Cadan Resources’ Philippines affiliate TMC received approval in October 2012 of its declaration of mining project feasibility (DMPF) from the Mines and Geosciences Bureau (MGB) and lateral mine development was also approved for permitting allowing the Company to mine and processing of up to 380 metric tons per day.
The Company believes the Batoto Project has the potential to be one of the Philippines’ best undeveloped gold projects. The Batoto Gold Project offers excellent discovery opportunities for gold and gold-copper that will complement the T’Boli gold mining operation. Six large areas of stockwork gold mineralization have been identified to date. Three of the areas are “walk up” drill targets.
On January 17, 2012, the Company completed the sale of 80% of the it’s interest in the Comval Copper-Gold Project to Metallum Limited (“Metallum”) and retained 20%. Pursuant to a shareholders’ agreement, Metallum has an obligation to fund AU $48,000,000 in exploration activity in Agusan.