Cadan Completes Resource Definition Drilling at Its Tagpura Porphyry Skarn Copper-Gold Project First Hole Intercepts 106 Meters @ 0.65% Copper Including 31 Meters @ 1.21% Copper
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/19/11 -- CADAN RESOURCES CORPORATION (TSX VENTURE: CXD)(FRANKFURT: A0MZ25) ('Cadan' or the 'Company') is pleased announce the completion of resource definition drilling at its Tagpura porphyry skarn on its Comval property located in East Mindanao, Philippines.
This drilling program is within the zone where a potential tonnage of 10 to 15 million tonnes has been reported previously (See News Release dated Aug 5th, 2008). The completion of this drilling program, together with previous drilling and open pit bench sampling, provide a data base of sufficient density to allow the upgrading of the potential tonnage to that of a measured resource.
'We are very excited that the Comval property continues to deliver great exploration results. The Tagpura porphyry located on the eastern portion of the property becomes more attractive with the continued gold and copper assays we are receiving on the skarn,' says Robert Butchart, President and CEO. 'Our plans are to increase drilling on the Tagpura porphyry as well as follow-up with a district sized exploration strategy on Comval.'
Using the 100% company owned LY 24 drill rig, the first hole, Diamond Hole TGD 108, was drilled to 139.10m and was cored from the surface. The second hole, TGD 109, was drilled to 148.80m and was also cored from surface. In-house preliminary XRF assay results have now been received for TGD 108, with the defined mineralized zone averaging 0.65% Cu from 0 to 106meters. High-grade magnetite skarn was intersected from 33m to 64m and assayed 1.21% Cu for the 31meters. A complete report will be issued when assay results from a certified laboratory have been received.
Visual inspection of the high-grade skarn zone, from the core, shows magnetite and garnet skarn hosting chalcopyrite and chalcocite mineralization (To see Figure 1 and 2, please visit the following link: http://media3.marketwire.com/docs/cxd419i.pdf).
Cadan is a gold and copper exploration and development company with assets in Mindanao, Philippines. The Company's two properties are the T'Boli gold and silver mine, currently in final development of small-scale production, and its 9,000 ha Comval gold and copper property.
Qualified Person and Quality Control and Assurance
Technical aspects of this news release were prepared and verified by William Donald Goode, a member of the AusIMM and Technical Director of Cadan Resources. He is the qualified person as required by NI 43-101, and is the technical person responsible for this news release. The qualified person has verified the data disclosed in this news release, including sampling, analytical and test data underlying the information and opinions contained in this news release.
Quality Assurance and Quality Control (QA/QC)
Assays reported have been verified by the Company's QA/QC procedures. All samples have been prepared & assayed by McPhar Geoservices (Phil) Inc., in Manila, an ISO 9001 certified laboratory, with the inclusion of appropriate blanks and standards for which 1.5 - 2kg samples were pulverized to 90%, passing 200 mesh or -75 microns. Assays for gold were 50g fire assay, (0.05 ppm), AAS finish. Samples were assayed for copper, iron and sulphur by ICP.
The Company also announces it has granted an aggregate of up to 2,975,000 stock options at a price of $0.65 to directors and consultants to the Company. The options are exercisable for a period of up to 5 years.
On behalf of the board of directors,
Robert G Butchart, President / CEO
For further information visit our website at www.cadanresources.com or email: info@cadanresources.com.
Forward Looking Statements
This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Particular risks applicable to this press release include risks associated with planned production, including the ability of the Company to achieve its targeted production outline due to regulatory, technical or economic factors. In addition, there are risks associated with estimates of resources, and, there is no guarantee that a resource will have demonstrated economic viability as necessary to be classified as a reserve. There is no guarantee that additional exploration work will result in significant increases to resource estimates. 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 www.cadanresources.com or the Company's page on SEDAR at http://www.sedar.com.
Neither the 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:
Cadan Resources Corporation
Robert G Butchart
President / CEO
butch@cadanresources.com
Cadan Resources Corporation
John D. Anderson
Chairman
1 604 687-0760
janderson@cadanresources.com
www.cadanresources.com