Cadan Resources will make its first gold pour at the T’Boli gold-silver mine in Mindanao by Christmas, as the project ramps up to full commercial production. The declaration of mining project feasibility was received in October, and since then the company has developed four vein blocks with raises and ore chutes in preparation for cut-and-fill stoping.
With modern methods these stopes can be continuously mined to surface, which provides approximately 90 metres of vertical material, and additional material extracted during the development has been stockpiled as ‘incidental ore’ and can be used as mill feed.
Cadan’s president Robert Butchart says, “The development work we have done to date allows us to immediately go into ore stoping to feed our processing plant. Heavy capital expenditure on mine exploration development already completed means we can immediately capitalize on the current high gold prices.
“The transition to gold producer has been eased as much of our exploration work this last year has been the direct foundation for our production, thus we already have the skills in the company to develop our stoping blocks and mine the veins.”
During the last two years Cadan has refurbished the Beehive underground workings through the Mofoko portal, which has enabled it to expose access to known mineralized gold structures. Cadan has already absorbed this cost as part of the necessary exploration program while waiting for government approvals to commence mining.
Meantime, the company has announced a private placement of 15 million shares to raise Can$3 million which will go towards repaying a loan reaching maturity on December 23, 2012.