Cadan Resources Corp : Announcement by Mining Group Limited New Copper-Gold Discovery at Comval

October 18, 2012 Symbol: CXD-TSXV

NEWS RELEASE Frankfurt: A0MZ25


Frankfurt: AOMZ.25) (“Cadan” or the “Company”) is pleased to
announce that the Company’s Philippines affiliate,
Tribal Mining Corporation (TMC), has received the Mines and
Geosciences Bureau (MGB) Declaration of Mining Project
Feasibility (DMPF), enabling the Company to COMMENCE
COMMERCIAL MINING PRODUCTION at the T’Boli gold-silver mine
within the Mineral Processing and Sharing Agreement (MPSA)
No. 090-97-XI.

The T’Boli Project is now fully equipped, including a
trained local workforce, a fully constructed and commissioned
Carbon-In-Leach (CIL) gold-silver processing plant, gravity
concentrator, electro-winning circuit, tailings storage
facility and powerhouse.

This decision to become a gold producer is not based on a
feasibility study of mineral reserves as defined by NI 43-101
and there is no certainty the proposed operation will
be economically viable. The T’Boli property hosts a reported
inferred mineral resource for T’Boli of 2.4Mt at

5.5 g/t Au and 21.0 g/t Ag, equivalent to 420,000 oz of gold
and 1.6 million oz of silver
(Independent Technical Report, Sabena and T’Boli Properties,
Philippines, dated 23 December
2002 and filed on SEDAR on 12 February, 2003). In connection
with the issuance of the DMPF, the MGB reviewed and verified
information on the property regarding available resources, in
addition to considering the environmental, social and
economic requirements of the Philippines.

Cadan’s President and CEO, Robert Butchart, stated:

“This is a tremendous success for Cadan shareholders as the
Company transitions to become a gold producer and we are
ready to commence operations immediately, the people are
ready, the mill plant is ready and the underground
development is ready for stoping.

This is also an exciting milestone for the Government, as it
is the first DMPF to be granted in South Cotabato, Mindanao
and the first to be granted in the Philippines since the
recent Executive Order No. 79 by the President Aquino

Cadan’s new management team has made these achievements
possible since they took control in April, 2011. With the
dynamic combination of local knowledge and technical
expertise, we are confident that the Company and the
community will prosper by responsible and productive mining.”

Tribal elders, TMC Directors and CADAN President/CEO Robert
Butchart united paying tribute to the office of the MGB
Director in Manila.

Qualified Person and Quality Control and Assurance

Technical aspects of this news release were prepared and
verified by Howard Lahti, BSc Geology, MSc
Geochemistry, PhD Litho-Geochemistry, Registered Professional
Geoscientist of New Brunswick. Mr. Lahti is a consultant to
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.


On behalf of the board of directors,

“Robert G Butchart”

Robert Butchart

President / CEO

For further information visit our website at, email, or

Robert Butchart John D. Anderson

President / CEO Chairman

Email: Email:

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 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 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 or the Company’s page on SEDAR


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