Cadan Announces Purchase of Crushers and Ballmill for T'Boli Gold-Silver Mine
August 18 2009 - 8:15AM
Marketwired
CADAN RESOURCES CORPORATION (TSX VENTURE: CNF) ("Cadan" or the
"Company") is pleased to announce the purchase of new jaw and cone
crushers, ballmill, gravity circuit, spares and ancillary equipment
for the first phase test production, between 50 and 150tpd, at its
T'Boli gold-silver mine.
T'Boli has a NI 43-101 Inferred Mineral Resource (2.4Mt @ 5.5g/t
gold and 21 g/t silver) of some 420,000 ounces of gold and
1,600,000 ounces of silver (see News Release dated Thursday,
December 18, 2008).
The equipment has been purchased from Zhengzhou Zhongding Heavy
Duty Machine Manufacturing Co Ltd based in Zhengzhou, China, which
is ISO9001-2000 rated. The company has international customers in
Asia, Africa and Latin America.
It follows a recent visit to the company's manufacturing
facility in Zhengzhou by Mining Engineer and TMC Tribal Mining
Corporation President Edgar D Martinez and Mining Engineer, Warilto
Abaga with Zhengzhou Zhongding Heavy Duty Machine Manufacturing
Mechanical Engineer, Ba Jianzhang.
The combined equipment as recommended by metallurgical
consultants will achieve a fine grind and optimum recovery of gold
and silver. The jaw crusher is rated up to 22tph, cone crusher to
23tph and the ball mill is rated up to 8.2tph sufficient for first
phase production range between 50 and 150tpd. Further design
changes may increase capacity to 200tpd.
Based on current development costs, the Company estimates a
production cost range cost between US$ 250 - 350 per ounce of
gold.
The Company is targeting Q4 09 to begin testing mineralized ore
from the known systems. This enables the lateral development of the
decline, which is on a mineralized zone highlighted by some 40m @
23g/t gold (uncut), to be advanced sufficiently to ensure
continuous mineralized material and to test actual widths and
gold-silver grades in the mineralized system.
Also the ventilation and alternative egress shaft is being
advanced some 100m ahead of the decline face. This shaft, being
sunk on a gold lode, currently has four working faces developed and
up to two more planned to provide early trial production when the
advancing decline is connected.
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.
The Inferred Mineral Resource Estimate conforms with CIM
Standards and is a NI 43-101 compliant Inferred Mineral Resource as
defined in the Technical Report filed on SEDAR, February 12,
2003.
For further information relating to the historical resource and
the geological setting, readers are referred to SUR technical
report, specifically "T'Boli Group of Properties" pages 33 - 49,
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 geological information in the report, as it relates to the
T'Boli gold-silver project, is current.
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.
On behalf of the board of directors,
Brett Taylor, President & CEO
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. 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.cadanresource.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 John Anderson Director
604-218-7400 john@purplefish.ca Cadan Resources Corporation Matthew
Bell 604-910-4908 mattcnf@yahoo.ca www.cadanresource.com
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