VANCOUVER, BC - CADAN RESOURCES CORPORATION (TSX-V: CXD; Frankfurt: RFU1) ("Cadan" or the "Company") is pleased to announce that a technical report on the T'Boli project (effective date 1 October 2012) has been prepared by Independent Qualified Person Howard Lahti, and Scott Robson a Qualified Person. The Inferred Mineral Resource is in accordance with CIM Standards of Disclosure for Mineral Resources and Mineral Reserves 2010 and will be filed as an NI 43-101 technical report with SEDAR within 45 days of this release.
The T'Boli 2012 NI 43-101 Inferred Mineral Resources estimate is 3.8Mt at 8.7g/t Au and 27g/t Ag for a contained 1.1Moz Au and 3.3Moz Ag.
The Inferred Mineral Resource was estimated using a wireframe model constructed from the basis of a 1g/t Au lower cut off grade, an in-situ bulk density of 2.5g/cm3, and a moisture content of 6%. The maximum search distance was 70m to estimate an interpolated ordinary kriged ("OK") gold and silver grade within a three-dimensional block model.
The update estimate has incorporated historical drilling and sampling as well as 7,665m of diamond drilling completed in 2011-2012. The current drill program is ongoing and it is expected that the Company will file an updated NI 43-101 technical report before the fourth quarter of 2013.
Cadan Resources Corporation, President and CEO, Robert Butchart, goes on to say:
"We have over ONE MILLION OUNCES in inferred resource and we are pouring gold.
The mine has begun producing from the stopes and the gold plant is improving throughput, 2013 should be a great year for Cadan as a company and for our shareholders." (See news release 26 November 2012 & 13 December 2012).
The decision by Cadan to become a gold producer or undertake trial mining at T'Boli has not been based to date on a feasibility study of mineral reserves in accordance with CIM Standards of Disclosure for Mineral Resources and Mineral Reserves 2010, but rather has been based primarily on trial or pilot mining and mineral processing guided by limited drilling and sampling. There is however no certainty that the proposed processing operation, or the development of the deposit, will be economically viable.
Qualified Person / Quality Assurance and Quality Control ("QA/QC")
Data verification included a QAQC program of interspacing high and low level commercial gold standards ("ST462" & "OxP50") with exploration drill and underground samples for analysis by Intertek. The authors have reviewed the QAQC for the program and have analytically reviewed the standard results for ST462 and OxP50 as well as the data storage and data management of the exploration database. The veracity of the data and database is of sufficient confidence to construct geological and grade models for Mineral Resource estimation in adherence to the CIM Definitions for standard Mineral Resource and Mineral Reserves 2010 and in compliance with NI 43-101.
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.
On behalf of the board of directors,
"Robert G Butchart"
President / CEO
For further information visit our website at www.cadanresources.com, email firstname.lastname@example.org or contact:
Robert ButchartJohn D. Anderson
President / CEOChairman
Email: email@example.com Email: firstname.lastname@example.org
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.
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.
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