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News
14.12.2012
Cadan's First Gold Pour Worth Over $500k CAD
Cadan's First Gold Pour Worth Over $500k CAD
VANCOUVER, BRITISH COLUMBIA--(Dec. 13, 2012) - CADAN RESOURCES CORPORATION (TSX VENTURE:CXD)(FRANKFURT:RFU1) ("Cadan" or the "Company") is pleased to announce that the Company's Philippines affiliate, Tribal Mining Corporation (TMC), has poured its first gold since the approval to commence commercial production at the T'Boli gold-silver mine (Company News Release October 18, 2012).
The first gold bars were poured at the TMC owned carbon-in-leach (CIL) processing plant in T'Boli, South Cotabato, Philippines. Between October 10th and November 30th, the T'Boli CIL plant milled 1,881 dry metric tons (DMT) of mineralized rock from existing stockpiles (Company News Release November 26, 2012). With assays of 98% Au, and weighing a total of 316oz, the average grade of gold produced from 1,881 DMT was 5.2g Au/DMT. Additionally, 497oz of silver were recovered; the average grade of silver produced from the 1,881 DMT was 8.2g Ag/DMT.
The average prices for the metal sold were CAD $1,680/oz Au and CAD $32.50/oz Ag for a combined recovery of CAD $547,032.
Cadan's President and CEO, Robert Butchart, commented:
"Cadan's first gold pour is a fantastic milestone, reaching over half a million dollars in metal value. This confirms the mill is operational. We are very excited about what we have achieved."
To view accompanying photo, visit the following link: http://media3.marketwire.com/docs/First_Gold_Pour.jpg
The mineralized rock stockpile was predominantly derived from the development of drives along veins in preparation of stopping operations during 2011 and 2012 (News Release November 26, 2012). The first of these drives is scheduled to commence mining operations during the first quarter of 2013, with daily production rates scheduled to rise up to 200t per day.
Qualified Person and Quality Control and Assurance
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.
Cautionary Note
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
Forward Looking Statements
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.
Contact Information
Cadan Resources Corporation
Robert Butchart
President / CEO
butch.cadan@gmail.com
Cadan Resources Corporation
John D. Anderson
Chairman
janderson@cadanresources.com
Cadan Resources Corporation
+1 (604) 687-0760
+1 (604) 628-5001 (FAX)
info@cadanresources.com
www.cadanresources.com
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VANCOUVER, BRITISH COLUMBIA--(Dec. 13, 2012) - CADAN RESOURCES CORPORATION (TSX VENTURE:CXD)(FRANKFURT:RFU1) ("Cadan" or the "Company") is pleased to announce that the Company's Philippines affiliate, Tribal Mining Corporation (TMC), has poured its first gold since the approval to commence commercial production at the T'Boli gold-silver mine (Company News Release October 18, 2012).
The first gold bars were poured at the TMC owned carbon-in-leach (CIL) processing plant in T'Boli, South Cotabato, Philippines. Between October 10th and November 30th, the T'Boli CIL plant milled 1,881 dry metric tons (DMT) of mineralized rock from existing stockpiles (Company News Release November 26, 2012). With assays of 98% Au, and weighing a total of 316oz, the average grade of gold produced from 1,881 DMT was 5.2g Au/DMT. Additionally, 497oz of silver were recovered; the average grade of silver produced from the 1,881 DMT was 8.2g Ag/DMT.
The average prices for the metal sold were CAD $1,680/oz Au and CAD $32.50/oz Ag for a combined recovery of CAD $547,032.
Cadan's President and CEO, Robert Butchart, commented:
"Cadan's first gold pour is a fantastic milestone, reaching over half a million dollars in metal value. This confirms the mill is operational. We are very excited about what we have achieved."
To view accompanying photo, visit the following link: http://media3.marketwire.com/docs/First_Gold_Pour.jpg
The mineralized rock stockpile was predominantly derived from the development of drives along veins in preparation of stopping operations during 2011 and 2012 (News Release November 26, 2012). The first of these drives is scheduled to commence mining operations during the first quarter of 2013, with daily production rates scheduled to rise up to 200t per day.
Qualified Person and Quality Control and Assurance
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.
Cautionary Note
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
Forward Looking Statements
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.
Contact Information
Cadan Resources Corporation
Robert Butchart
President / CEO
butch.cadan@gmail.com
Cadan Resources Corporation
John D. Anderson
Chairman
janderson@cadanresources.com
Cadan Resources Corporation
+1 (604) 687-0760
+1 (604) 628-5001 (FAX)
info@cadanresources.com
www.cadanresources.com
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA12721D2032">http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA12721D2032</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.