Cadan Director Appointed to Mining Group Limited Board
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/01/12 -- CADAN RESOURCES CORPORATION (TSX VENTURE: CXD)(FRANKFURT: AOMZ25) ('Cadan') advises that Mr. Robert Butchart, President and CEO of Cadan, has been appointed as the Company's first nominee non-executive director to the board of Mining Group Limited ('MGL' or 'Mining Group') as per the terms of the Formal Agreement outlined in the news release of December 23, 2011. Cadan has the right to appoint a second nominee at such time as it holds at least 10% of the outstanding ordinary shares of Mining Group.
Mining Group Limited holds an 80% interest in Philco Mining Company, which holds the exploration permits on the Comval properties. Cadan retains a 20% free-carried interest in Philco Mining Company, as well as an approximate 7% ownership stake in MGL (rising to approximately 17% fully diluted for options and assuming MGL exercise an option to acquire the Batoto Gold Project (refer to news release of January 17, 2012 for details)).
To access the ASX website: http://www.asx.com.au/asx/statistics/announcements.do. MGL symbol is MNE.
For further information on Cadan Resources Corp., please visit our website at www.cadanresources.com, or email us at info@cadanresources.com.
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.
Contacts:
Cadan Resources Corporation
Robert Butchart
President / CEO
604 687 0760
butch@cadanresources.com
Cadan Resources Corporation
John D. Anderson
Chairman
604 687 0760
604 628 5001 (FAX)
janderson@cadanresources.com
www.cadanresources.com
