Cadan Resources Corporation announced that the company's Philippines affiliate, Tribal Mining Corporation received the Mines and Geosciences Bureau (MGB) Declaration of Mining Project Feasibility (DMPF), enabling the company to commence commercial mining production at the T'Boli gold-silver mine within the Mineral Processing and Sharing Agreement (MPSA) No. 090-97-XI. The T'Boli Project is now fully equipped, including a trained local workforce, a fully constructed and commissioned Carbon-In-Leach (CIL) gold-silver processing plant, gravity concentrator, electro-winning circuit, tailings storage facility and powerhouse.

This decision to become a gold producer is not based on a feasibility study of mineral reserves as defined by NI 43-101 and there is no certainty the proposed operation will be economically viable. The T'Boli property hosts a reported inferred mineral resource for T'Boli of 2.4Mt at 5.5 g/t Au and 21.0 g/t Ag, equivalent to 420,000 oz of gold and 1.6 million oz of silver (Independent Technical Report, Sabena and T'Boli Properties, Philippines, dated 23 December 2002 and filed on SEDAR on 12 February, 2003). In connection with the issuance of the DMPF, the MGB reviewed and verified information on the property regarding available resources, in addition to considering the environmental, social and economic requirements of the Philippines.

This is also an milestone for the Government, as it is the first DMPF to be granted in South Cotabato, Mindanao and the first to be granted in the Philippines since the recent Executive Order No. 79 by the President Aquino Administration.