🕐17.10.11 - 14:27 Uhr
CAYDEN RESOURCES COMPLETES FINAL PAYMENT FOR MORELOS SUR GOLD PROPERTY IN MEXICO AND PROVIDES UPDATE
Cayden Resources Completes Final Payment for Morelos Sur Gold Property in Mexico and Provides Update
Vancouver, British Columbia – October 17, 2011 – Cayden Resources Inc.
(TSX.V: CYD) (“Cayden” or the “Company”) is pleased to announce
that it has made the final payment of $8.6 million USD (inclusive of value added taxes and interest) to Grupo Mexico, the former owner of the Morelos
Sur property (the “Property”).
With this payment, Cayden now holds an unencumbered 100% interest in the Property.
The Property remains subject to
an annual royalty equal to the greater of $200,000 USD or a sliding scale royalty (a maximum of 3.5% when the spot price of gold is greater than $600
per ounce).
Cayden is currently finalizing the contract for drilling at the Las Calles exploration target, with plans to begin drilling within two weeks.
At the
La Magnetita exploration target, stream sediment results indicate a 2 km wide, +50 ppb Au anomaly with many samples greater than 100 ppb Au in the
heart of the existing magnetic anomaly.
Cayden is currently completing a soil and rock sampling program to develop detailed drill targets in the La
Magnetita area and expects to begin drilling in early Q1, 2012.
(see La Magnetita target geochemistry map below)
Cayden’s CEO, Ivan Bebek commented: “We are excited to now hold an unencumbered interest in the Morelos Sur Gold project.
We believe that there is
significant upside in the project and are very pleased with the continued progress and preliminary results at our La Magnetita target, one of the
largest untested magnetic anomalies in the Guerrero Gold Belt.”
On Behalf of the Board,
Ivan Bebek, President and CEO
About Cayden Resources
Cayden is a well financed junior mining company focused on delivering shareholder value through the acquisition, exploration and development of
precious metal projects located throughout the Americas.
The management team at Cayden is highly experienced with an impressive track record of
success in the discovery, development and financing of mineral projects.
Cayden is also strongly committed to the highest standards for environmental
management, social responsibility, and health and safety for its employees and neighboring communities.
Cayden trades on the TSX Venture Exchange
under the symbol “CYD”.
For more information on Cayden Resources, please visit our website at www.caydenresources.com.
Forward Looking and other Cautionary Information
Neither the TSX Venture Exchange nor any other regulatory authority accepts responsibility for the adequacy or accuracy of this release.
This news
release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the Common Shares in any
jurisdiction in which such offer, solicitation or sale would be unlawful.
The Common Shares have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "U.S.
Securities Act") or any state securities laws and may not be offered or sold within the United
States or to, or for the benefit of, U.S.
persons (as defined in Regulation S under the U.S.
Securities Act) unless registered under the U.S.
Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
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