Cayden Resources Provides a Corporate Update
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/07/13 -- Cayden Resources Inc. (TSX VENTURE: CYD) ("Cayden" or the "Company") is pleased to provide a corporate update to its shareholders.
Cash position and sustainability
The Company currently has a strong cash position with over two years of operating capital. The current treasury including near-term receivables is approximately $15 million and Cayden is budgeting to have in excess of $9 million in the treasury in December, after the 2013 drill programs and property payments are completed.
Cayden has the unique opportunity to obtain additional non-dilutive funding with the potential future sale of its Las Calles concession. The concession represents a strip of land, located in between the operating Los Filos and El Bermejal pits that make up Goldcorp's (TSX-G) Los Filos mine. Cayden's initial drilling in this area identified what Cayden believes to be the mineralized extension of the Los Filos deposit (see Cayden news releases dated March 5th and July 10th, 2013).
La Magnetita
At Morelos Sur, Cayden is completing the last hole of the initial drill program on its La Magnetita target. The exploration program focused on the southern portion of the eastern intrusive stock, which identified several types of mineralization associated with a skarn deposit analogous to the other deposits in the belt.
Due to the vast size of the La Magnetita target area, we still have significant exploration to complete. We are reviewing the data from the program and are going to plan additional programs to test several other targets around the intrusive stocks in the future.
El Barqueno
At El Barqueno, an extensive program of soil, trench sampling, detailed mapping and data compilation has been underway since the start of 2013 with several results pending.
Preliminary detailed mapping results show the strong potential for multiple mineralized areas over an 8km trend extending from the Azteca zone all the way through to the Pena De Oro zone (please visit our website www.caydenresources.com for a map).
A first phase core drill program, consisting of approximately 5,000 meters, will test the Azteca zone as well as a newly identified east-west oriented structure and alteration zones to the south of this trend. This program is expected to commence in June of 2013.
In the next 6 months shareholders will see the following:
-- continuous trench and surface results from El Barqueno
-- commencement of the initial phase of drilling at El Barqueno
-- drilling results from the remaining holes at La Magnetita
President and CEO, Ivan Bebek, commented, "With respect to the challenging market conditions for the exploration sector, we feel that Cayden is well positioned to capitalize on the success of its projects in a non-dilutive manner."
On Behalf of the Board,
Ivan Bebek, President and CEO
About Cayden Resources - Cayden is a junior mining company focused on delivering shareholder value through the acquisition, exploration and development of precious metal projects located in Mexico. The management team at Cayden is highly experienced with an impressive track record of success in the discovery, development and financing of mineral projects. Cayden is also strongly committed to the highest standards for environmental management, social responsibility, and health and safety for its employees and neighboring communities. Cayden trades on the TSX Venture Exchange under the symbol "CYD". For more information on Cayden Resources, please visit our website at www.caydenresources.com.
Forward Looking and other Cautionary Information
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the Common Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Common Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
Neither the TSX Venture Exchange nor any other regulatory authority accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Cayden Resources Inc.
Ivan Bebek
President and CEO
778-729-0600 or Toll Free 800-863-8655
604-683-8194 (FAX)
info@caydenresources.com
www.caydenresources.com
