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VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/07/10 -- CADAN RESOURCES CORPORATION (TSX VENTURE: CXD)(FRANKFURT: A0MZ25) ("Cadan" or the "Company") is pleased to announce that an Environmental Compliance Certificate ("ECC") has been granted for the initial 100,000 tonne trial test at its porphyry skarn copper-gold project.
Cadan President and CEO, Brett Taylor, says that preliminary costs for civil works, infrastructure, sourcing of equipment and material and processing engineering requirements and skilled personnel continue to be finalised and that, on the environmental management side, some six water quality monitoring holes have been completed.
The issuance of the ECC, No R11-1005-0077, dated May 12 2010, follows the March 2010 signing of the "strategic development agreement" with REG Mineral Processing Services Pty Ltd ("REGMPS") to advance the Tagpura skarn copper-gold project towards an initial "trial test" and later "commercial" production. (See News Release dated March 8, 2010.)
In summary:
The Tagpura porphyry skarn copper-gold zone has an indicated "conceptual or order of magnitude" potential tonnage range of 10 million tonnes to 15 million tonnes, with a potential grade range from 0.50% copper and 0.20 g/t gold to 0.70% copper and 0.31 g/t gold (See News Release of August 5, 2008).
At this stage, a NI 43-101 compliant resource estimate or preliminary assessment to support a production forecast has not been prepared. However, an Independent Qualified Person has been commissioned to prepare the NI 43-101 technical report on the Company's porphyry copper-gold assets, especially the Tagpura porphyry skarn copper-gold zone and to bring the "conceptual or order of magnitude" potential tonnage and grade range into an appropriate mineral category and discuss a range of potential production outlines.
Subject to completion of the NI 43-101 technical report, Cadan is proposing a production outline as follows:
Stage One: a 100,000 tonne trial heap leach to provide 1,500,000 pounds of copper and 700 ounces of gold.
Stage Two: subject to successful completion of Stage One, a stage by stage increase in tonnage to 2,000,000 tonnes per annum to provide some 30,000,000 pounds of copper and 14,000 ounces of gold.
The Tagpura skarn copper-gold project's potential mineral deposit is located in an existing open pit. Some two million tonnes can be mined with negligible waste rock and the balance mined underground. Drilling density within the pit area is at a high level by industry standards resulting in a high confidence level for Cadan's in-house NI 43-101 non-compliant estimates. Moreover, independent analysis by REGMPS has confirmed the in-house estimates.
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.
For further information relating to the historical resource and the geological setting of the Comval Project, readers are referred to SUR technical report, specifically "Deposit Types Comprising the Sabena Project page 9, that is published and available on www.sedar.com - news release dated February, 12, 2003. It is the opinion of the qualified person that all information in the report, as it relates to the Tagpura Kalamatan Maangob belt, is current.
It should be noted that the exploration information of potential quantity and grade, outlined herein, is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource as defined in the CIM Definition Standards December 11, 2005.
On behalf of the board of directors,
Brett A Taylor, President and CEO
Cadan President and CEO, Brett Taylor, says that preliminary costs for civil works, infrastructure, sourcing of equipment and material and processing engineering requirements and skilled personnel continue to be finalised and that, on the environmental management side, some six water quality monitoring holes have been completed.
The issuance of the ECC, No R11-1005-0077, dated May 12 2010, follows the March 2010 signing of the "strategic development agreement" with REG Mineral Processing Services Pty Ltd ("REGMPS") to advance the Tagpura skarn copper-gold project towards an initial "trial test" and later "commercial" production. (See News Release dated March 8, 2010.)
In summary:
The Tagpura porphyry skarn copper-gold zone has an indicated "conceptual or order of magnitude" potential tonnage range of 10 million tonnes to 15 million tonnes, with a potential grade range from 0.50% copper and 0.20 g/t gold to 0.70% copper and 0.31 g/t gold (See News Release of August 5, 2008).
At this stage, a NI 43-101 compliant resource estimate or preliminary assessment to support a production forecast has not been prepared. However, an Independent Qualified Person has been commissioned to prepare the NI 43-101 technical report on the Company's porphyry copper-gold assets, especially the Tagpura porphyry skarn copper-gold zone and to bring the "conceptual or order of magnitude" potential tonnage and grade range into an appropriate mineral category and discuss a range of potential production outlines.
Subject to completion of the NI 43-101 technical report, Cadan is proposing a production outline as follows:
Stage One: a 100,000 tonne trial heap leach to provide 1,500,000 pounds of copper and 700 ounces of gold.
Stage Two: subject to successful completion of Stage One, a stage by stage increase in tonnage to 2,000,000 tonnes per annum to provide some 30,000,000 pounds of copper and 14,000 ounces of gold.
The Tagpura skarn copper-gold project's potential mineral deposit is located in an existing open pit. Some two million tonnes can be mined with negligible waste rock and the balance mined underground. Drilling density within the pit area is at a high level by industry standards resulting in a high confidence level for Cadan's in-house NI 43-101 non-compliant estimates. Moreover, independent analysis by REGMPS has confirmed the in-house estimates.
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.
For further information relating to the historical resource and the geological setting of the Comval Project, readers are referred to SUR technical report, specifically "Deposit Types Comprising the Sabena Project page 9, that is published and available on www.sedar.com - news release dated February, 12, 2003. It is the opinion of the qualified person that all information in the report, as it relates to the Tagpura Kalamatan Maangob belt, is current.
It should be noted that the exploration information of potential quantity and grade, outlined herein, is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource as defined in the CIM Definition Standards December 11, 2005.
On behalf of the board of directors,
Brett A Taylor, President and CEO
