Cadan Enters Into Supplementary Agreement for Batoto Resources Corporation Exploration Rights
15.06.2012 | Marketwired
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/14/12 -- Cadan Resources Corporation (TSX VENTURE: CXD) (FRANKFURT: AOMZ25) announces that it has entered into a supplementary mineral property and royalty agreement with G. Lluch & Sons Inc. ("G. Lluch") and Batoto Resources Corporation ("Batoto"). G. Lluch is a private Philippines company that granted certain mineral property rights to Batoto. The supplementary agreement amends and updates various property access, exploration and mining rights, and royalty agreements relating to the Batoto-Tarale mineral project originally entered into between G. Lluch and Philco Mining Corporation. Pursuant to the terms of the supplementary agreement, G. Lluch agreed to grant Batoto the right to conduct and undertake exploration and drilling works on certain mineral claims located in Barangay Camanlangang, New Bataan, Davao de Norte, Philippines.Pursuant to the supplementary agreement, Cadan agreed to issue 125,000 common shares to G. Lluch within 60 days of MNE Group Limited (ASX: MNE) exercising an option to acquire an 80% interest in Batoto (the "Batoto Option"), or if the Batoto Option is not exercised, within 60 days from the approval of Batoto's exploration permit application. Batoto agreed to pay to G. Lluch 600,000 Philippine pesos annually until commercial production. G. Lluch will also receive a production royalty of CAD$2.00 per ounce of gold.
The issuance of the common shares pursuant to the supplementary agreement is subject to TSX Venture Exchange acceptance.
For further information visit our website at www.cadanresources.com or email us at info@cadanresources.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
butch.cadan@gmail.com
Cadan Resources Corporation
John D. Anderson
Chairman
604 687 0760
604 628 5001 (FAX)
janderson@cadanresources.com
www.cadanresources.com
