VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/15/12 -- CADAN RESOURCES CORPORATION (TSX VENTURE: CXD)(FRANKFURT: AOMZ25) ('Cadan') advises that Mining Group Limited ('MGL' or 'Mining Group') has announced assay results from drilling work & adit sampling on the Tagpura and Maangob copper-gold properties located in the Comval project area. The announcement by MGL regarding the Maangob drilling work was released on January 20, 2012 and assay results for the Tagpura drilling released on February 9, 2012. (The releases can be viewed on the Australian Securities Exchange ('ASX') Website listed below.)
Mining Group Limited holds an 80% interest in Philco Mining Company, which holds the exploration permits on the Comval properties. Cadan retains a 20% free-carried interest in Philco Mining Company, as well as an approximate 7% ownership stake in MGL (rising to approximately 17% fully diluted for options and assuming MGL exercise an option to acquire the Batoto Gold Project, (refer to news release of January 17, 2012 for details).
The Mining Group announcement on Tagpura deals with higher grade sections of intercepts in holes TAG110 and TAG 113. Cadan has previously reported these holes in news releases on June 8th and August 10th 2011 respectively.
The Mining Group announcement on Maangob deals with adit sampling within the Maangob mineralized zone. This adit sampling defines a strike length of 200m, with widths varying from 55m to 110m. Strike extensions have been established by TAG 116D and TAG 107D.
Technical aspects of the news release were reviewed and approved by William Donald Goode on behalf of Cadan. Mr. Goode is a member of the AusIMM and technical director of Cadan Resources. He is the qualified person as required by NI 43-101. The qualified person has verified the data disclosed in the news release, including sampling, analytical and test data underlying the information and opinions contained in this news release. Assays reported have been verified by QA/QC procedures. All samples have been prepared and assayed with the inclusion of appropriate blanks and standards.
To access the ASX website: http://www.asx.com.au/asx/statistics/announcements.do MGL symbol is MNE.
For further information on Cadan Resources Corp. please visit our website at www.cadanresources.com, email us at 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 Butchart
President / CEO
604 687 0760
butch@cadanresources.com
Cadan Resources Corporation
John D. Anderson
Chairman
604 687 0760
604 628 5001 (FAX)
janderson@cadanresources.com
www.cadanresources.com
