Cadan Resources has signed a supplementary mineral property and royalty agreement which will give the Canadian company an option to acquire an 80% share in the Batoto-Tarale gold project.
The agreement was signed between Cadan and private Philippines company G Lluch, which holds the mineral property rights to the project, and Batoto Resources, which has been granted approval to undertake exploration and drilling works on specific mineral claims in the Philippines’ Barangay Camanlangang, New Bataan, Davao del Norte.
Cadan will issue 125,000 common shares to G Lluch for the 80% share within the next two months.
This new agreement comes two months after the company made a significant addition to its technical team, appointing Scott Robson as head geologist.
Cadan president Robert Butchart says, "The appointment of Scott Robson will boost the technical depth of the company’s project team at a time when significant mine development and exploration is taking place ahead of anticipated production at the T’Boli gold mine in the Philippines.
“His significant geological and technical experience on projects similar to Cadan’s and his familiarity with the cultural aspects of operating within Philippine communities will provide a positive contribution across the company's activities in the time ahead.”
Scott Robson will be based in the Philippines to direct mine development and regional exploration at Cadan’s flagship T’Boli project. He has more than 20 years’ experience in the mineral industry in Australia and South East Asia including more than nine years operating in the Philippines, China, Indonesia and Papua New Guinea. His experience covers underground gold mining operations, open cut gold deposits, large porphyry copper-gold projects and nickel laterites.
Scott Robson will also play an integral role in compiling data for an updated NI 43-101-compliant technical report for the T’boli property on Mindanao Island, after the British Columbia Securities Commission (BCSC) revealed that the 2009 technical report contained technical disclosure discrepancies. As a result of the BCSC comments Cadan has retracted the report.