventory.
Cadan believes that its cost per pound (including gold credits) could be around US$0.60 cents and, with increasing tonnes, can be a long life, low cost producer of copper metal for decades.
We are very confident of the copper market going forward: demand for copper will continue to increase as global growth returns to the world economy especially the USA, Europe Japan and Korea. This will have the capacity to underpin the copper price at around US$2.50 to 3.00 a pound.
Is your drilling program already finished?
In the past two years Cadan drilled some 20,000m, in 110 holes, of diamond and RC drilling. This covered all the projects above and is an impressive achievement for the company. The results, will lead to an initial NI 43-101 Technical Report for the copper-gold assets. Hence, for the moment, the focus is on production and later we will return to targeted drilling to further define resources / reserves.
What are the next big milestones for Cadan Resources Corporation?
For Cadan attention currently is on production – that is, to be, and remain a lower cost producer. This is being applied to our Tboli gold-silver mine, which will be producing by Q4 2009, and then followed by Tagpura porphyry skarn and Batoto-Tarale gold project.
These are big, challenging and rewarding steps – and with the current management and technical team, especially our local people in the Philippines, all achievable.
Throughout this, our objective is to value add our projects through targeted exploration with a clear focus on future commercial production.
The wonderful thing about Cadan is that it has an abundance of “proximity” resources that it will explore further and develop. And as it does it will continue to add value to the company.
What do you think about the political factor in the Philippines in general? How stable is it?
The Philippines is a robust democracy which enables its people to ventilate issues in a generally peaceful, orderly if somewhat colorful and humorous manner. In that context one could argue that it is one of the more stable nations in Asia. Having lived here for some 12 years, one gets to appreciate the culture. In developing countries politics national, provincial and local is always involved in all issues not just development and investment because political leadership, like business leadership, is part of the way of life.
Under President Macapagal-Arroyo economic growth has averaged 5% since 2001. While the general macroeconomic outlook has improved in recent years, long term challenges remaining such as: reforming its outmoded economic structures to encourage greater investment and development and closing the gap with regional competitors and, in so doing, improve employment opportunities across all sectors both of which will contribute significantly to alleviating poverty. These are both achievable. And that is the opportunity for greater mineral sector investment and development as the positive spillover effects of a vibrant, forward looking industry are substantial and long lasting.
How would you describe your relationship with the Philippine government and its agencies?
In a word: professional. That is our approach to all relationships be it government or commercial business and dealing with our people. It does help somewhat that many relationships have been established over the past 12 years and during that period trust, confidence and integrity have been demonstrated on both sides. Moreover, Cadan’s local people are well respected among their peers and have contributed to the country for many, many years
Does Cadan Resources Corporation have a social program for its people and the communities in which it operates?
In developing nations successful operations co-operate with the community by creating opportunities for people to benefit not only by direct and indirect employment opportunities, but also through educational scholarships, medical services, environmental and social enhancements. These include: a child feeding program which improved the welfare of the local children and support for teachers so that children can go to school and be taught in their native language. Cadan has donated computers for local government; equipment for agriculture, built a child minding centre, refurbished the community medical clinic and constructed an indigenous peoples building.
It is presently contributing to the formation of co-operatives to take the lead in community building and assisting its members in developing livelihood opportunities among other services.
These social contributions all strengthen relationships, some new most long standing, that are based on performance as well as trust and confidence.
To summarize the whole interview:
Why should potential investors invest in Cadan Resources Corporation right now?
There are number of reasons why investors should invest in Cadan Resources Corporation:
-Exposure to tremendous gold-silver and copper-gold assets, anyone of which would be a “company maker” in its own right. Combined they give Cadan future cash flow flexibility to further develop its business without undue dilution.
- Dividends: return capital excess after operational and exploration requirements to shareholders;
- Pending gold-silver and copper-gold production – long life, lower cost range operations - copper @ US$0.80 to US$1.00 a pound and US$250 -350 an ounce for gold - with solid cash flow; and opportunity to reduce costs with technology, education and training and economies of scale in purchasing inputs;
- Additional resources and targets within existing areas to grow its business from within a major point of difference as there is no need to chase externally copper pounds or gold-silver ounces.
- Hands-on, very strong in-country technical team and experienced corporate management group in the Philippines and Canada.
- Directors and Management own ~ 30 % of the business
Thank you
by Tim Roedel
August 18, 2009
http://www.dyor.de/
http://www.stockhouse.com/Bullboards/MessageDetail.aspx?s=CNF&t=list&m=27391892&l=0&pd=2&r=0
Cadan Announces Purchase of Crushers and Ballmill for T'Boli Gold-Silver Mine
Tuesday August 18, 2009, 9:15 am EDT
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 18, 2009) - CADAN RESOURCES CORPORATION (TSX VENTURE:CNF - OTC:CNFRF; "Cadan" or the "Company") is pleased to announce the purchase of new jaw and cone crushers, ballmill, gravity circuit, spares and ancillary equipment for the first phase test production, between 50 and 150tpd, at its T'Boli gold-silver mine.
T'Boli has a NI 43-101 Inferred Mineral Resource (2.4Mt @ 5.5g/t gold and 21 g/t silver) of some 420,000 ounces of gold and 1,600,000 ounces of silver (see News Release dated Thursday, December 18, 2008).
The equipment has been purchased from Zhengzhou Zhongding Heavy Duty Machine Manufacturing Co Ltd based in Zhengzhou, China, which is ISO9001-2000 rated. The company has international customers in Asia, Africa and Latin America.
It follows a recent visit to the company's manufacturing facility in Zhengzhou by Mining Engineer and TMC Tribal Mining Corporation President Edgar D Martinez and Mining Engineer, Warilto Abaga with Zhengzhou Zhongding Heavy Duty Machine Manufacturing Mechanical Engineer, Ba Jianzhang.
The combined equipment as recommended by metallurgical consultants will achieve a fine grind and optimum recovery of gold and silver. The jaw crusher is rated up to 22tph, cone crusher to 23tph and the ball mill is rated up to 8.2tph sufficient for first phase production range between 50 and 150tpd. Further design changes may increase capacity to 200tpd.
Based on current development costs, the Company estimates a production cost range cost between US$ 250 - 350 per ounce of gold.
The Company is targeting Q4 09 to begin testing mineralized ore from the known systems. This enables the lateral development of the decline, which is on a mineralized zone highlighted by some 40m @ 23g/t gold (uncut), to be advanced sufficiently to ensure continuous mineralized material and to test actual widths and gold-silver grades in the mineralized system.
Also the ventilation and alternative egress shaft is being advanced some 100m ahead of the decline face. This shaft, being sunk on a gold lode, currently has four working faces developed and up to two more planned to provide early trial production when the advancing decline is connected.
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.
The Inferred Mineral Resource Estimate conforms with CIM Standards and is a NI 43-101 compliant Inferred Mineral Resource as defined in the Technical Report filed on SEDAR, February 12, 2003.
For further information relating to the historical resource and the geological setting, readers are referred to SUR technical report, specifically "T'Boli Group of Properties" pages 33 - 49, that is published and available on www.sedar.com - news release dated February, 12, 2003. It is the opinion of the qualified person that all geological information in the report, as it relates to the T'Boli gold-silver project, is current.
For further information relating to the historical resource and the geological setting of the Comval Project, readers are referred to SUR technical report, specifically "Deposit Types Comprising the Sabena Project" page 9, that is published and available on www.sedar.com - news release dated February, 12, 2003. It is the opinion of the qualified person that all information in the report, as it relates to the Tagpura Kalamatan Maangob belt, is current.
On behalf of the board of directors,
Brett Taylor, President & CEO
http://finance.yahoo.com/news/Cadan-Announces-Purchase-of-ccn-4039134064.html?x=0&.v=1
Things look darn good here. Cadan is on track to produce 20,000 oz of Gold per year starting 2Q2010, at a cash cost of $300 per oz. That'll net them 7c per current diluted share (includes warrants and options) based on $950 oz Gold sale.
For the click challenged folks out 'there'.....
Cadan Resources is a Hidden Gem
By James West
MidasLetter.com
Wednesday, August 12th, 2009
Every so often, I come across a company whose share price versus its assets is way out of whack. In the case of Cadan Resources (TSX.V:CNF; OTC:CNFRF), the discrepancy is nothing short of opportunity for risk tolerant investors. Trading in the $0.10 to $0.20 range for the last month, the apparent low valuation likely stems from several factors that make Cadan a little bit difficult to wrap one’s conceptual arms around.
The company has 6 major projects, two of which host past-producing deposits of mostly low grade, bulk-tonnage amenable copper gold and/or gold-silver systems on the island of Mindanao in the Philippines.
An excerpt from a technical report filed in 2002 elaborates on the state of the project then:
“Within this exploration permit application are five known mineral deposits which are outlined below. The area of the Sabena EPA was subjected to exploration prior to 1978 when Sabena Mining Corporation (SMC) established a mining operation at the Tagpura deposit. Mining was conducted between 1978 and 1981 at the Tagpura Deposit. Resources (resources do not conform to N.I. 43-101 Standards) were also outlined by SMC at the nearby Ma-angob and Kalamatan deposits as part of advance reserves for the copper mining operations.
SMC also discovered further mineralization at Batoto and Surigaonon. Since the SMC operation closing in the early 1980’s there has been no modern systematic exploration undertaken. Historical reports and field inspection of the project area by the Author suggests that the exploration potential is good and the use of modern exploration technology will prove a useful tool to advance the status of the known resources. The remainder of the Sabena EPA has not been systematically explored using modern techniques and there is good potential for discovery of additional mineralization and new mineralization.”
Cadan is planning to produce 20,000 of gold per annum commencing in Q210 on its 100%-owned T’Boli gold and silver project on the Philippine island of Mindanao, on a non 43-101 compliant inferred resource of 2,400,000 tonnes, grading 5.5 g/t gold and 21 g/t silver, for 420,000 contained ounces of gold and 1,600,000 ounces of silver. They will be publishing an update resource in Q4 2009.
T'Boli is an epithermal vein and stockwork system carrying gold and silver and is thought to be of the carbonate base metal hot spring style as defined by Leach and Corbett. In carbonate base metal hot spring style systems gold is associated with base metal introduction and is silver rich, these systems are regarded as developing at intermediate levels between porphyry and shallow epithermal systems. Carbonate base metal hot spring style systems are known throughout the SW Pacific and this class of mineralization includes Acupan, Porgera, Wau, Kelian, Mt Kare and Gold Ridge, which are all multi-million ounce deposits.
According to Director, John Anderson, “Cadan’s been a work in progress for the last two years. I became involved when the former CEO resigned. It was obvious that Brett Taylor who has lived and worked in the Philippines for the past dozen years should be running the company and operations. As such, Brett and his team decided to go straight into production on the T’Boli Gold deposit. During the last year we’ve obtained all of the permits required to build a 200 ton per day operation, and we’ve purchased the mill which will be installed and in production early next year. So for a $5 million total investment, we’ll be producing about 20,000 ounces per year. At a cash cost of no more than $300 per ounce, that will be a very profitable operation.
The T’Boli system is 2600 hectares, and is a classic epithermal system . We get good gold grades at the top of the system, and it widens up at depth with gold grades improving and silver grades falling off. Our focus is in an 85 hectare area, representing only 5% of the project area.
We anticipate that we will come out with a measured and indicated resource later this year that will stipulate a million tonnes at over 10 grams per tonne gold. Cadan expects to gradually ramp up production by 50 tonnes per day per year, so that we’ll be producing up to100,000 ounces per year by 2016. And that likely will not exhaust the resource significantly at all. So the Company is going to focus on growing the production profile out of cash flow from the mine, which will provide immense value to shareholders.
The other part of the gold business is based on this Comval property, a classic stockwork system that sits along a belt that is 15 km long and 3 km wide. Bill Goode the Company’s technical Director came out of retirement after visiting Comval after being asked by a group of investors who subsequently invested $5.0 million to drill and explore the Comval property’s copper assets.
Mining in the Philippines
The Philippines Natural Resources sector operates under The Philippine Mining Act of 1995 and the Indigenous Peoples Rights Act ("IPRA") of 1997.
The country is rich in natural resources and has a long history of mineral exploration and development. The country is believed to be one of the most mineralized and prospective nations in the Western Pacific, particularly for gold and copper. Philippine mineral resources include a wide variety of metallic and non-metallic minerals.
As of 1982, Bureau of Mines and Geosciences (15) data records that the principal metallic ore reserve was:
* COPPER 4.3 billion tons
* Gold 2.1 billion tons
* Nickel 1.2 billion tons
Based on past production and defined resources, the Philippine mineral endowment is second in the world for gold and third for copper.
Exploration and development is continuing throughout the country. There is an increasing focus on the Eastern Mindanao Mineral Belt that extends for some 400kms from Mati in the south to Surigao in the north, primarily because much of this area has been unexplored for some 20 years.
Within this belt lies the recognised world class gold deposit of Diwalwal, which is estimated to contain approximately 7 million ounces of gold.
History of Mining in the Philippines
Prior to the Spanish era in the Philippines (1521 to 1898) the Igorot tribes of the northern Luzon area are known to have crudely mined and produced copper. The Chinese in about the third century AD referred to the island of Luzon in Philippines as the “Isle of Gold” and gold was known to occur around areas now known as Baguio, Paracale, Masbate and on the southern island of Mindanao around Surigao. Spanish gold production was mainly from alluvial sources with recorded production during the 19th century at about 21 tonnes of gold. The Spanish, through the ‘Inspeccion de Minas’ also prospected for copper with the first copper mine, the San Remigio Copper Mine in Carawisan, Antique opening in 1842.
Under the administration of the Americans (1898 to 1946) an emphasis was placed on mineral development which was largely fuelled by American finance. Some significant mines to open included Benguet Consolidated (1908), Balatoc (1929) and Lepanto Consolidated (1937). Significant porphyry copper discoveries during the 1950’s and 1960’s (Lutopan, Sipalay, Santo Thomas, Tapian, Mankayan) expanded the copper mining base of the Philippines and by 1974, 18 copper mines were in production. Copper production reached a peak in 1981 of some 305,300 tons of copper.
A large proportion of gold production in the Philippines has occurred as by-product of the country’s porphyry copper mines. This production level then declined partly due to the copper price crash and also to non-competitive mining legislation.
With the introduction of 'The Philippine Mining Act of 1995' considerable increased interest in the Philippine resources sector occurred by foreign companies. The factors driving this interest included the high mineral endowment, a new workable mining law and a lack of exploration for over twenty years using modern exploration technology.
Follow the company’s progress online at http://www.cadanresources.com.
http://www.midasletter.com/news/09081206_Cadan-resources-is-a-hidden-gem.php
Cadan Resources Corporation: $2,500,000 Non-Brokered Private Placement Completed
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 10, 2009) -
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
CADAN RESOURCES CORPORATION (TSX VENTURE:CNF) (the "Company") is pleased to
announce that it has closed its non-brokered private placement (the "Private
Placement") of 25,000,000 units ("Units") priced at $0.10 per Unit, for gross
proceeds of $2,500,000 (see news releases dated July 7, 2009 and July 20,
2009). Each Unit is comprised of one common share of the Company and one half
of one common share purchase warrant (each whole such warrant, a "Warrant").
Each whole Warrant is exercisable to acquire one common share of the Company at
a price of $0.15 per common share until August 7, 2011.
All securities issued pursuant to the Private Placement bear a four month hold
period expiring on December 8, 2009.
The Company will pay finders' fees of $122,915 representing 5% of the gross
proceeds in connection with a portion of the financing. The Company will pay
$62,165 in cash and the remaining $60,750, subject to TSX Venture Exchange
acceptance, by the issuance of 379,688 shares at a deemed price per share of
$0.16. In addition, finders were also granted non-transferable finders'
warrants entitling the holders to purchase up 2,458,300 common shares at a
price of $0.10 per share until August 7, 2010.
The gross proceeds from the Private Placement will be used to advance
development of the T'Boli gold-silver deposit and detailed exploration of
surrounding area, further drilling and leaching analysis of the
Tagpura-Kalamatan porphyry copper-gold property and to provide the Company with
additional working capital.
On behalf of the board of directors,
Brett Taylor, President & CEO
This press release contains forward-looking information within the meaning of
Canadian securities laws. Such information includes, without limitation,
information regarding the anticipated business and financing plans of the
Company. Although the Company believes that such information is reasonable, it
can give no assurance that such expectations will prove to be correct.
Forward-looking information is typically identified by words such as: believe,
expect, anticipate, intend, estimate, postulate and similar expressions, or are
those, which, by their nature, refer to future events. The Company cautions
investors that any forward-looking information provided by the Company are not
guarantees of future results or performance, and that actual results may differ
materially from those in forward looking information as a result of various
factors, including, but not limited to, the state of the financial markets for
the Company's equity securities, the state of the market for gold or other
minerals that may be produced generally, recent market volatility; variations
in the nature, quality and quantity of any mineral deposits that may be
located, the Company's ability to obtain any necessary permits, consents or
authorizations required for its activities, to raise the necessary capital or
to be fully able to implement its business strategies and other risks
associated with the exploration and development of mineral properties. The
reader is referred to the Company's most recent annual and interim Management's
Discussion and Analysis for a more complete discussion of such risk factors and
their potential effects, copies of which may be accessed through the Company's
page on SEDAR at www.sedar.com.
- 30 -
CONTACT INFO:
Cadan Resources Corporation
John Anderson
Director Corporate Development
604-307-7721
cadanresources@gmail.com
or
Cadan Resources Corporation
Matthew Bell
604-910-4908
mattcnf@yahoo.ca
www.cadanresources.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.
INDUSTRY: Manufacturing and Production - Mining and Metals
SUBJECT: STK - STOCK/OTHER MARKET NEWS
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Instead simply click http://marketwire.com/mw/fmu.jsp?id=172209294
Let'r rip Basser.......LOL
Yeah, nice to see that some buying is able, finally, to drive the price up nicely. Now we just need to see if it is at all warranted.
Seems something is up with Cadan! (CNF.V ~ CNFRF)
New 52 week high on 8X average full day volume
Last Trade: 0.19
Trade Time: 11:46AM ET
Change: 0.05 (31.03%)
Day's Range: 0.14 - 0.19
52wk Range: 0.03 - 0.19
Volume: 696,207
Avg Vol (3m): 83,064.1
Cadan Appoints Technical Consultant for Mining Operations
Wednesday July 22, 2009, 12:14 pm EDT
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 22, 2009) - CADAN RESOURCES CORPORATION (TSX VENTURE:CNF - OTC:CNFRF; "Cadan" or the "Company") is pleased to announce the appointment of Mr. Ron Huston as Technical Consultant, Mining Operations for its gold-silver and copper-gold operations in the Philippines.
Mr. Huston has more than 40 years management and operational experience in underground mining throughout Australia and in Southern Ukraine covering gold, copper-gold and nickel operations with emphasis on administration, management and cost control systems.
He owned and operated a mining contract business with an annual turnover of AUD$40m which was sold in 1995. Some of the significant contracts were: Youanmi - gold and base metals project with a contact value of AUD$25m and work involved decline access to fill stoping methods; Lady Eloise copper-gold project with contract value AUD$15m and work included new mine decline access to sub level stoping methods; Mt Isa Mines-Hilton Shaft project with contract value AUD$12m and work included declining from shaft bottom and installing ore production development.
He also has significant experience in underground, narrow vein high grade gold operations and similar style copper-gold systems, including ground support control, dilution minimization, shaft sinking, declining, diesel and rail ore production systems and Alimak raising methods.
Mr. Huston will focus on the Company's TBoli epithermal gold-silver deposit which has a NI 43-101 Inferred Mineral Resource (2.4Mt @ 5.5 g/t gold and 21 g/t silver) of some 420,000 ounces of gold and 1,600,000 ounces of silver (see News Release dated Thursday, December 18, 2008). It is scheduled for preliminary production in Q4 2009.
He will overview preliminary test mining operations on the Company's Batoto gold project as part of the ongoing validation of the historical resource of 38 million tonnes containing 1.8 g/t Au for some two million ounces of gold (see News Release dated Monday, June 23, 2008).
It should be noted that the foregoing historic resource was not prepared in accordance with CIM standards. Further, a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves, the Company is not treating the historical estimate as current mineral resources or mineral reserves as defined in sections 1.2 and 1.3 of NI 43-101, and the historical estimate should not be relied upon. Until drilling and other detailed exploration is conducted over the target, the foregoing historical resource is highly speculative and should only be considered as indicative of mineralization potential.
Mr. Huston is presently reviewing mining options for the Tagpura porphyry skarn copper-gold deposit which has a "conceptual or order of magnitude" potential tonnage range of some 10 million tonnes to 15 million tonnes, with a potential grade range from 0.50% copper and 0.20 g/t gold to 0.70% copper and 0.31 g/t gold (see News Release dated Tuesday, August 5, 2008).
The target outlined above remains strictly an exploration target in accordance with guidelines set out in NI 43-101, and the potential quantity and grade is strictly conceptual in nature. There has been insufficient exploration to date to define a mineral resource at this stage, and it is uncertain if future exploration will result in the discovery of a mineral resource.
Company President and CEO Brett Taylor said, "We are delighted with the appointment of Mr. Huston as he brings a wealth of mining contractor management experience and underground mining expertise to the Company to ensure that it has capacity to meets is planned production targets, and will be able to assist in the education and training of our local work force to upgrade their skill base."
On behalf of the board of directors,
Brett Taylor, President & CEO
http://finance.yahoo.com/news/Cadan-Appoints-Technical-ccn-3659081430.html?x=0&.v=1
Cadan Arranges a Non-Brokered Private Placement of $1,500,000
- Arranges a Non-Brokered Private Placement of $1,500,000
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
CADAN RESOURCES CORPORATION (the "Company") is pleased to announce that
subject to regulatory acceptance, the Company is arranging a non-brokered
private placement consisting of up to 15,000,000 units of the Company
("Units") at a price of $0.10 per Unit for gross proceeds of up to
$1,500,000. Each Unit will consist of one common share of the Company and
half of one common share purchase warrant (each whole such warrant, a
"Warrant"). Each whole Warrant will entitle the holder thereof to acquire
one common share of the Company for a period of 24 months at a price of
$0.15 per common share.
The gross proceeds from the private placement will be used to advance
development of the T'Boli gold-silver deposit and detailed exploration of
surrounding area, further drilling and leaching analysis of the
Tagpura-Kalamatan porphyry copper-gold property and to 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 5% 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 10% of the number of Units sold at
a price of $0.10 per share for a period of one year after closing.
On behalf of the board of directors,
Brett Taylor, President & CEO
38m @ 1.72% Copper at Cadan's Maangob Porphyry Copper-Gold Deposit
Tuesday June 30, 2009, 9:15 am EDT
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 30, 2009) - CADAN RESOURCES CORPORATION (TSX VENTURE:CNF - OTC:CNFRF; "Cadan" or the "Company") is pleased to announce high grade sections of: 38m at 1.72% copper ("true width") and, at 65m along strike, 30m at 0.98% copper ("true width") at the Maangob porphyry copper-gold deposit. The mineralized zone contains an historic resource of 39.6 M tonnes @ .36% copper, 0.5 g/t gold and 4 g/t silver (News Release, Thursday, February 26, 2009).
These high grade results are from sampling and mapping of some 850m of underground adits at Maangob porphyry copper-gold deposit and indicate a horizontal true width of mineralization of 105m at 0.52% copper. Assays for gold and silver are pending.
The photograph (to view plese click on: http://media3.marketwire.com/docs/cnf630.jpg ) shows an example of chalcopyrite veining in massive magnetite skarn within the 38m @ 1.72% copper. The individual assay was: 1m @ 3.9% copper.
This higher grade material is a "skarn" within the Maangob porphyry/breccia mineralization. This Maangob skarn is identical to the Tagpura skarn, that has been defined by drilling and sits within the Tagpura open pit, and has the potential to provide additional feed for the postulated 2Mt per annum bacterial heap leach operation (News Releases, August 5, 2008, February 26, 2009 and March 3, 2009).
The 105m zone commences at 828000N, 847045E and extends to 828105N, 847055E. The 38m zone commences at 828034N, 844691E and extends to 828072N, 844691E. The 30m zone commences at 828065N, 844751E and extends to 828095N, 844754E.
The Company has completed 23 reverse circulation drill holes, for a total of 3,831 meters drilled within this mineralized zone. Down hole surveys of this drilling are completed. It is expected that the recent drilling, in combination with adit data and surface mapping, will allow accurate definition of the mineralized zone and preliminary internal resource analysis.
The channel sample intervals quoted above were assayed with Cadan's in house "XRF" unit which provides an efficient, cost effective approach to exploration, particularly in identifying broad mineralization and higher grade zones. All channel samples were crushed and pulverized and then split, with a 200 gram sub-sample analyzed by the XRF unit. All appropriate exploration quality assurance and control measures were applied to ensure integrity of sample and analysis. As this is a "XRF" analytical approach, the results should be lower than with traditional chemical analysis for the simple reason that the chemical analysis applies the FA 50/SAAS method (fire assay with atomic absorption finish) for gold, and conventional wet chemical methods for copper. Moreover, more than 10,000 XRF check determinations conducted by Cadan have shown close comparison with previous commercial assay laboratory copper assay results.
Therefore, it should be noted that all assay results used in resource calculations will be submitted to an approved commercial laboratory for chemical analysis using the FA 50/SAAS method (fire assay with atomic absorption finish) for gold, and conventional wet chemical methods for copper. At that stage, gold and silver assays will be completed and gold and silver credits are expected to increase the stated copper grades.
The Maangob mineralized zone contains an historic resource of 39.6 M tonnes @ .36% copper, 0.5 g/t gold and 4 g/t silver (Sabena Mining Corporation "table of ore reserves" Annual Report of 1980 - see News Release, Thursday, February 26, 2009). It should be noted that the foregoing historic resource was not prepared in accordance with CIM standards. Further, a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves, the Company is not treating the historical estimate as current mineral resources or mineral reserves as defined in sections 1.2 and 1.3 of NI 43-101, and the historical estimate should not be relied upon. The foregoing historical resource is highly speculative and should only be considered as indicative of mineralization potential.
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.
All channel samples were crushed and pulverized and then split, with a 200 gram sub-sample analyzed by the XRF unit. All appropriate exploration quality assurance and control measures were applied to ensure integrity of sample and analysis. As this is a "XRF" analytical approach, the results should be lower than with traditional chemical analysis for the simple reason that the chemical analysis applies the FA 50/SAAS method (fire assay with atomic absorption finish) for gold, and conventional wet chemical methods for copper. Moreover, more than 10,000 XRF check determinations conducted by Cadan have shown close comparison with previous commercial assay laboratory copper assay results.
Therefore, it should be noted that all assay results used in resource calculations will be submitted to an approved commercial laboratory for chemical analysis using the FA 50/SAAS method (fire assay with atomic absorption finish) for gold, and conventional wet chemical methods for copper. At that stage, gold and silver assays will be completed and gold and silver credits are expected to increase the stated copper grades.
For further information relating to the historical resource and the geological setting of the Comval Project, readers are referred to SUR technical report, specifically, "Deposit Types Comprising the Sabena Project", page 9, that is published and available on www.sedar.com - News Release dated February 12, 2003. It is the opinion of the qualified person that all information in the report, as it relates to the Tagpura Kalamatan Maangob belt, is current.
On behalf of the board of directors,
Brett Taylor, President & CEO
http://finance.yahoo.com/news/38m-172-Copper-at-Cadans-ccn-2215765746.html?x=0&.v=1
Talk about a sleeper of a stock. But it survived the great credit melt down and just put a million in the till. With gold price on the verge of breaking a $1000 an oz, this stock has a history at various times of surprising on the up side. I hope so becuase it has been too long a wait.
News Release posted on web site:
Wednesday April 22, 2009 For Immediate Dissemination
NEWS RELEASE Symbol: CNF-TSXV
FIRST TRANCHE OF NON-BROKERED
PRIVATE PLACEMENT COMPLETED
CADAN RESOURCES CORPORATION (CNF-V) (the “Company”) is please to announce that it has closed the
first tranche of its non-brokered private placement of up to 33,333,333 common shares in the capital of the Company
(“Shares”) at a price of $0.06 per Share announced on February 12, 2009. The Company sold a total of 12,079,315
Shares in the first tranche, for gross proceeds of $724,759.
Brett Taylor, President, Chief Executive Officer and a director of the Company, purchased 1,000,000 Shares and
Doug Evans, a director, purchased 1,000,000 Shares.
All securities issued pursuant to the private placement bear a four month hold period expiring on August 22, 2009.
############### ends #################
Cadan Resources Corporation is a junior exploration company with operations in the Philippines and Colombia and
trades on the TSX Venture Exchange (Canada) with trading symbol CNF-V.
On behalf of the board of directors,
“Brett Taylor”
Brett Taylor, President & CEO
John Anderson, Director
Email: cadanresources@gmail.com
Tel: 604-218-7400
Matthew Bell
Email: mattcnf@yahoo.ca
Tel: 604-910-4908
Cadan's Bacterial Heap Leach Test Work Returns High Copper-Gold Recoveries
Tuesday March 3, 9:27 am ET
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 3, 2009) - CADAN RESOURCES CORPORATION (TSX VENTURE:CNF - OTC:CNFRF; the "Company") is pleased to release initial results of its Bacterial Heap leach test work on two representative samples of mineralized material from drill core and from channel samples from mining benches of the existing open pit at its Tagpura porphyry copper-gold project, located in East Mindanao, Philippines.
Amenability test work was undertaken by Pacific Ore (Australia) Pty Ltd, a subsidiary of Pacific Ore Limited (a publicly listed company in Australia: www.pacificore.com.au.) using its proprietary technology "BioHeap(TM)".
After 47 days, based on residue assays the results were:
------------------------------------------------------------------
Mineralized Material Head Grade Head Grade Head Grade
------------------------------------------------------------------
Au (ppm) Cu (%) Fe (%)
------------------------------------------------------------------
Porphyry Bench 2 0.11 0.42 6.04
------------------------------------------------------------------
Porphyry Skarn 0.66 1.96 19.20
------------------------------------------------------------------
Recovery:
--------------------------------------------------------------------------
Mineralized Material Recovery Au % Recovery Cu % Recovery Fe %
--------------------------------------------------------------------------
Porphyry Bench 2 90.0 97.4 27.30
--------------------------------------------------------------------------
Porphyry Skarn 93.7 85.5 14.3
--------------------------------------------------------------------------
Cadan Announces Corporate Appointment and Releases Project Updates
Thursday February 26, 6:30 pm ET
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 26, 2009) - CADAN RESOURCES CORPORATION (TSX VENTURE:CNF - OTC:CNFRF; "Cadan" or the "Company") is pleased to announce the appointment of director Mr. John Anderson, as Director, Corporate Development, as well as to provide an update on its projects.
As Director, Corporate Development, Mr. Anderson will be responsible for presenting and promoting the Company, including ongoing investment relations strategies, programs and activities. Mr. Anderson is the co-founder of Aquastone Capital Advisors LP, a US based gold investment fund. With over 15 years experience in the capital markets, Mr. Anderson's specialty is identifying undervalued opportunities in the resource industry and investing capital into these situations. He is a director of US publicly listed Wescorp Energy Inc. and was President & CEO from 2003-2004. He is also a board member of J-Pacific Gold Inc. and Eternal Energy Corp.
This appointment continues the progress of Cadan as it advances its Batoto-Tarale gold deposit and Comval porphyry copper-gold projects and implements the progressive development and production of its T'Boli gold-silver project.
PROJECTS UPDATE
Cadan's Technical Director, William D Goode, is completing an "internal resources analysis" for the Board on its major T'Boli epithermal gold-silver and Comval porphyry copper-gold projects. At this stage, it is expected that this internal analysis will be finalized in Q2, 2009. An independent qualified person will then be commissioned to prepare a National Instrument 43-101 ("NI 43-101") compliant resource statement.
Mr. Goode is a graduate of the West Australian School of Mines in Mining Geology and Mine Surveying and holds a current Underground Supervisor's Certificate of Competency. He has more than 45 years' experience in geology, mining and mineral exploration and has acted as a resource consultant to major Australian and international companies. His experience covers gold, silver, base metals and uranium exploration and mining in Australia and Asia (see News Release dated Monday, November 27, 2007).
TBOLI GOLD-SILVER PROJECT
To view photo please click on the following link: http://media3.marketwire.com/docs/CNFa.pdf
Cadan announced the historic initial advance of its planned production-exploration decline to access mineralized material from its T'Boli epithermal gold-silver deposit with a NI 43-101 Inferred Mineral Resource (2.4Mt @ 5.5 g/t gold and 21 g/t silver) of some 420,000 ounces of gold and 1,600,000 ounces of silver (see News Release dated Thursday, December 18, 2008).
This development decline, which is on a mineralized zone highlighted by some 40m @ 23 g/t gold (uncut), commences the lateral development program designed to test actual widths and gold-silver grades in the mineralized system.
Simultaneous with the decline work, a ventilation and alternative egress shaft is being advanced some 100m ahead of the decline face. This shaft is being sunk on a gold lode, with two working faces currently developed and up to four more planned to provide early trial production when the advancing decline is connected.
To view photos please click on the following link: http://media3.marketwire.com/docs/CNFb.pdf
The Company announced the results of its first trial mining that consisted of 13.5 tonnes of vein style material from the western zone of the North Vein B system at an elevation of some 635m. The head grade was 14.60 g/t gold and 38 g/t silver. Using an old style coarse grind processing plant, the recovered grade was 9.06 g/t gold and 26 g/t silver. Further upgrading of the crushing and grinding circuits is expected to improve recovery to up to 90% with a concurrent improvement in input and processing costs. In this zone, the NI 43-101 Inferred Mineral Resource was reported at 10.10 g/t gold and 20.30 g/t silver (see News Release dated Tuesday, November 4, 2008).
The above results provided further support of the recent technical review of the geological database that indicated the possibility that actual grade and size of the target may be higher and larger than previously determined. Technical difficulties with, and the limited extent of, the drilling program may have limited the inferred resource delineated. At the time of sampling, access to known high grade underground workings for sampling was limited (see News Release dated Tuesday, September 23, 2008). However, additional exploration is required to be able to define additional resources and it is uncertain if further exploration will result in the delineation of any additional resources.
The Company has acquired an Eimco underground bogger as part of the continuous mechanization of the development program.
To view photos please click on the following link: http://media3.marketwire.com/docs/CNFc.pdf
COMVAL GOLD TARGET
Batoto-Tarale Gold Target
A review of historic and current exploration information and data continues, as does targeted exploration to re-evaluate and validate the Batoto gold target historical resource of 38 million tonnes, containing 1.8gpt of gold, for some two million ounces of gold (Sabena Mining Corporation report, June 1981) (see News Release dated Monday, June 23, 2008). It should be noted that the foregoing historic resource was not prepared in accordance with CIM standards. Further, a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves, the Company is not treating the historical estimate as current mineral resources or mineral reserves as defined in sections 1.2 and 1.3 of NI 43-101, and the historical estimate should not be relied upon. Until drilling and other detailed exploration is conducted over the target, the foregoing historical resource is highly speculative and should only be considered as indicative of mineralization potential.
A stockwork system of gold bearing quartz veins has been mapped in five locations over a total width of some three kilometers and extends westward from the Batoto gold target to the northeastern edge of the large Cadan porphyry copper geophysical anomaly. Mapping and sampling results show some ten kilometers of strike length for this stockwork zone.
At one location within the quartz vein stockwork system, quartz veining over a width of some 50m, and with a minimum strike length of 200m, is exposed. Channel sample assay values are of the order of 0.5 g/t gold. However, a 50 tonne bulk sample treated from this location returned 3.2 g/t of gold and 47.3 g/t of silver. This indicates a nugget effect and suggests a different assay technique is required to provide more authentic results from the channel samples.
At another location, quartz vein stockwork is exposed over a width of some 120m: strike length is yet to be fully established. While channel sample assay values are of the order of 0.5 g/t gold, a 20m section returned some 4 g/t gold. This confirms that nugget zones do exist and additional nugget zones could be expected with a more appropriate assaying technique.
Quartz vein gold bearing stockworks, 100m, 120m and 100m wide respectively, are exposed in three other locations within the overall system.
A drill program designed to test the system will be planned and implemented in 2009.
COMVAL PORPHYRY COPPER-GOLD DEPOSITS
TAGPURA PORPHYRY COPPER-GOLD
At its Comval porphyry copper-gold prospects, the Tagpura porphyry copper-gold deposit has a conceptual or order of magnitude potential tonnage of some 1 billion tonnes to 1.7 billion tonnes, with a potential grade range from 0.30% copper and 0.17 gpt gold to 0.7% copper and 0.31 gpt gold. The deposit outlined above remains strictly an exploration target in accordance with guidelines set out in NI 43-101, and the potential quantity and grade is strictly conceptual in nature. There has been insufficient exploration to date to define a mineral resource at this stage, and it is uncertain if future exploration will result in the delineation of a mineral resource.
Cadan announced that continuous drilling at bench two, of the Tagpura porphyry copper-gold deposit, and scout drilling towards the known Maangob target, represented a corridor of continuous mineralization of some 1500m long by 500m wide and projected to a depth of 500m indicating a potential tonnage of some 1 billion tonnes. The deposit, at the western end of the corridor, is open to the northeast and southwest, while at the eastern end (bench two), it is open to the northeast and southwest. A conservative extension of the corridor is 1,500m long by 700m wide and, projected to a depth of 500m, indicates a potential tonnage of some 1.7 billion tonnes.
At the west end of the corridor is the Maangob historical resource (39.6 M tonnes @ 0.36% copper, 0.5 g/t gold and 4 g/t silver, Sabena Mining Corporation "table of ore reserves" Annual Report of 1980). At the east end of the corridor is the Tagpura historical resource (17.3 M tonnes @ 0.68% copper, 0.5 g/t gold and 4 g/t silver, Sabena Mining Corporation "table of ore reserves" Annual Report of 1980). It should be noted that the foregoing historic resources were not prepared in accordance with CIM standards. Further, a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves, the Company is not treating the historical estimate as current mineral resources or mineral reserves as defined in sections 1.2 and 1.3 of NI 43-101, and the historical estimate should not be relied upon. Until drilling and other detailed exploration is conducted over the target, the foregoing historical resources, are highly speculative and should only be considered as indicative of mineralization potential. In addition, current drilling on bench five had the following results: TGD 1, 208.6m @ 0.45% copper and 0.17 g/t gold and TGD 15, 162.6m @ 0.8% copper and 0.31 g/t gold from 1.50 to 164.1m (EOH). These figures infer a potential grade range from 0.30% copper and .17 g/t gold to 0.70% copper and 0.31 g/t gold over the deposit as mentioned above (see News Release dated Monday, June 2, 2008).
TAGPURA PORPHYRY SKARN COPPER-GOLD
Cadan announced that drilling to date at the Tagpura porphyry skarn copper-gold zone had indicated a "conceptual or order of magnitude" potential tonnage range of some 10 million tonnes to 15 million tonnes, with a potential grade range from 0.50% copper and 0.20 g/t gold to 0.70% copper and 0.31 g/t gold (see News Release dated Tuesday, August 5, 2008). The target outlined above remains strictly an exploration target in accordance with guidelines set out in NI 43-101, and the potential quantity and grade is strictly conceptual in nature. There has been insufficient exploration to date to define a mineral resource at this stage, and it is uncertain if future exploration will result in the discovery of a mineral resource.
Cadan also stated that it was pleased with these results at the Tagpura porphyry skarn as it demonstrated an additional style of mineralization that may be particularly suitable for "bacterial heap leaching" and early positive cash flow. A metallurgical test work study has commenced to determine heap leach amenability. The Company is reviewing a possible bacterial heap leach operation for the prospect with a start up capacity of two million tonnes per annum. A mine life of five to seven or more years is envisaged although additional exploration is required to delineate a resource.
The porphyry skarn high grade target is located within an existing open pit. This enables the "box cut" mining method to be considered the most appropriate approach, particularly as there is no overburden to remove, and thus, mining costs are optimized (see News Release dated August 5, 2008).
KALAMATAN PORPHYRY COPPER-GOLD
Cadan announced that first pass drilling at Kalamatan has indicated a "conceptual or order of magnitude" potential tonnage range of some 100 million tonnes to 525 million tonnes, with a potential grade range from 0.31% copper equivalent (0.27% copper and 0.11 g/t gold) to 0.72% copper equivalent (0.55% copper and 0.46 g/t gold) (see News Release dated, Wednesday July 2, 2008). The target outlined above remains strictly an exploration target in accordance with guidelines set out in NI 43-101, and the potential quantity and grade is strictly conceptual in nature. There has been insufficient exploration to date to define a mineral resource at this stage, and it is uncertain if future exploration will result in the discovery of a mineral resource.
This first phase drilling at Kalamatan now represents a corridor of continuous mineralization some 500m long by 150m wide, to a drill depth of 300m, indicating a potential tonnage of some 100 million tonnes. The mineralized zone is open in all directions: a conservative extension of the corridor is 1,000m long by 350m wide and, projected to a depth of 500m, indicating potential tonnage of some 525 million tonnes.
Historical sample results on the target were 0.39% copper, 0.5 g/t gold and 4.0 g/t silver. Recently, adit sampling by the Company supported these historical results including adit 6 drift east 2 of 102m @ 0.35% copper and 0.18 g/t gold (0.42% copper equivalent) and adit 6 drift east 1 of 94m @ 0.35% copper and 0.13 g/t gold (0.40% copper equivalent). These figures infer a potential grade range from 0.31% copper equivalent (0.27% copper and 0.11 g/t gold) to 0.72% copper equivalent (0.55% copper and 0.46 g/t gold), as mentioned above.
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.
The Inferred Mineral Resource Estimate conforms with CIM Standards and is a NI 43-101 compliant Inferred Mineral Resource as defined in the Technical Report filed on SEDAR, February 12, 2003.
For further information relating to the historical resource and the geological setting, readers are referred to SUR technical report, specifically "TBoli Group of Properties" pages 33 - 49, that is published and available on www.sedar.com - news release dated February 12, 2003. It is the opinion of the qualified person that all geological information in the report, as it relates to the T'Boli gold-silver project, is current.
For further information relating to the historical resource and the geological setting of the Comval Project, readers are referred to SUR technical report, specifically "Deposit Types Comprising the Sabena Project page 9, that is published and available on www.sedar.com - news release dated February 12, 2003. It is the opinion of the qualified person that all information in the report, as it relates to the Tagpura Kalamatan Maangob belt, is current.
On behalf of the board of directors,
Brett Taylor, President & CEO
http://biz.yahoo.com/ccn/090226/200902260514389001.html?.v=1
Sorry, thought you were referring to the last placement, not the new one. Didn't realize they were raising funds again.
Hal
Not only did the placement close at a bad time....Did you see how many shares the insiders, (Brett Taylor) bought up?
Extremely BULLISH sign, even in this depressed market.
Still around and holding long,
Hal
Interesting that Cadan was able to raise $2 million given the current state of affairs in the world.
+++++++++++++++++
Cadan Arranges a Non-Brokered Private Placement of Up to $2,000,000
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 13, 2009) -
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
CADAN RESOURCES CORPORATION (TSX VENTURE:CNF) (the "Company") is please to announce that subject to regulatory acceptance, the Company is arranging a non-brokered private placement consisting of up to 33,333,333 common shares ("share") at a price of $0.06 per share for gross proceeds of up to $2,000,000.
The gross proceeds from the private placement will be used to advance development of the T'Boli gold-silver deposit and detailed exploration of surrounding area, further drilling and leaching analysis of the Tagpura-Kalamatan porphyry copper-gold property and to 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 5% 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 10% of the shares sold at a price of $0.10 per share for a period of one year after closing.
On behalf of the board of directors,
Brett Taylor, President & CEO
This press release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding the closing of the proposed private placement and the anticipated business and financing plans of the Company. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to, the state of the financial markets for the Company's equity securities, the state of the market for gold or other minerals that may be produced generally, recent market volatility; variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's ability to obtain any necessary permits, consents or authorizations required for its activities, to raise the necessary capital or to be fully able to implement its business strategies and other risks associated with the exploration and development of mineral properties. The reader is referred to the Company's most recent annual and interim Management's Discussion and Analysis for a more complete discussion of such risk factors and their potential effects, copies of which may be accessed through the Company's page on SEDAR at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Seems to be now.
My God, is this thing alive?
Cadan Announces Development of T'Boli Gold-Silver Mine
LATEST ASSAYS - GOLD 46.68 g/t & SILVER 154.77 g/t GOLD 7.68 g/t & SILVER 304.17 g/t
Thursday December 18, 2008, 9:15 am EST
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 18, 2008) - CADAN RESOURCES CORPORATION (TSX VENTURE:CNF - OTC:CNFRF; the "Company") is pleased to announce historic initial advance of its planned production-exploration decline to access part of a mineralized zone from its T'Boli epithermal gold-silver deposit with a NI 43-101 Inferred Mineral Resource (2.4Mt @ 5.5g/t gold and 21 g/t silver) of some 420,000 ounces of gold and 1,600,000 ounces of silver.
This development decline, which is on a mineralized zone highlighted by some 40m @ 23 g/t gold (uncut), begins the lateral development program designed to test actual widths and gold-silver grades in the overall system.
Simultaneous with the above decline work, a ventilation and alternative egress shaft is being advanced some 100m ahead of the decline face. This shaft is being sunk on a gold lode and will provide early trial production when the advancing decline is connected.
The Company announced in a News Release dated Tuesday November 4, 2008 the results of its first trial mining that consisted of 13.5 tonnes of vein ore from the western zone of the North Vein B system at an elevation of some 635m. The head grade was 14.60 g/t gold and 38 g/t silver. Using the old style coarse grind processing plant, the recovered grade was 9.06 g/t gold and 26 g/t silver. In this zone, the NI 43-101 Inferred Mineral Resource was reported at 10.10 g/t gold and 20.30 g/t silver.
Latest Assays
The latest assay results from the ongoing mapping and sampling in the north vein mineralized system are highlighted by: TMC 067 with 7.68 g/t gold and 304.17 g/t silver and TMC 068 with 46.68 g/t gold and 154.77 g/t silver.
Assays across the veins:
--------------------------------------------------------
Sample No Gold g/t Silver g/t Width cm
--------------------------------------------------------
TMC 065 3.00 3.16 80
--------------------------------------------------------
TMC 066 8.57 5.01 70
--------------------------------------------------------
TMC 067 7.68 304.17 70
--------------------------------------------------------
TMC 068 46.68 154.77 85
--------------------------------------------------------
Assays across the hanging wall:
--------------------------------------------------------
Sample No Gold g/t Silver g/t Width cm
--------------------------------------------------------
TMC 069 1.53 2.54 140
--------------------------------------------------------
Cadan's Trial Mining Head Grade 14.60 g/t Gold & 38 g/t Silver
Tuesday November 4, 12:24 pm ET
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 4, 2008) - CADAN RESOURCES CORPORATION (TSX VENTURE:CNF - OTC:CNFRF; the "Company") is pleased to announce the results from its first in a series of zoned trial mining tests at its T'Boli epithermal gold-silver deposit which has a NI 43-101 Inferred Mineral Resource (2.4Mt @ 5.5g/t gold and 21 g/t silver) for some 420,000 ounces of gold and 1,600,000 ounces of silver.
The trial consisted of 13.5 tonnes of vein ore from the western zone of the North Vein B system at an elevation of some 635m. The head grade was 14.60 g/t gold and 38 g/t silver. Using the old style coarse grind processing plant, the recovered grade was 9.06 g/t gold and 26 g/t silver.
Further upgrading of the crushing and grinding circuits will improve recovery to 90% with an expected improvement in input and processing costs.
Cadan operates the T'Boli gold-silver project through affiliate company, TMC Tribal Mining Corporation, headed by its President, Edgar D Martinez, a mining engineer.
Martinez said that this result continues to confirm the view that the actual mining grade for gold is potentially higher that the NI 43-101 grade for reasons detailed in the News Release dated September 23, 2008: "Cadan Has Commenced Underground Development / Gold Lode Block Access Work at T'Boli Epithermal Gold-Silver Deposit".
In this zone, the N1 43-101 Inferred Mineral Resource was reported at 10.10 g/t gold and 20.30 g/t silver.
International Precious Metals & Commodities Show
Cadan Resources will be an exhibitor at the 2008 International Precious Metals & Commodities Show being held November 7 & 8, 2008 in the Event Area, Olympic Park, Munich, Germany. This show is one of the largest in Europe and in 2007 more than 4,000 people attended.
This is an opportunity for Cadan to generate greater awareness of its T'Boli gold-silver deposit, and its progressive production, as well as its major Comval porphyry copper-gold resources located in East Mindanao, Philippines.
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 National Instrument 43-101, and is the technical person responsible for this news release. The qualified person has verified the data disclosed in this news release.
Bulk test sample analysis method was that, after grinding to 70 mesh, the pulp was discharged into a holding tank and then pumped to the CIP tank. A head sample was taken from the pipe feed of the tank. The pulp sample was then dried and a 1.5 kg sample taken for analysis. Samples were assayed by JB Laboratory Inc, based in Monkayo, Philippines. Gold was analyzed by fire assay technique and silver by flame AAS technique.
The Inferred Mineral Resource Estimate conforms with CIM Standards and is a NI 43-101 compliant Inferred Mineral Resource as defined in the Technical Report filed on SEDAR, February 12, 2003.
For further information relating to the historical resource of the project, readers are referred to SUR technical report, specifically "TBoli Group of Properties" pages 33 - 49, that is published and available on www.sedar.com - news release dated February 12, 2003. It is the opinion of the qualified person that all geological information in the report, as it relates to the T'Boli gold-silver project, is current.
Cadan Resources Corporation is a junior exploration company with operations in the Philippines and Colombia and trades on the TSX Venture Exchange (Canada) with trading symbol CNF-V (OTC:CNFRF in the USA).
On behalf of the board of directors,
Brett Taylor, President & CEO
http://biz.yahoo.com/ccn/081104/200811040495153001.html?.v=1
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This board is dedicated to a politics-free discussion of Cadan Resources Corporation.
And now to the company:
Cadan Resources Corporation is a Canadian based exploration company focusing on the exploration and development of several large gold and copper-gold properties in the high potential magmatic arc in the southern Philippine Island of Mindanao.
Company directors, principals and consultants of the Company have in excess of 200 combined years of exploration, mining, corporate and legal experience within south-east Asia, north and south America and Australia.
The current exploration effort which started in May, 2003 in the highly mineralized but underexplored Eastern Mindanao Mineral belt is the result of a highly successful corporate and legal program commencing in 1996 to assemble a large package of highly prospective gold and copper-gold properties into one contiguous 15 km long by 3 km wide package called the COMVAL PROJECT and controlled by Cadan Resources Corporation.
In addition Cadan Resources Corporation controls the rich T'Boli gold project in South Cotabato Province where exploration drilling and underground development has outlined an inferred resource of 420,000 ozs of gold and 1.5 million ozs silver contained within 2.4 million tones of mineralization grading 5.5 g/t gold and 21 g/t silver.
Cadan Resources Corporation is well financed and trades on the Canadian TSX Venture Exchange under the symbol CNF.
The company's new website: http://www.cadanresources.com/
And also its filings with SEDAR:
http://www.sedar.com/command_servlet?cmd=DisplayCompanyDocuments&issuerNo=00003776〈=EN
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