Cadan Resources Corporation: Announcement by Mining Group Limited New Copper-Gold Discovery at Comval

CADAN RESOURCES CORPORATION (TSX VENTURE:CXD)(FRANKFURT:AOMZ25) ("Cadan")
advises that Mining Group Limited (ASX:MNE) ("Mining Group") announced it has
discovered a new, high potential mineralised zone at Tagpura North, at the
Comval Copper and Gold Project (Comval Project), located 90km north of Davao
City, Mindanao, in the Philippines. Mining Group's news release is reproduced
below.


The Comval Project is operated by Philco Mining Company ("PMC"), which holds the
exploration permits on the Comval Project. Cadan retains a 20% free-carried
interest in PMC. Mining Group has an 80% interest in PMC and is the manager of
the project. In addition to its direct 20% interest in PMC, Cadan also owns 3.1
million shares or approximately 4.12% of Mining Group's present issued capital
(based on publicly available information), along with options to purchase a
further 2 million shares of Mining Group (refer to Cadan news release of January
17, 2012 for details).


Highlights



--  Extensive gold rich skarn and diorite discovered at Tagpura North with
    peak assays up to 3.58% Cu and 12.52 g/t Au from rock chips.

--  Over 500m by 300m mineralised zone delineated and open to the north
    east.

--  Ground magnetic underway with drilling to commence within six weeks.



The new discovery contains mineralised skarn and diorite outcrops that are
strongly mineralised with copper and gold, including a native copper occurrence
(Figure 1). Mining Group has defined a 500m by 300m target zone (Figure 2) which
is a significantly larger footprint than the historic Tagpura open pit mine. It
has returned some of the highest copper and gold grades seen within the project
area from rock chip samples to date.


To view accompanying Figure 1, visit the following link:
http://media3.marketwire.com/docs/TagpuraNorth_Figure1.jpg


Tagpura North Discovery

Tagpura North has been identified from detailed mapping and systematic sampling.
This work has delineated a mineralised zone with a significantly larger
footprint and higher grade outcrop sampling than the historic Tagpura open pit
mine.


Tagpura North is approximately 750m northwest of the Tagpura open pit mine and
occurs within a down faulted structural block, consistent with Mining Group's
exploration model (Figure 2). Extensive outcrops of gold rich copper/magnetite
skarn interfingered with diorite intrusive have been mapped and systematically
sampled and a prospective zone with a strike length of 50m and width of 300m has
been delineated. This zone is open along strike to the north east and surface
mapping and sampling activities are continuing along with ground magnetic to
delineate drill targets with drilling planned to commence within six weeks.


All rock chip samples were sent to Macphar Laboratories in Manila for analysis.
Au was assayed using fire assay and an atomic absorption finish and Cu, Ag and
Mo were assayed using a 4 acid digest and an ICPOES finish. Standard reference
material check samples were submitted every 20 samples and a blank check
submitted every 50 samples for QA/QC purposes.


All sampling is conducted under the supervision of Mining Group's on site
exploration manager and the chain of custody from the sample site to the sample
preparation and logging facility is continually monitored by the exploration
manager. Samples are shipped to the lab by qualified couriers or Mining Group
personnel under locked bags with independent identification lock numbers. Data
verification of the analytical results includes a statistical analysis of the
duplicates, standards and blanks that must pass acceptable parameters to ensure
accurate and verifiable results. 


Appendix 1 outlines all the sample locations and results received to date.

Mining Group Managing Director Mr. Zeff Reeves commented "The surface sampling
at Tagpura North returned some of the highest copper and gold assays ever
achieved within the project area. We have delineated a large target zone that we
aim to start drilling within the next six weeks."


"We are excited by this discovery as it continues to prove our exploration model
and the new discovery area is approximately 400m vertically above the historic
Tagpura pit, meaning there is potential for the entire vertical distance to be
preserved. We are currently conducting detailed ground magnetics over the target
in order to delineate the best place to drill and we are also waiting on further
assays to be delivered," added Mr Reeves.


To view accompanying Figure 2, visit the following link:
http://media3.marketwire.com/docs/Tagpura_Figure2.jpg


The above technical information was prepared and verified by Zeffron Charles
Reeves, (B App Sc (Hons) (Applied Geology) MBA, MAIG), a member of the AIG and
employee of Mining Group. Mr. Reeves 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. Mr. Reeves is a
qualified person as defined in NI 43-101. 


Forward Looking Statements

This news release may contain forward-looking statements. Forward-looking
statements address future events and conditions and therefore involve inherent
risks and uncertainties. Actual results may differ materially from those
currently anticipated in such statements. Particular risks applicable to this
press release include risks associated with the timing and content of future
work programs, geological interpretations and resource potential of the Comval
Project. There is no guarantee that additional exploration will lead to
evaluation of a mineral resource, or that any resource will have demonstrated
economic viability as necessary to be classified as a reserve. The reader is
referred to Cadan's most recent annual and interim Management's Discussion and
Analysis for a more complete discussion of such risk factors and their potential
effects, copies of which may be accessed through www.cadanresources.com or
Cadan's page on SEDAR at http://www.sedar.com.


To view accompanying Appendix 1, visit the following link:
http://media3.marketwire.com/docs/CXD_Appendix1.pdf


FOR FURTHER INFORMATION PLEASE CONTACT: 
Cadan Resources Corporation
Robert Butchart
President / CEO
[e-mail]


Cadan Resources Corporation
John D. Anderson
Chairman
[e-mail]


Cadan Resources Corporation
[phone]
[phone] (FAX)
[e-mail]
www.cadanresources.com