CADAN RESOURCES CORPORATION (TSX VENTURE:CXD)(FRANKFURT:AOMZ25) ("Cadan") advises that Mining Group Limited (ASX:MNE) has announced details of an operational update on activities at the Comval Copper Gold Project. The news release by Mining Group may be viewed on the Australian Securities Exchange ("ASX") Website listed below.
The Comval Project is operated by Philco Mining Company ("PMC"), which holds the exploration permits on the Comval properties. Cadan retains a 20% free-carried interest in PMC. Mining Group Limited ("MGL") has an 80% interest in PMC and is the manager of the project. In addition to its direct 20% interest in PMC, Cadan also owns approximately 6.2% of MGL present issued capital (rising to approximately 15.8% fully diluted for options and assuming MGL exercise an option to acquire the Batoto Gold Project, (refer to CXD news release of January 17, 2012 for details).
To access the ASX website: http://www.asx.com.au/asx/statistics/announcements.do. MGL's ASX symbol is MNE.
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.
Cadan Resources Corp.
President / CEO
Cadan Resources Corp.
John D. Anderson