Vancouver, July 6, 2010 -
Cadan Resources Corporation (TSX VENTURE: CXD) (FRANKFURT: A0MZ25) ("Cadan" or the "Company") announced today that an Environmental Compliance Certificate ("ECC") has been granted for the ongoing mine development of its T'Boli gold-silver mine.
ECC, No 12-1006-0092, dated June 24, 2010, permits up to 140,000 tonnes per annum. This is more than sufficient for the currently projected phases of mining operations.
The ECC also gives environmental clearance for a processing plant to be constructed closer to the portal in a later development phase.
Cadan President and CEO Brett Taylor said: "We are delighted with this approval as it accelerates our progress towards full-scale production. Environmental permitting is a critical component of mining today. Reaching this important milestone not only expedites our mine development program, it also releases resources to continue with the exploration and development phase of our highly prospective land package. I congratulate our Philippine management and technical groups on this achievement."
This latest ECC approval continues the process towards full development of the T'Boli gold-silver mine. It follows the May 11, 2010 release of an updated NI 43-101 compliant Technical Report on its T'Boli gold-silver mining and development operation that has upgraded the historic inferred mineral resource to both Indicated and Inferred categories, for gold only, and outlined the potentially significant, additional gold-silver mineralization.
Highlights of the updated NI 43-101 compliant resource (see CXD press release May 11, 2010 for further details):
* 56% increase in gold grade
* Indicated Category: 886,000t @ 8.6 g/t gold
* Inferred Category: 434,000t @ 8.6 g/t gold
* Regional "conceptual and order of magnitude" potential for many multiples of the defined resource
The report recommends further underground development work to access additional mineralized targets to expand the resource, as well as further bulk sampling and trial milling.
On behalf of the board of directors,
Brett Taylor
President / CEO
Cadan Resources Corporation is a gold-silver-copper company with a high quality portfolio of mineral assets, located in the Philippine Island of Mindanao, long recognized as one of the country's most mineralized areas.
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.
For more information, please contact
Cadan Resources Corporation
Brett Taylor, President / CEO
btaylor@cadan.com or
Cadan Resources Corporation
John D. Anderson, Chairman
janderson@cadan.com
www.cadanresources.com
