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Cadan Resources Corporation: Announcement by Mining Group Limited; Widespread Gold Mineralisation at Comval

Date : 11/13/2012 @ 7:45PM
Source : Marketwired

Cadan Resources Corporation: Announcement by Mining Group Limited; Widespread Gold Mineralisation at Comval


Cadan Resources Corporation (TSX VENTURE:CXD)(FRANKFURT:AOMZ25) ("Cadan") advises that Mining Group Limited (ASX:MNE) ("Mining Group") announced it has identified widespread gold mineralisation at Tagpura North, at the Comval Copper and Gold Project (Comval Project), located 90 km north of Davao City, Mindanao, in the Philippines. Mining Group's news release is reproduced in part below.

The Comval Project is operated by Philco Mining Company ("PMC"), which holds the exploration permits on the Comval Project. Cadan retains a 20% free-carried interest in PMC. Mining Group 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 3.1 million shares or approximately 4.12% of Mining Group's present issued capital (based on publicly available information), along with options to purchase a further 2 million shares of Mining Group (refer to Cadan news release of January 17, 2012 for details).

Highlights


--  Channel sampling returns results of 36.00 m at 4.84 g/t Au, including
    8.00 m at 11.56 g/t Au. 

--  Extensive quartz vein stockwork zone with epithermal characteristics. 

--  Additional rock chip results extend mineralised zone at Tagpura North
    with up to 18.05% copper returned from weathered outcrops. 

--  Ground magnetic survey highlights significant magnetic anomaly
    consistent with magnetite skarn mineralisation and coincident with the
    new gold and copper geochemical anomaly at Tagpura North. 

Mining Group Managing Director Mr. Zeff Reeves said: "These results further underpin the Comval Project as having the potential to host numerous copper and gold ore bodies. Tagpura North is emerging as a very exciting target with widespread gold mineralisation.

"Mining Group's geology team has worked exceptionally hard at Tagpura North over recent weeks. From the work they have done to date, it is becoming evident that we have moved into a possible epithermal gold environment with extensive quartz vein stockwork present with veins showing some classic epithermal vein textures.

"The more we sample and map at Tagpura North, the larger the footprint of copper and gold anomaly expands. We also have the added bonus of outcropping copper bearing magnetite skarns which the recent ground magnetics has located really effectively. As a result, we plan to commence drilling at Tagpura North by mid-November," added Mr Reeves.

The recent follow up work undertaken by Mining Group's geology team at Tagpura North has been carried out to further understand and delineate identified anomalies from previous rock chip sampling and mapping (see Cadan news release of October 24, 2012). This work consisted of systematic, continuous channel sampling along recently installed access road cuttings. The previously reported native copper sample results have been received with sample A-44781 returning a copper grade of 18.05% (Figure 1). The sample was taken from the oxidised cap over a copper bearing magnetite skarn and is interpreted to be produced and enriched by weathering processes. Additional first pass rock chip results have also been received further extending and delineating the Tagpura North mineralised zone. All rock chip results received to date are presented in Appendix 1.

To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/cxd-1113-fig1.pdf.

Tagpura North Road Channel Sampling

Two channels were continuously sampled along what is known as "Road 2" at Tagpura North. This road cuts approximately perpendicular to the interpreted strike of the geology and mineralisation. Best results were achieved from channel TCPCHRD2A2 with a gold dominant zone of 36.00 m at 4.84 g/t including 8.00 m at 11.56 g/t being obtained (copper assays remain outstanding).

Gold and copper mineralisation at Tagpura North has been identified in outcropping magnetite skarns, and associated within quartz stockwork within altered andesitic volcanics and diorites. Numerous weathered quartz and sulphide veins have been identified over a widespread area and are reminiscent of an epithermal style of gold mineralisation (Figure 2).

To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/cxd-1113-fig2.pdf.

Three channels have been continuously sampled along newly cut access roads at Tagpura North covering 485 m of access roads. Sample results have been received for two channels covering 197 m, with significant results presented in the table below.

Table 1 - Significant results from Tagpura North road cutting channel sampling


----------------------------------------------------------------------------
CHANNEL       From (m)   To (m) Interval  Au (g/t)          Cu (%)  Comments
----------------------------------------------------------------------------
TCPCHRD2A1        0.00    15.00    15.00      2.56            0.22          
----------------------------------------------------------------------------
TCPCHRD2A1        6.00    13.00     7.00      4.80            0.09 including
----------------------------------------------------------------------------
TCPCHRD2A2        6.00    32.00    26.00      1.03            0.46          
----------------------------------------------------------------------------
TCPCHRD2A2       14.00    30.00    16.00      1.47            0.31 including
----------------------------------------------------------------------------
TCPCHRD2A2       40.00    44.00     4.00      2.39            0.03          
----------------------------------------------------------------------------
TCPCHRD2A2       88.00   124.00    36.00      4.84 awaiting assays          
----------------------------------------------------------------------------
TCPCHRD2A2      114.00   122.00     8.00     11.56 awaiting assays including
----------------------------------------------------------------------------
TCPCHRD2B1       18.00    28.00    10.00      1.96            0.06          
----------------------------------------------------------------------------

All samples were collected continuously along the road cutting as nominally 1.00 m or 2.00 m samples. All samples were geologically described and each channel was geologically mapped. All samples were sent to Macphar Laboratories in Manila for analysis. Au was assayed using fire assay and an atomic absorption finish and Cu, Ag and Mo were assayed using a 4 acid digest and an ICPOES finish. Standard reference material check samples were submitted every 20 samples and a blank check submitted every 50 samples for QA/QC purposes.

All sampling is conducted under the supervision of Mining Group's on site exploration manager and the chain of custody from the sample site to the sample preparation and logging facility is continually monitored by the exploration manager. Samples are shipped to the lab by qualified couriers or Mining Group personnel under locked bags with independent identification lock numbers. Data verification of the analytical results includes a statistical analysis of the duplicates, standards and blanks that must pass acceptable parameters to ensure accurate and verifiable results.

Figure 3 illustrates the location of various samples. Appendix 2 outlines all the sample locations and results received to date for the four channels sampled along Tagpura North Road 2.

To view figure 3, please visit the following link: http://media3.marketwire.com/docs/cxd-1113-fig3.pdf.

In addition to ongoing surface sampling activity, Mining Group has completed approximately 19 line kilometres of additional detailed ground magnetic surveying. The surveying has highlighted a significant magnetic anomaly consistent with magnetite skarn mineralisation and coincident with the new gold geochemical anomaly at Tagpura North (Figure 4).

To view Figure 4, please visit the following link: http://media3.marketwire.com/docs/cxd-1113-fig4.pdf.

The technical information in this news release was prepared and verified by Zeffron Charles Reeves, (B App Sc (Hons) (Applied Geology) MBA, MAIG), a member of the AIG and employee of Mining Group. Mr. Reeves 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. Mr. Reeves is a qualified person as defined in NI 43-101.

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 the timing and content of future work programs, geological interpretations and resource potential of the Comval Project. There is no guarantee that additional exploration will lead to evaluation of a mineral resource, or that any resource will have demonstrated economic viability as necessary to be classified as a reserve. The reader is referred to Cadan'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 Cadan's page on SEDAR at www.sedar.com.

APPENDIX 1 - ROCK CHIP ASSAY RESULTS FROM TAGPURA NORTH


----------------------------------------------------------------------------
Sample ID               Easting       Northing       Au (ppm)       Cu (ppm)
----------------------------------------------------------------------------
A-62601             845,655.345    827,284.948           0.03           1119
----------------------------------------------------------------------------
A-62602             845,653.473    827,283.598           0.02            986
----------------------------------------------------------------------------
A-62603             845,653.737    827,279.719           0.01            742
----------------------------------------------------------------------------
A-62604             845,651.568    827,279.219           0.03            522
----------------------------------------------------------------------------
A-62605             845,649.738    827,278.719           0.04            587
----------------------------------------------------------------------------
A-62606             845,647.841    827,278.229           0.01            880
----------------------------------------------------------------------------
A-62607             845,645.747    827,277.530 less than 0.01            564
----------------------------------------------------------------------------
A-62608             845,643.850    827,277.100 less than 0.01            606
----------------------------------------------------------------------------
A-62609             845,641.896    827,276.470           0.02            655
----------------------------------------------------------------------------
A-62610             845,640.074    827,275.840           0.01            730
----------------------------------------------------------------------------
A-62611             845,638.045    827,275.210           0.01           1060
----------------------------------------------------------------------------
A-62612             845,636.157    827,274.450           0.03           1391
----------------------------------------------------------------------------
A-62613             845,634.483    827,273.370           0.02           1687
----------------------------------------------------------------------------
A-62614             845,632.809    827,272.351           0.02           1186
----------------------------------------------------------------------------
A-62615             845,630.995    827,271.461           0.12           1396
----------------------------------------------------------------------------
A-62616             845,628.711    827,270.301           0.02            765
----------------------------------------------------------------------------
A-62617             845,627.383    827,269.281           0.06            578
----------------------------------------------------------------------------
A-62618             845,625.643    827,268.001           0.04           1178
----------------------------------------------------------------------------
A-62619             845,623.903    827,267.112           0.03            787
----------------------------------------------------------------------------
A-62620             845,621.949    827,266.222           0.03           1104
----------------------------------------------------------------------------
A-62621             845,620.919    827,264.362           0.03           1069
----------------------------------------------------------------------------
A-62622             845,619.805    827,262.693           0.02            644
----------------------------------------------------------------------------
A-62623             845,618.700    827,261.093           0.01            846
----------------------------------------------------------------------------
A-62624             845,617.323    827,259.163           0.02            704
----------------------------------------------------------------------------
A-62625             845,616.284    827,257.564           0.02            647
----------------------------------------------------------------------------
A-62626             845,615.113    827,255.834           0.02            728
----------------------------------------------------------------------------
A-62627             845,614.000    827,254.234 less than 0.01            501
----------------------------------------------------------------------------
A-62628             845,613.159    827,252.645           0.01            914
----------------------------------------------------------------------------
A-62629             845,611.865    827,250.645 less than 0.01            392
----------------------------------------------------------------------------
A-62630             845,610.809    827,249.245           0.01            756
----------------------------------------------------------------------------
A-62631             845,609.704    827,247.576           0.02            775
----------------------------------------------------------------------------
A-62632             845,608.739    827,245.846 less than 0.01            779
----------------------------------------------------------------------------
A-62633             845,607.634    827,244.056 less than 0.01            797
----------------------------------------------------------------------------
A-62634             845,606.389    827,242.317 less than 0.01            743
----------------------------------------------------------------------------
A-62635             845,605.416    827,240.727 less than 0.01            596
----------------------------------------------------------------------------
A-62636             845,604.031    827,239.317           0.02           1013
----------------------------------------------------------------------------
A-62637             845,602.423    827,238.238           0.02            847
----------------------------------------------------------------------------
A-62638             845,599.224    827,235.938           0.02            846
----------------------------------------------------------------------------
A-62639             845,597.690    827,234.788           0.02           1149
----------------------------------------------------------------------------
A-62640             845,596.222    827,233.638           0.02           1115
----------------------------------------------------------------------------
A-62641             845,594.482    827,232.559           0.04           1296
----------------------------------------------------------------------------
A-62642             845,593.229    827,231.289           0.03            885
----------------------------------------------------------------------------
A-62643             845,591.703    827,229.809           0.02            704
----------------------------------------------------------------------------
A-62644             845,590.722    827,228.340           0.02            620
----------------------------------------------------------------------------
A-62645             845,590.780    827,226.700           0.02            552
----------------------------------------------------------------------------
A-62646             845,591.316    827,224.610           0.01            455
----------------------------------------------------------------------------
A-62647             845,591.514    827,222.701           0.02            509
----------------------------------------------------------------------------
A-62648             845,591.786    827,220.541           0.03            731
----------------------------------------------------------------------------
A-62649             845,591.992    827,218.372           0.02            609
----------------------------------------------------------------------------
A-62650             845,595.818    827,218.322           0.01            257
----------------------------------------------------------------------------
A-62651             845,594.779    827,216.522           0.01            234
----------------------------------------------------------------------------
A-62652             845,594.152    827,214.802           0.02            290
----------------------------------------------------------------------------
A-62653             845,593.254    827,213.073           0.01            190
----------------------------------------------------------------------------
A-62654             845,593.584    827,211.173           0.03            281
----------------------------------------------------------------------------
A-62655             845,595.200    827,209.633           0.02            301
----------------------------------------------------------------------------
A-62656             845,596.940    827,208.674           0.03            425
----------------------------------------------------------------------------
A-62657             845,598.424    827,207.064           0.02            367
----------------------------------------------------------------------------
A-62658             845,599.883    827,206.044           0.02            542
----------------------------------------------------------------------------
A-62659             845,601.706    827,204.564           0.01            178
----------------------------------------------------------------------------
A-62660             845,603.314    827,203.345           0.02            215
----------------------------------------------------------------------------
A-62661             845,605.194    827,202.135           0.02             87
----------------------------------------------------------------------------
A-62662             845,606.661    827,201.115           0.19            209
----------------------------------------------------------------------------
A-62663             845,608.410    827,199.765           0.06            710
----------------------------------------------------------------------------
A-62664             845,610.017    827,198.616           0.02            752
----------------------------------------------------------------------------
A-62665             845,611.757    827,197.466           0.02            752
----------------------------------------------------------------------------
A-62666             845,613.225    827,196.246           0.03            288
----------------------------------------------------------------------------
A-62667             845,614.907    827,194.956           0.05            666
----------------------------------------------------------------------------
A-62668             845,617.142    827,193.357           0.06            779
----------------------------------------------------------------------------
A-62669             845,619.005    827,192.607           0.07            551
----------------------------------------------------------------------------
A-62670             845,620.951    827,191.467           0.07            507
----------------------------------------------------------------------------
A-62671             845,622.485    827,190.437           0.11           1258
----------------------------------------------------------------------------
A-62672             845,624.349    827,189.687           0.02            403
----------------------------------------------------------------------------
A-62673             845,625.619    827,188.338           0.07           1017
----------------------------------------------------------------------------
A-62674             845,627.367    827,187.118           0.03            273
----------------------------------------------------------------------------
A-62675             845,655.213    827,169.652           0.04            428
----------------------------------------------------------------------------
A-62676             845,653.547    827,170.401           0.23            762
----------------------------------------------------------------------------
A-62677             845,651.346    827,171.021            0.1            630
----------------------------------------------------------------------------
A-62678             845,649.342    827,171.831           0.16            648
----------------------------------------------------------------------------
A-62679             845,647.074    827,172.251           0.06           1917
----------------------------------------------------------------------------
A-62680             845,645.203    827,173.271           0.05            969
----------------------------------------------------------------------------
A-62681             845,643.537    827,174.091           0.05            388
----------------------------------------------------------------------------
A-62682             845,641.797    827,175.170           0.16            472
----------------------------------------------------------------------------
A-62684             845,638.194    827,177.010           0.07            484
----------------------------------------------------------------------------
A-62685             845,636.924    827,176.130           0.04           1082
----------------------------------------------------------------------------
A-62686             845,635.942    827,174.730           0.04           2115
----------------------------------------------------------------------------
A-62687             845,633.081    827,174.611           0.07           1391
----------------------------------------------------------------------------
A-62688             845,631.094    827,174.900           0.08           1127
----------------------------------------------------------------------------
A-62689             845,629.511    827,175.330           0.03            502
----------------------------------------------------------------------------
A-62690             845,627.647    827,176.010           0.06            529
----------------------------------------------------------------------------
A-53548             846,519.000    828,420.000          10.36           2231
----------------------------------------------------------------------------
A-53549             846,494.000    828,245.000           2.13           3386
----------------------------------------------------------------------------
A-53550              846,463.00     828,275.00           0.05           4068
----------------------------------------------------------------------------
A-53551              846,463.00     828,275.00           0.22          11014
----------------------------------------------------------------------------
A-53552              846,463.00     828,275.00           0.81           1942
----------------------------------------------------------------------------
A-53553              846,463.00     828,275.00           5.12           1397
----------------------------------------------------------------------------
A-53554              846,463.00     828,275.00           0.23          10667
----------------------------------------------------------------------------
A-53555              846,463.00     828,275.00           0.33           7323
----------------------------------------------------------------------------
A-53556              846,400.00     828,125.00           0.15           1573
----------------------------------------------------------------------------
A-53557              846,425.00     828,125.00            1.5           2471
----------------------------------------------------------------------------
A-53560               846563.00     828,175.00           0.21           6410
----------------------------------------------------------------------------
A-53561              846,553.00     828,200.00           2.86           4930
----------------------------------------------------------------------------
A-53565              846,293.00     827,948.00           0.09           1460
----------------------------------------------------------------------------
A-53566              846,321.00     828,018.00           0.01            614
----------------------------------------------------------------------------
A-53567              846,321.29     828,016.00           0.26           1117
----------------------------------------------------------------------------
A-53568              846,321.43     828,015.04           0.24           1586
----------------------------------------------------------------------------
A-53569              846,321.56     828,014.05           0.02            465
----------------------------------------------------------------------------
A-53570              846,321.77     828,013.08           0.21            829
----------------------------------------------------------------------------
A-53571              846,706.15     827,990.98 less than 0.01            106
----------------------------------------------------------------------------
A-53572              846,706.23     827,989.97 less than 0.01           1707
----------------------------------------------------------------------------
A-53573              846,706.31     827,988.87           1.04             48
----------------------------------------------------------------------------
A-53574              846,706.43     827,987.90           0.08             23
----------------------------------------------------------------------------
A-53575              846,706.58     827,986.95           0.12             24
----------------------------------------------------------------------------
A-53576               846518.00      828420.00           0.29          35790
----------------------------------------------------------------------------
A-53577              846,498.00     827,990.00           0.06           2552
----------------------------------------------------------------------------
A-53578               846498.54      827990.66           0.03           1200
----------------------------------------------------------------------------
A-53579               846499.20      827991.43           0.03            954
----------------------------------------------------------------------------
A-53580               846499.84      827992.18           0.02           1561
----------------------------------------------------------------------------
A-53581               846500.47      827992.92           0.02            437
----------------------------------------------------------------------------
A-53582               846500.82      827993.76           0.02            629
----------------------------------------------------------------------------
A-53583               846500.92      827994.74           0.01           1166
----------------------------------------------------------------------------
A-53584               846501.05      827995.70           0.03           1330
----------------------------------------------------------------------------
A-53585               846501.19      827996.66           0.01           1240
----------------------------------------------------------------------------
A-53586               846501.30      827997.66 less than 0.01            980
----------------------------------------------------------------------------
A-53587               846501.41      827998.66           0.02           1099
----------------------------------------------------------------------------
A-53588               846501.89      827999.44 less than 0.01           1444
----------------------------------------------------------------------------
A-53589               846502.28      828000.40           0.03           1542
----------------------------------------------------------------------------
A-53590               846503.04      828000.99           0.02           1144
----------------------------------------------------------------------------
A-53591               846503.77      828001.74 less than 0.01           1006
----------------------------------------------------------------------------
A-53592               846504.62      828002.24 less than 0.01            951
----------------------------------------------------------------------------
A-53593               846505.24      828002.90 less than 0.01           1181
----------------------------------------------------------------------------
A-53594               846506.15      828003.30           0.02           1637
----------------------------------------------------------------------------
A-53595               846507.08      828003.51           0.02           1164
----------------------------------------------------------------------------
A-53596               846507.97      828003.95 less than 0.01            767
----------------------------------------------------------------------------
A-53597               846508.96      828004.17 less than 0.01           1019
----------------------------------------------------------------------------
A-53598               846509.95      828004.21           0.02            694
----------------------------------------------------------------------------
A-53599               846510.96      828004.19           0.02            503
----------------------------------------------------------------------------
A-53600               846511.95      828004.26 less than 0.01            314
----------------------------------------------------------------------------
A-53601               846512.92      828004.31           0.03            758
----------------------------------------------------------------------------
A-53602               846513.95      828004.35 less than 0.01            759
----------------------------------------------------------------------------
A-53603               846514.97      828004.25           0.03           1773
----------------------------------------------------------------------------
A-53604               846515.98      828004.20           0.11           3356
----------------------------------------------------------------------------
A-53605               846516.98      828004.16           0.13           2344
----------------------------------------------------------------------------
A-53606              846,518.00     828,004.00           0.15           2468
----------------------------------------------------------------------------
A-53609               846518.00      828420.00          12.53           2478
----------------------------------------------------------------------------
A-53610              846,590.00     828,050.00           0.16           4506
----------------------------------------------------------------------------
A-53611              846,491.93     846,494.51           2.21           4915
----------------------------------------------------------------------------
A-53612              846,494.00     828,208.00           0.03            955
----------------------------------------------------------------------------
A-53613              846,493.51     828,208.97           0.03           9413
----------------------------------------------------------------------------
A-53614              846,493.03     828,209.93           0.09           3692
----------------------------------------------------------------------------
A-53615              846,492.54     828,210.89           0.03          10027
----------------------------------------------------------------------------
A-53616              846,491.93     828,211.78           0.07           3990
----------------------------------------------------------------------------
A-53617              846,409.00     828,246.00           0.16            567
----------------------------------------------------------------------------
A-53618              846,502.00     828,176.00           0.24           7790
----------------------------------------------------------------------------
A-53619              846,702.00     828,093.00           1.52            682
----------------------------------------------------------------------------
A-62691              846362.690     827323.840           0.02            671
----------------------------------------------------------------------------
A-62692              846364.619     827323.450           0.02            613
----------------------------------------------------------------------------
A-62693              846366.401     827322.650           0.02            572
----------------------------------------------------------------------------
A-62694              846368.231     827321.911           0.03            834
----------------------------------------------------------------------------
A-62695              846370.161     827321.061           0.03            862
----------------------------------------------------------------------------
A-62696              846372.107     827320.411           0.02            573
----------------------------------------------------------------------------
A-62697              846374.110     827320.001           0.01           1057
----------------------------------------------------------------------------
A-62698              846376.106     827319.771           0.02            547
----------------------------------------------------------------------------
A-62699              846378.110     827319.181           0.02            684
----------------------------------------------------------------------------
A-62700              846380.113     827318.881           0.03           1117
----------------------------------------------------------------------------
A-53501              846385.226     827318.821           0.05           1906
----------------------------------------------------------------------------
A-53502              846387.287     827318.531           0.04           1417
----------------------------------------------------------------------------
A-53503              846389.233     827318.471           0.04            843
----------------------------------------------------------------------------
A-53504              846391.229     827318.241           0.14           3241
----------------------------------------------------------------------------
A-53505              846393.117     827318.181           0.22           5121
----------------------------------------------------------------------------
A-53506              846395.055     827318.351           0.04           3096
----------------------------------------------------------------------------
A-53507              846397.116     827318.411           0.06           1093
----------------------------------------------------------------------------
A-53508              846399.120     827318.651           0.08           1166
----------------------------------------------------------------------------
A-53509              846401.058     827318.941           0.09           1880
----------------------------------------------------------------------------
A-53510              846403.235     827319.001           0.06           1369
----------------------------------------------------------------------------
A-53511              846405.065     827319.241           0.02            591
----------------------------------------------------------------------------
A-53512              846406.772     827319.471           0.58            899
----------------------------------------------------------------------------
A-53513              846408.710     827319.711           1.87           1349
----------------------------------------------------------------------------
A-53514              846410.417     827320.711           0.08           1752
----------------------------------------------------------------------------
A-53515              846412.066     827321.591           0.09           1497
----------------------------------------------------------------------------
A-53516              846413.946     827322.530           0.06           2250
----------------------------------------------------------------------------
A-53517              846415.777     827323.470           0.04            475
----------------------------------------------------------------------------
A-53518              846417.484     827324.590           0.06            540
----------------------------------------------------------------------------
A-53519              846419.421     827325.530           0.04            406
----------------------------------------------------------------------------
A-53520              846448.735     827333.418           0.03            718
----------------------------------------------------------------------------
A-53521              846447.169     827313.882           0.02            569
----------------------------------------------------------------------------
A-53522              846454.079     827313.882           0.07           2311
----------------------------------------------------------------------------
A-53523              846453.938     827317.201           0.04           1816
----------------------------------------------------------------------------
A-53524              846453.790     827320.871           0.03            902
----------------------------------------------------------------------------
A-53525              846454.227     827324.070           0.04            522
----------------------------------------------------------------------------
A-53526              846454.557     827326.910           0.04            278
----------------------------------------------------------------------------
A-53527              846454.656     827329.509           0.06           1722
----------------------------------------------------------------------------
A-53528              846455.217     827332.358           0.04           1757
----------------------------------------------------------------------------
A-53529              846455.200     827335.198           0.07           2135
----------------------------------------------------------------------------
A-53530             846,245.111    828,144.444 less than 0.01            471
----------------------------------------------------------------------------
A-53531             846,245.222    828,145.889           0.01            665
----------------------------------------------------------------------------
A-53532             846,245.333    828,147.333           0.02            395
----------------------------------------------------------------------------
A-53533             846,245.444    828,148.778 less than 0.01           1008
----------------------------------------------------------------------------
A-53534             846,245.556    828,150.222 less than 0.01           2877
----------------------------------------------------------------------------
A-53535             846,245.667    828,151.666 less than 0.01           4724
----------------------------------------------------------------------------
A-53536             846,245.778    828,153.111 less than 0.01          16009
----------------------------------------------------------------------------
A-53537             846,245.889    828,154.555 less than 0.01           4288
----------------------------------------------------------------------------
A-53538             846,246.000    828,156.000 less than 0.01           2857
----------------------------------------------------------------------------
A-53539             846,239.000    828,153.400 less than 0.01            731
----------------------------------------------------------------------------
A-53540             846,239.000    828,154.800           0.02            633
----------------------------------------------------------------------------
A-53541             846,239.000    828,156.200           0.02           1063
----------------------------------------------------------------------------
A-53542             846,239.000    828,157.600           0.04           1918
----------------------------------------------------------------------------
A-53543             846,239.000    828,159.000           0.76          14256
----------------------------------------------------------------------------
A-53701               846304.00      828189.00           0.01             71
----------------------------------------------------------------------------
A-53702               846331.64      828155.79           0.07           3558
----------------------------------------------------------------------------
A-53703               846331.94      828154.55           0.02           1336
----------------------------------------------------------------------------
A-53704               846332.56      828153.71           0.02           1650
----------------------------------------------------------------------------
A-53705               846333.10      828152.63           0.05           1761
----------------------------------------------------------------------------
A-53706               846333.71      828151.09 less than 0.01           1040
----------------------------------------------------------------------------
A-53707               846334.41      828145.47           2.33           1818
----------------------------------------------------------------------------
A-53708               846334.64      828141.47           0.02            217
----------------------------------------------------------------------------
A-53709               846334.64      828136.94 less than 0.01            221
----------------------------------------------------------------------------
A-53710               846338.18      828145.32           0.37           2751
----------------------------------------------------------------------------
A-53711               846338.18      828144.09           0.28           3472
----------------------------------------------------------------------------
A-53712               846338.09      828143.01           0.64           1714
----------------------------------------------------------------------------
A-53713               846338.09      828141.93           0.04            533
----------------------------------------------------------------------------
A-53714               846338.09      828140.86           0.03            823
----------------------------------------------------------------------------
A-53715               846338.02      828140.01           0.04            965
----------------------------------------------------------------------------
A-53716               846338.02      828138.86           0.08           1113
----------------------------------------------------------------------------
A-53717               846338.02      828137.70           0.05            663
----------------------------------------------------------------------------
A-53718               846337.94      828136.48           0.02           1027
----------------------------------------------------------------------------
A-53719               846337.94      828135.40           0.03           1656
----------------------------------------------------------------------------
A-53737               846350.95      828125.94           0.55           1692
----------------------------------------------------------------------------
A-53738               846350.79      828124.78           0.05            551
----------------------------------------------------------------------------
A-53739               846350.79      828124.78           0.02            873
----------------------------------------------------------------------------
A-53740               846350.64      828123.71 less than 0.01            730
----------------------------------------------------------------------------
A-53741               846350.17      828121.17           0.25            966
----------------------------------------------------------------------------
A-53742               846349.18      828114.93           0.21           1088
----------------------------------------------------------------------------
A-53743               846349.18      828113.70           0.16            605
----------------------------------------------------------------------------
A-44781                  846575         828210           0.06         180498
----------------------------------------------------------------------------
A-53779               846446.00      828099.00           0.36           5427
----------------------------------------------------------------------------
A-53780               846451.00      828109.00           0.07           1406
----------------------------------------------------------------------------
A-53781               846442.00      828105.00           0.22           1665
----------------------------------------------------------------------------
A-53782               846451.00      828105.00           0.08            978
----------------------------------------------------------------------------
A-53783               846457.00      828100.00           0.17           1937
----------------------------------------------------------------------------
A-53784               846452.00      828104.00           1.02           6378
----------------------------------------------------------------------------
A-53785               846450.00      828103.00           0.68          17579
----------------------------------------------------------------------------
A-53786               846451.00      828101.00           0.15           2596
----------------------------------------------------------------------------
A-53787               846450.00      828102.00           1.73           2460
----------------------------------------------------------------------------

APPENDIX 2 - TAGPURA NORTH ROCK CHIP SAMPLE RESULTS AS AT OCTOBER 24, 2012

("AA" denotes awaiting assays)


----------------------------------------------------------------------------
                                                                  Au      Cu
Channel    Sample ID From (m)   To (m)    Easting   Northing   (ppm)   (ppm)
----------------------------------------------------------------------------
TCPCHRD2A1   A-53618     0.00     2.00  846502.00  828176.00    0.24    7790
----------------------------------------------------------------------------
TCPCHRD2A1   A-53622     2.00     3.00  846508.07  828184.89    0.59    2014
----------------------------------------------------------------------------
TCPCHRD2A1   A-53623     3.00     4.00  846510.00  828184.00    0.62     866
----------------------------------------------------------------------------
TCPCHRD2A1   A-53624     4.00     5.00  846511.21  828183.61    1.06     233
----------------------------------------------------------------------------
TCPCHRD2A1   A-53625     5.00     6.00  846512.34  828182.94    1.10    5032
----------------------------------------------------------------------------
TCPCHRD2A1   A-53626     6.00     7.00  846513.11  828182.09    4.49    2069
----------------------------------------------------------------------------
TCPCHRD2A1   A-53627     7.00     8.00  846513.64  828181.00    5.74     722
----------------------------------------------------------------------------
TCPCHRD2A1   A-53628     8.00     9.00  846513.43  828180.05    7.20     217
----------------------------------------------------------------------------
TCPCHRD2A1   A-53629     9.00    10.00  846512.38  828179.80    5.95     162
----------------------------------------------------------------------------
TCPCHRD2A1   A-53630    10.00    11.00  846512.00  828179.00    3.58     580
----------------------------------------------------------------------------
TCPCHRD2A1   A-53631    11.00    12.00  846512.02  828177.94    4.17    1402
----------------------------------------------------------------------------
TCPCHRD2A1   A-53632    12.00    13.00  846512.09  828176.95    2.50    1431
----------------------------------------------------------------------------
TCPCHRD2A1   A-53633    13.00    14.00  846512.26  828175.84    0.68    1262
----------------------------------------------------------------------------
TCPCHRD2A1   A-53634    14.00    15.00  846512.30  828174.69    0.32    1831
----------------------------------------------------------------------------
TCPCHRD2A2   A-44701     0.00     2.00  846506.00  828199.00    0.18     494
----------------------------------------------------------------------------
TCPCHRD2A2   A-44702     2.00     4.00  846506.00  828198.00    0.07     487
----------------------------------------------------------------------------
TCPCHRD2A2   A-44703     4.00     6.00  846507.00  828195.00    0.04     914
----------------------------------------------------------------------------
TCPCHRD2A2   A-44704     6.00     8.00  846505.00  828193.00    0.25    1839
----------------------------------------------------------------------------
TCPCHRD2A2   A-44705     8.00    10.00  846509.00  828191.00    0.61   25414
----------------------------------------------------------------------------
TCPCHRD2A2   A-44706    10.00    12.00  846507.00  828191.00    0.54    6215
----------------------------------------------------------------------------
TCPCHRD2A2   A-44707    12.00    14.00  846507.00  828190.00    0.05    1247
----------------------------------------------------------------------------
TCPCHRD2A2   A-44708    14.00    16.00  846508.00  828187.00    3.02    3709
----------------------------------------------------------------------------
TCPCHRD2A2   A-44709    16.00    18.00  846509.00  828184.00    1.12    5467
----------------------------------------------------------------------------
TCPCHRD2A2   A-44710    18.00    20.00  846508.00  828182.00    0.63    3853
----------------------------------------------------------------------------
TCPCHRD2A2   A-44711    20.00    22.00  846508.00  828182.00    0.89    3410
----------------------------------------------------------------------------
TCPCHRD2A2   A-44712    22.00    24.00  846505.00  828180.00    1.64    2868
----------------------------------------------------------------------------
TCPCHRD2A2   A-44713    24.00    26.00  846506.00  828178.00    0.72    3882
----------------------------------------------------------------------------
TCPCHRD2A2   A-44714    26.00    28.00  846508.00  828176.00    2.29    1657
----------------------------------------------------------------------------
TCPCHRD2A2   A-44715    28.00    30.00  846509.00  828172.00    1.44     187
----------------------------------------------------------------------------
TCPCHRD2A2   A-44716    30.00    32.00  846507.00  828170.00    0.21     121
----------------------------------------------------------------------------
TCPCHRD2A2   A-44717    32.00    34.00  846508.00  828169.00    0.03      30
----------------------------------------------------------------------------
TCPCHRD2A2   A-44718    34.00    36.00  846507.00  828166.00    0.04       9
----------------------------------------------------------------------------
TCPCHRD2A2   A-44719    36.00    38.00  846508.00  828165.00    0.03      36
----------------------------------------------------------------------------
TCPCHRD2A2   A-44720    38.00    40.00  846509.00  828164.00    0.05      55
----------------------------------------------------------------------------
TCPCHRD2A2   A-44721    40.00    42.00  846508.00  828161.00    2.11     140
----------------------------------------------------------------------------
TCPCHRD2A2   A-44722    42.00    44.00  846508.00  828159.00    2.67     449
----------------------------------------------------------------------------
TCPCHRD2A2   A-44723    44.00    46.00  846506.00  828156.00    0.10     381
----------------------------------------------------------------------------
TCPCHRD2A2   A-44724    46.00    48.00  846508.00  828156.00    0.12     428
----------------------------------------------------------------------------
TCPCHRD2A2   A-44725    48.00    50.00  846509.00  828155.00    0.08      38
----------------------------------------------------------------------------
TCPCHRD2A2   A-44726    50.00    52.00  846508.00  828153.00    0.10      43
----------------------------------------------------------------------------
TCPCHRD2A2   A-44727    52.00    54.00  846510.00  828151.00    0.09      71
----------------------------------------------------------------------------
TCPCHRD2A2   A-44728    54.00    56.00  846512.00  828147.00    0.05      74
----------------------------------------------------------------------------
TCPCHRD2A2   A-44729    56.00    58.00  846513.00  828146.00    0.09     510
----------------------------------------------------------------------------
TCPCHRD2A2   A-44730    58.00    60.00  846514.00  828145.00    0.08     488
----------------------------------------------------------------------------
TCPCHRD2A2   A-44731    60.00    62.00  846515.00  828143.00    0.13     365
----------------------------------------------------------------------------
TCPCHRD2A2   A-44732    62.00    64.00  846516.00  828141.00    0.07     492
----------------------------------------------------------------------------
TCPCHRD2A2   A-44733    64.00    66.00  846515.00  828141.00    0.32      88
----------------------------------------------------------------------------
TCPCHRD2A2   A-44734    66.00    68.00  846516.00  828137.00    0.05     339
----------------------------------------------------------------------------
TCPCHRD2A2   A-44735    68.00    70.00  846514.00  828136.00    0.06     297
----------------------------------------------------------------------------
TCPCHRD2A2   A-44736    70.00    72.00  846516.00  828136.00    0.12     237
----------------------------------------------------------------------------
TCPCHRD2A2   A-44737    72.00    74.00  846515.00  828133.00    0.04     407
----------------------------------------------------------------------------
TCPCHRD2A2   A-44738    74.00    76.00  846516.00  828131.00    0.04     412
----------------------------------------------------------------------------
TCPCHRD2A2   A-44739    76.00    78.00  846516.00  828128.00    0.05     444
----------------------------------------------------------------------------
TCPCHRD2A2   A-44740    78.00    80.00  846515.00  828127.00    0.07     229
----------------------------------------------------------------------------
TCPCHRD2A2   A-44741    80.00    82.00  846517.00  828125.00    0.06     200
----------------------------------------------------------------------------
TCPCHRD2A2   A-44742    82.00    84.00  846518.00  828123.00    0.04      53
----------------------------------------------------------------------------
TCPCHRD2A2   A-44743    84.00    86.00  846518.00  828122.00    0.08      19
----------------------------------------------------------------------------
TCPCHRD2A2   A-44744    86.00    88.00  846520.00  828120.00    0.11      86
----------------------------------------------------------------------------
TCPCHRD2A2   A-44745    88.00    90.00  846519.00  828118.00    2.99     779
----------------------------------------------------------------------------
TCPCHRD2A2   A-44746    90.00    92.00  846522.00  828117.00    0.13    1285
----------------------------------------------------------------------------
TCPCHRD2A2   A-44747    92.00    94.00  846523.00  828115.00    6.50    1092
----------------------------------------------------------------------------
TCPCHRD2A2   A-44748    94.00    96.00  846524.00  828113.00    3.45     918
----------------------------------------------------------------------------
TCPCHRD2A2   A-44749    96.00    98.00  846525.00  828112.00    5.18     497
----------------------------------------------------------------------------
TCPCHRD2A2   A-44750    98.00   100.00  846526.00  828111.00    8.06     146
----------------------------------------------------------------------------
TCPCHRD2A2   A-44751   100.00   102.00  846528.00  828109.00    0.32     266
----------------------------------------------------------------------------
TCPCHRD2A2   A-44752   102.00   104.00  846528.00  828108.00    3.62     452
----------------------------------------------------------------------------
TCPCHRD2A2   A-44753   104.00   106.00  846527.00  828105.00    1.45     573
----------------------------------------------------------------------------
TCPCHRD2A2   A-44754   106.00   108.00  846532.00  828104.00    3.21      AA
----------------------------------------------------------------------------
TCPCHRD2A2   A-44755   108.00   110.00  846533.00  828102.00    3.70      AA
----------------------------------------------------------------------------
TCPCHRD2A2   A-44756   110.00   112.00  846536.00  828102.00    0.29      AA
----------------------------------------------------------------------------
TCPCHRD2A2   A-44757   112.00   114.00  846537.00  828103.00    0.90      AA
----------------------------------------------------------------------------
TCPCHRD2A2   A-44758   114.00   116.00  846539.00  828102.00   11.07      AA
----------------------------------------------------------------------------
TCPCHRD2A2   A-44759   116.00   118.00  846539.00  828103.00   14.22      AA
----------------------------------------------------------------------------
TCPCHRD2A2   A-44760   118.00   120.00  846542.00  828104.00   10.01      AA
----------------------------------------------------------------------------
TCPCHRD2A2   A-44761   120.00   122.00  846544.00  828104.00   10.92      AA
----------------------------------------------------------------------------
TCPCHRD2A2   A-44762   122.00   124.00  846545.00  828105.00    1.17      AA
----------------------------------------------------------------------------
TCPCHRD2A2   A-44763   124.00   126.00  846547.00  828107.00    0.13      AA
----------------------------------------------------------------------------
TCPCHRD2A2   A-44764   126.00   128.00  846548.00  828107.00    0.16      AA
----------------------------------------------------------------------------
TCPCHRD2A2   A-44765   128.00   130.00  846549.00  828109.00    0.06      AA
----------------------------------------------------------------------------
TCPCHRD2A2   A-44766   130.00   132.00  846555.00  828109.00    0.06      AA
----------------------------------------------------------------------------
TCPCHRD2A2   A-44767   132.00   134.00  846556.00  828109.00    0.08      AA
----------------------------------------------------------------------------
TCPCHRD2A2   A-44768   134.00   136.00  846557.00  828111.00    0.04      AA
----------------------------------------------------------------------------
TCPCHRD2A2   A-44769   158.00   160.00  846587.00  828127.00    0.06      AA
----------------------------------------------------------------------------
TCPCHRD2A2   A-44770   160.00   162.00  846583.00  828125.00    0.03      AA
----------------------------------------------------------------------------
TCPCHRD2A2   A-44771   162.00   164.00  846583.00  828121.00    0.19      AA
----------------------------------------------------------------------------
TCPCHRD2A2   A-44772   164.00   166.00  846584.00  828123.00    0.03      AA
----------------------------------------------------------------------------
TCPCHRD2A2   A-44773   166.00   168.00  846583.00  828122.00    0.02      AA
----------------------------------------------------------------------------
TCPCHRD2A2   A-44774   168.00   170.00  846584.00  828122.00    0.02      AA
----------------------------------------------------------------------------
TCPCHRD2A2   A-44775   170.00   172.00  846593.00  828121.00    0.04      AA
----------------------------------------------------------------------------
TCPCHRD2A2   A-44776   172.00   174.00  846595.00  828121.00    0.02      AA
----------------------------------------------------------------------------
TCPCHRD2A2   A-44777   174.00   176.00  846595.00  828122.00    0.03      AA
----------------------------------------------------------------------------
TCPCHRD2A2   A-44778   176.00   178.00  846591.00  828118.00    0.06      AA
----------------------------------------------------------------------------
TCPCHRD2A2   A-44779   178.00   180.00  846503.00  828123.00    0.14      AA
----------------------------------------------------------------------------
TCPCHRD2A2   A-44780   180.00   182.00  846501.00  828121.00    0.04      AA
----------------------------------------------------------------------------

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 President / CEObutch.cadan@gmail.com Cadan Resources Corporation John D. Anderson Chairmanjanderson@cadanresources.com Cadan Resources Corporation 604 687 0760 604 628 5001 (FAX)info@cadanresources.com www.cadanresources.com



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