Cadan Resources Corporation
TSX VENTURE : CNF

Cadan Resources Corporation

June 23, 2008 09:15 ET

Cadan Commences Area Wide Exploration

Resource Definition Drilling Continues

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 23, 2008) - CADAN RESOURCES CORPORATION (TSX VENTURE:CNF) (the "Company") is pleased to announce that it has commenced area wide exploration on six high priority targets while resource definition drilling continues at its large Tagpura porphyry copper gold project. All these targets are within Cadan's 9000ha tenement holding.

The six high priority exploration targets that have been identified and have been mapped and sampled are:

MOLYBDENUM

A stockwork of molybdenum bearing quartz veins has been mapped over a width of some 100 meters. Initial sampling and onsite assaying by the company's new x-ray diffraction machine returned results of 0.6% and 0.8% molybdenum. Fine disseminated molybdenite could be observed between the high grade quartz veins. Comprehensive channel sampling of the outcrop area is underway and will be followed by drill testing. It should be noted that 0.05% molybdenite can be regarded as of commercial interest.

GOLD

A stockwork system of gold bearing quartz veins has been mapped in five locations over a total strike length of some two km and extends westward from the Batoto Gold Target with a historical resource of 38 million tonnes containing 1.8gpt of gold (Sabena Mining Corporation report: June 1981).

Location one shows a quartz vein stockwork some 50m wide with a minimum strike length of 200m. Channel sample assay values are of the order of 0.5gpt gold. However, a 50 tonne bulk sample treated from this location returned 3.2gpt of gold and 47.3gpt of silver. This indicates a nugget effect and suggests a different assay technique is required to provide more authentic results from the channel samples.

Location two shows a quartz vein stockwork some 120m wide: strike length to be established. While channel sample assay values are of the order of 0.5gpt gold, a 20m section returned some 4gpt gold. This confirms that nugget zones do exist and additional nugget zones could be expected with a more appropriate assaying technique.

Locations three, four and five show quartz vein gold bearing stockworks 100m, 120m and 100m wide respectively.

Batoto Gold Target

Further exploration is currently underway to re-evaluate and validate the Batoto Gold Target historical resource of 38 million tonnes containing 1.8gpt of gold (Sabena Mining Corporation report: June 1981).

IRON DEPOSITS

A magnetite bearing skarn some 150m wide has been mapped to the west of the Maangob porphyry copper gold deposit. This area has potential for tactite iron deposits and some 30 tonnes per 100 vertical meters is possible.

COPPER-GOLD

Tagpura East

An area showing extensive evidence of surface copper mineralization has been mapped some two km east and along strike from where Cadan's main resource drilling is currently concentrated. The dimensions of this new area are 200m wide and 500m long.

Tagpura South Skarn Area

A skarn area some 130m wide by 300m long has been mapped one km south of the Tagpura open pit. The skarn contains massive sulphides, magnetite and chalcopyrite.

The above six high priority target areas are all in the "walk up and drill" category with a relatively high success ratio expected. The company has identified and is negotiating for a small scout drill rig to more effectively drill test these targets.

RESOURCE DRILLING

Tagpura porphyry copper gold resource definition drilling continues within the identified mineralized corridor of continuous mineralization of some 1500m long by 500m wide from bench two and scout drilling towards the known Maangob resource (see News Release dated Monday, June 2, 2008).

It should be noted that the exploration information of potential quantity and grade, outlined below, is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource as defined in the CIM Definition Standards December 11, 2005.

Potential Tonnage and Grade

This corridor, 1500m long by 500m wide and, projected to a depth of 500m, indicates a "conceptual or order of magnitude" potential tonnage of some 1 billion tonnes, with a conservative extension of the corridor 1,500m long by 700m wide and, projected to a depth of 500m, indicates a "conceptual or order of magnitude" potential tonnage of some 1.7 billion tonnes with a potential grade range from 0.30% Cu and 0.17gpt Au to 0.7% Cu and 0.31gpt Au.

The resource at the western end of the corridor is open to the north east and south west while the eastern end (bench two) is open to the north east and south west.

Further Exploration

Significantly, this mineralized corridor area remains open to the north east and south west and at depth and current and future RC and diamond drill holes will continue to test the grade and extent of this porphyry copper gold style mineralization at depth, along strike and towards Maangob.

Qualified Person

Technical aspects of this news release were prepared and verified by William Donald Goode, a member of the AusIMM and Technical Director of Cadan Resources. He is the qualified person as required by National Instrument 43-101, and is the technical person responsible for this news release. The qualified person has verified the data disclosed in this news release.

Cadan Resources Corporation is a junior exploration Company with operations in the Philippines and Colombia and trades on the TSX Venture Exchange (Canada) with trading symbol CNF-V.

On behalf of the board of directors,

Brett Taylor, President & CEO

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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