A significant addition to CYD holdings in Mexica. Adjacent to their successful drilling project management is confident the new property will have similar results
Assays will hopefully prove them right!!
"CAYDEN ACQUIRES THE SHANGRI-LA CLAIM AT THE EL BARQUENO GOLD PROJECT
Cayden Resources Inc. has acquired the Shangri-la claim located within the El Barqueno concessions in Jalisco, Mexico, which are fully optioned by Cayden. The Shangri-la claim lies adjacent to the Pena d'Oro target where drilling will commence shortly.
Under the terms of the acquisition, Cayden is paying $100,000 for a 100-per-cent interest in the claim, which carries a 1.5-per-cent net smelter return royalty (a NSR) payable to a third party. Cayden has paid $20,000 on the signing of the agreement and $80,000 will be paid once the title for the claim is registered to Cayden's subsidiary, Minas Chaparral SA de CV.
An additional 2.5-per-cent NSR will be payable to the claim vendor and is purchasable by Cayden for $250,000 at any time.
President and chief executive officer Ivan Bebek stated: "This acquisition helps complete the significant El Barqueno land package, which encompasses over 46,000 hectares of land. The company is amidst an extensive permitting process which will provide surface exploration and drilling permits for up to 300 holes at five intermediate to advanced exploration targets. Cayden is planning to drill four of nine exploration targets identified to date on the concession this year. We believe we are in the very early stages of discovering a large, robust gold system that is being constantly revealed from the results of the current drill program at the Azteca target and our extensive surface work programs throughout the concessions."
AI
