DJ Cadan Resources Begins Work At Philippine Gold, Silver Mine

Tue. September 23, 2008; Posted: 08:59 PM

MANILA, Sep 23, 2008 (Dow Jones Commodities News via Comtex) -- CNFRF | Quote | Chart | News | PowerRating -- Cadan Resources Corp. said Wednesday it has commenced underground development of the T'Boli epithermal gold-silver deposit in southern Philippines.

The work will enable the company to access higher grade gold lodes located at the mine, the company said in a statement. It will also enable progressive testing to increase confidence in the grade of mineralization. A lode is a geological term that refers to ore deposited between layers of rock.

"A recent technical review of geological data base indicates that the possible actual grade and size of the resource may well be higher and larger," the company said.

T'boli's inferred mineral resource stands at 2.4 million metric tons at 5.5 grams/ton gold and 21 grams/ton silver, or 420,000 ounces of gold and 1.6 million ounces of silver.

-By Rhea Sandique-Carlos, Dow Jones Newswires, 63-918-9014158; rhea.sandique-carlos@dowjones.com

(END) Dow Jones Newswires

09-23-08 2059ET

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