VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 29, 2012) - CADAN RESOURCES CORPORATION (TSX VENTURE:CXD)(FRANKFURT:AOMZ25) ("Cadan" or the "Company") is pleased to announce that the Company's Option agreement over the "Batoto" Project1 with Mining Group Limited (ASX:MGL) has lapsed and the Company will not enter into a similar agreement in the short term.
Cadan's President and CEO, Robert Butchart, stated:
"The Company believes the Batoto Project is one of the Philippines' best undeveloped gold projects and we are now in a position of strength to develop this project and return full value of this asset to shareholders.
"The original option agreement to offer over the Batoto Gold Project was driven by difficult market conditions, and we are excited to have the same market conditions return this project to Cadan's control.
"The Batoto Gold Project offers excellent discovery opportunities for gold and gold-copper that will complement the T'Boli gold mining operation. Six large areas of stockwork gold mineralization have been identified to date. Three of the areas are 'walk up' drill targets. The Company intends to capitalize on our existing projects to build an enduring mining house."
Qualified Person and Quality Control and Assurance
Technical aspects of this news release were prepared and verified by Howard Lahti, BSc Geology, MSc Geochemistry, PhD Litho-Geochemistry, Registered Professional Geoscientist of New Brunswick. Mr. Lahti is a consultant to Cadan. 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.
On behalf of the board of directors,
Robert Butchart, President / CEO
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 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.
1 See Company news releases of January 17, 2012 and December 23, 2011.
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.