Cadan Resources Corporation
TSX VENTURE : CNF

Cadan Resources Corporation

January 29, 2008 09:15 ET

Cadan Resources Corporation: Latest Promising Results From Adit Sampling at Kalamatan Copper-Gold Porphyry Deposit

62 m @ 0.10 g/t Gold & 0.30% Copper (0.34% Copper Equivalent) 140 m @ 0.16 g/t Gold & 0.28% Copper (0.34% Copper Equivalent) 94 m @ 0.13 g/t Gold & 0.35% Copper (0.40% Copper Equivalent) 14 m @ 0.18 g/t Gold & 0.44% Copper (0.51% Copper Equivalent)

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 29, 2008) - CADAN RESOURCES CORPORATION (TSX VENTURE:CNF) (the "Company") is pleased to announce the latest copper and gold assay results from the Adit 6 tunnel of the Kalamatan copper gold porphyry deposit, which shows further significant copper gold mineralisation extending the known and demonstrated zone of mineralisation a further 200 metres to the south west.

The latest mineralisation at the Kalamatan copper gold porphyry deposit is located over a wide area with 500 metres of strike length, sample widths of about 150 metres and a vertical extent of some 200 metres (see Figure 1).

At this stage in the exploration, the mineralised zone still appears to be open in all directions.

Geological mapping of the Adit 6 indicates the occurrence of chalcopyrite and magnetite mineralised diorite porphyry rock. Adit 6 is located some 100 metres below the C1 Adit where, as previously reported in a news release dated December 4, 2007, sampling intersected a width of mineralisation of 104 metres @ 0.46 g/t gold & 0.37% copper (0.54% copper equivalent).

The Kalamatan copper gold porphyry deposit was first identified in the early 1970s and in 1974 geophysics was undertaken. That geophysical survey highlighted an induced polarisation anomaly of some 1,500 metres by 1,000 metres with a smaller anomaly to the south east of some 300 metres by 700 metres.

The adit mineralization is outside the 1974 main geophysical anomaly and appears to be a corridor leading into the main anomaly. A reverse circulation drilling program has been developed to test this corridor and the main geophysical anomaly. The program will commence in the first quarter of 2008 once access roads into the project area are completed.

Ongoing geological mapping to the north east of the adits has discovered mineralised diorite porphyry containing 1 to 3% chalcopyrite (a copper mineral of which 1% chalcopyrite equates to 0.34% copper).

This extends the known strike length of the Kalamatan Deposit to a total of 500 metres and mapping is ongoing. This coincides with newly acquired geophysical data (see Figure 1) showing a chargeability anomaly that is extending to the north east.

Mapping has further identified areas of brecciated porphyry some 250 metres north of the adits at the Kalamatan Deposit and areas of skarn with abundant magnetite content some 300 metres north of the Adit 6 portal.

The following table summarises the latest sample results.



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Metres Metres Interval Au Cu CuEq AuEq
Comment fm to (m) (g/t) (%) (%) (g/t)
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ADIT-6 CROSS CUT NORTH-1
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0 62 62 0.10 0.3 0.34 0.92
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Includes 18 62 44 0.12 0.36 0.4 1.11
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Includes 34 62 28 0.15 0.4 0.45 1.25
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ADIT-6 DRIFT EAST-1
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62 156 94 0.13 0.35 0.4 1.1
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Includes 62 140 78 0.14 0.38 0.43 1.18
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Includes 62 120 58 0.15 0.4 0.45 1.25
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ADIT-6 CROSS CUT NORTH-2
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0 140 140 0.16 0.28 0.34 0.93
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0 64 64 0.15 0.3 0.35 0.97
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110 138 28 0.20 0.36 0.43 1.19
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ADIT-6 CROSS CUT NORTH-1
---------------------------------------------------------------------------
0 14 14 0.18 0.44 0.51 1.38
---------------------------------------------------------------------------
ADIT-6 DRIFT EAST-2
---------------------------------------------------------------------------
0 20 20 0.10 0.15 0.19 0.51
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Qualified Person and Quality Control and Assurance

Technical aspects of this news release were prepared and verified by Ian S. Cooper, BSc, A.R.S.M., F.G.S., M.Aus.I.M., Exploration Manager Philippines who is the qualified person as required by National Instrument 43-101, and who is the technical person responsible for this news release. The qualified person has verified the data disclosed in this news release, including sampling, analytical and test data underlying the information and opinions contained in this news release.

Copper and gold equivalent calculations used metal prices of $US 3.00/lb ($US 6600/ton) for copper and $US 800/oz for gold. Current formulas used are CuEq equals Cu% + (Au g/t x 25.72347/66) and AuEq equals (Cu% x 66/25.72347) + Au g/t. Investors are cautioned that copper and gold equivalents used in this news release have been based on current market value of the particular commodity and no consideration has been made as to metallurgical factors which may or may not allow for profitable extraction of the metals.

Grade intersections have been calculated using the arithmetic mean of all samples within the intersection length with no values cut.

All sample preparation was undertaken by McPhar Geoservices (Phil) Inc. at its General Santos facility in Southern Mindanao. Channel samples are pulverized and 200 gram sub samples are sent to McPhar Geoservices (Phil) Inc.'s Manila Laboratory. McPhar is an ISO 9001 certified Laboratory. Analysis using the PM3 method (Fire Assay, Gravimetric (0.05 ppm)) finish for gold and conventional wet chemical method (GA-1) for copper is carried out. The Laboratory mentioned in this paragraph provides independent analytical services to the Company on normal commercial terms.

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.

To view Figure 1 and the Photographs accompanying this press release, please click on the following link: http://www.ccnmatthews.com/docs/cnf0129.pdf

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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