Cadan Resources Notes Announcement by Mining Group Limited of New Copper-Gold Discovery at Comval

By MT Newswires,  October 24, 2012, 01:39:48 PM EDT

Cadan Resources Corporation (CXD.V) notes that Mining Group Limited announced it has discovered a new, high potential mineralised zone at Tagpura North, at the Comval Copper and Gold Project in the Philippines.

The new discovery contains mineralised skarn and diorite outcrops that are strongly mineralised with copper and gold, including a native copper occurrence. Mining Group has defined a 500m by 300m target zone which is a significantly larger footprint than the historic Tagpura open pit mine. It has returned some of the highest copper and gold grades seen within the project area from rock chip samples to date.

The Comval Project is operated by Philco Mining Company, which holds the exploration permits on the Comval Project. Cadan retains a 20% free-carried interest in Philco while Mining Group has an 80% interest, and is the manager of the project. In addition to its direct 20% interest in Philco, Cadan owns 3.1 million shares or approximately 4.12% of Mining Group's present issued capital.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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