Cadan Resources’ Philippines affiliate Tribal Mining Corporation will begin commercial mining production at the T’Boli gold-silver mine after receiving approval from the Mines and Geosciences Bureau. T’Boli is fully equipped with a commissioned carbon-in-leach (CIL) gold-silver processing plant, gravity concentrator, electro-winning circuit, tailings storage facility and powerhouse as well as a trained local workforce.
Cadan’s president Robert Butchart says, “This is a tremendous success for our shareholders as the company transitions to become a gold producer and we are ready to commence operations immediately, the people are ready, the mill plant is ready and the underground development is ready for stoping.
“Cadan’s new management team has made these achievements possible since they took control in April 2011. With the dynamic combination of local knowledge and technical expertise, we are confident that the company and the community will prosper by responsible and productive mining,” he said.
An independent technical report in 2002 estimated that the T’Boli property hosts a reported inferred mineral resource of 2.4 million tonnes @ 5.5 grams/tonne gold and 21 grams/tonne silver, equivalent to 420,000 ounces of gold and 1.6 million ounces of silver.
Meantime, Cadan’s private placement of shares is expected to net the company $4.3 million, after recent subscriptions for additional units. The proceeds of the placement are going towards advancing the company’s Phillipines mineral properties.