Toronto, Canada, October 23, 2012 --(PR.com
)-- Cadman Resources Inc. (CUZ) (the “Company”) is pleased to announce that the Company has entered into a letter of intent (the “LOI”) to acquire 100 per cent interest in a copper project located in the Gaspe Peninsula in the Province of Quebec. The Gaspe copper property is comprised of 56 permits totaling 3,192 Ha. Management sees great potential for exploration and development in this mineral rich, part of Canada. Historical results showed trench samples up to 5.1% copper.
In consideration for granting 100% interest of the Gaspe option, the Company will incur cumulative exploration expenditures of $300,000, pay to the owner the sum of $30,000 cash in property payments and issue a total of 1,100,000 common shares of the company upon receipt of approval by the CNSX.
About the Gaspe Project
The Gaspe Property is located about 40 km WNW of Chandler of the Gaspe Peninsula, in Raudin Township. This land position occurs within the anticlinorium d’Aroostook-Perce and Baie des Chaleurs. The Property is also located on the Grand-Pabos fault, a major structural zone that hosts several type of mineralization.
In 1955 prospectors outlined outcrops containing low grade nickel, copper and chromite (MRNFQ assessment Report, GM 11559). In the following years several other showings were discovered. In the early 80’s Soquem assayed new zones that graded up to 1,12% Lead, 1,32% Zinc and 12,14 g/t Silver within volcanic felsic unit (GM 40502). In 1992 Exploration Raudin discovered a new polymetallic occurrence called Vallée Sèche showing. Assays in a trench graded 5.21 % copper and 1.9 g/t silver over 5m (GM 54229). Highly altered ultramafic rocks and Carlin type sediments are strong indicators for search potential.
On July 17, 2012 and further on July 26, 2012 Cadman reported the investigation and signing of a non-binding LOI for the Mbozi Project with Shenba Resources Holdings Limited (Shenba) in the Mbeya Region of Tanzania. Shenba provided sampling results from the Mbozi project showing assay values ranging from 20% to 50% Cu. While conducting its due diligence investigation it was determined that the samples and assay results in fact did not come from the Mbozi Project but rather came from another Shenba holding to the north east known as the Magulu Copper Project. Cadman has amended the Shenba LOI to include this project. The Magulu copper project is comprised of 56 primary mining licenses covering an area of 1,003.14 hectares.
This press release has been reviewed and approved by Dr. Christian Derosier, P. Geo., Consulting Geologist and Qualified Person for the Mbozi and the Magulu Copper Projects under National Instrument NI 43-101.
Cadman continues its due diligence in Tanzania.
On behalf of Management
Cadman Resources Inc.
CEO & Chairman
The Company’s filings are available for review at www.sedar.com and http://www.cnsx.ca/.
For further information, please contact Boris Ziger, Chief Executive Officer, or Derek Bartlett, President at:
Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Corporation assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Corporation. Additional information identifying risks and uncertainties is contained in the Corporation’s filings with the Canadian securities regulators, which filings are available at www.sedar.com.
The CNSX has not reviewed, approved or disapproved the content of this press release.