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Cadan Resources Corporation T'Boli Mine Update
By: Marketwire .
Nov. 26, 2012 11:00 AM
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/26/12 -- CADAN RESOURCES CORPORATION (TSX VENTURE:CXD)(FRANKFURT:AOMZ25) ("Cadan" or the "Company") is pleased to provide an update on the T'Boli underground gold mine.
T'Boli Gold Silver Mine, Mindanao, Philippines
Over the last two years the Company has refurbished the Beehive underground workings through the 'Mofoko' portal, which has enabled the Company to expose access to known mineralized gold structures. Generally the time and capital cost it would have otherwise taken to develop these structures for production underground stoping would have been significant. However, the Company has already absorbed this cost as part of the necessary exploration program while waiting for government approvals to commence mining.
The DECLARATION OF MINING PROJECT FEASIBILITY (DMPF) was received on the 10th October 2012 and now allows the substantially developed T'Boli gold and silver mine to be ramped up to full planned commercial production (note that a decision to commence production is not based on a feasibility study, see cautionary statement below).
The following four vein blocks have been developed including raise development to be used as ore chutes in preparation for cut-and-fill stoping (see also Figure 1 and 2):
398N Drive (north vein) 145m development 3 raises/ore chutes
418N Drive (north vein) 220m development 6 raises/ore chutes
405N Drive (north vein) 120m development 5 raises/ore chutes
267N Drive (south vein) 75m development 3 raises/ore chutes
With modern cut-and-fill methods these stopes can be continuously mined to surface, which provides approximately 90m of vertical material, an example of cut-and-fill stoping is provided in Figure 3.
In addition material extracted during the development has been stockpiled as "incidental ore", and can be used as mill feed while the mine is being fully developed to support milling operations (Figure 1).
Cadan's President and CEO, Robert Butchart, stated:
"Our management team with local community support has done a fantastic job in acquiring the DMPF and developing the mine ready for commercial operations. The development work we have done to date allows us to immediately go into ore stoping to feed our processing plant. Heavy capital expenditure on mine exploration development already completed means we can immediately capitalize on the current high gold prices.
The transition to gold producer has been eased as much of our exploration work this last year has been the direct foundation for our production, thus we already have the skills in the company to develop our stoping blocks and mine the veins.
We are expecting to make our first gold pour before Christmas this year!"
To view Figures 1-3, please visit the following link: http://media3.marketwire.com/docs/cxd26_F1-3.pdf.
Technical aspects of this news release were approved by Howard Lahti, BSc Geology, MSc Geochemistry, PhD Litho-Geochemistry, Registered Professional Geoscientist of New Brunswick. Mr. Lahti is a consultant to Cadan, and a qualified person under NI 43-101.
Mr. Lahti 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 decision to become a gold producer is not based on a feasibility study of mineral reserves, as those terms are used in NI 43-101, demonstrating economic and technical viability. There is no certainty that the proposed processing operation, or the development of the deposit, will be economically viable.
On behalf of the board of directors,
Robert Butchart, President / CEO
This news release contains forward-looking statements, indicated by use of the words "to be", "can", "immediately", "expecting" and similar 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 ongoing and planned exploration and production programs, including the ability to complete the programs as planned, the results being sufficient to confirm or expand resources on the property, or the ability to convert resources into reserves. There is no guarantee that exploration or production will result in an economically viable project due to these and numerous other risks and uncertainties normally associated with production stage mining projects. Readers are cautioned not to rely on forward-looking information as a result.
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.
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