VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/08/11 -- CADAN RESOURCES CORPORATION (TSX VENTURE: CXD)(FRANKFURT: AOMZ25) ('Cadan' or the 'Company') released today an update on the underground development of its T'Boli gold-silver mine.
The Company is pleased to announce that the North Vein A Lode structure, referred to in the news release dated July 13th,2010, has now been intersected in the advancing decline. Mapping and sampling has defined a vein width of 10 meters, assaying 12.5gm Au per tonne.
Lateral development on North Vein A is proceeding westward to define stoping blocks for mill feed.
As also announced in July 13th, 2010, news release, surface gold values extend 300m west of the decline intersection point.
Decline advance is now progressing at a more satisfactory rate, and a crosscut to intersect the South Vein System has commenced.
The lateral development headings on the Centre Vein (now designated 398N and 418N headings), North Veins A & B, and South Vein, will all provide stoping blocks for mill feed.
The capital expenditure on lateral development is more than offset by the gold inventory being created in the development material stockpile.
Some 4000 tonnes of diluted development material is surface stockpiled. This stockpile has an estimated grade of 3gm Au per tonne, and will be used for commissioning the C.I.P. plant.
Qualified Person and Quality Control and Assurance
Technical aspects of this news release were prepared and verified by William Donald Goode, a member of the AusIMM and Technical Director of Cadan Resources. 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.
Quality Assurance and Quality Control (QA/QC)
Assays reported have been verified by the Company's QA/QC procedures. All samples have been prepared & assayed by McPhar Geoservices (Phil) Inc., in Manila, an ISO 9001 certified laboratory, with the inclusion of appropriate blanks and standards for which 1.5 - 2kg samples were pulverized to 90% passing 200 mesh or less than 75 microns. Assays for gold were 50g fire assay (0.05 ppm), AAS finish.
On behalf of the board of directors,
Robert Butchart, Director / COO
For further information visit our website at www.cadanresources.com, email: 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
Director/COO
butch@cadanresources.com
Cadan Resources Corporation
John D. Anderson
Chairman
janderson@cadanresources.com
www.cadanresources.com
