Quantcast
Latest Stories

Cadan increasing gold output

By

TORONTO—Cadan Resources Corp. of Canada, whose underground mining project in South Cotabato has just gone commercial, is preparing to ramp up production to take advantage of high gold prices.

Company president and CEO Robert Butchart told the Inquirer on the sidelines of the PDAC 2013  miners’ convention in Canada that the company wanted its T’boli underground gold mine in South Cotabato to reach an output capacity of 25,000 ounces per year by the end of 2013.

By 2014, Cadan wants gold production capacity at 50,000 ounces per year.

It is possible the T’boli mine will have about 1.1 million ounces of gold, at least according to its inferred mineral resource. “We expect to file an updated report before the fourth quarter of 2013,” Butchart said.

The T’boli mine was estimated to have a mine life of 20 years.

Working capital will come from the recently completed $4.46-million fundraising via private placement. The proceeds will provide working capital for both T’boli and the Batoto project, Butchart said.

The first gold pour in December 2012 reached more than $500,000 in metal value. The first gold bars made were from 1,881 dry metric tons (DMT) of milled rock from an existing stockpile derived mainly from underground vein drive development in 2011 and 2012.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , cadan resources corp. of Canada , gold , mining



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Seabed search for missing Malaysian jet to widen
  • Lacson rejects calls to name ‘pork’ execs
  • Obama due in Seoul as North Korea nuclear test fears grow
  • Hold departure order out vs Corona, Singson
  • Malaysia to release MH370 report–PM
  • Sports

  • Michael Phelps loses to Lochte in comeback meet
  • Sharapova advances to Stuttgart quarterfinals
  • Galedo caps ride of redemption
  • Beermen, Express dispute second semis slot today
  • Lady Agilas upset Lady Bulldogs in four sets
  • Lifestyle

  • ‘Recovered’ Banksy works on display ahead of sale
  • Marinduque: Visiting the ‘palm of the ocean’
  • First at Vatican in 60 years
  • How Jing Monis Salon gave Krissy the pixie
  • Want to be a supermodel? Work on your inner beauty, says Joey Espino
  • Entertainment

  • Paul McCartney to play at Candlestick concert
  • Kristoffer Martin: from thug to gay teen
  • Has Ai Ai fallen deeply with ‘sireno?’
  • California court won’t review Jackson doctor case
  • Cris Villonco on play adapted from different medium
  • Business

  • PAL hailed for ban on shark fin cargo
  • BSP to change tint of P100 bill
  • Nielsen sees car buying boom in the Philippines
  • How author of best-seller exposed ‘one percent’ economic elite
  • Bangko Sentral readies new bank lending rules
  • Technology

  • Cloud strength helps Microsoft earnings top Street
  • Vatican announces hashtag for April 27 canonizations
  • Enrile in Masters of the Universe, Lord of the Rings?
  • Top Traits of Digital Marketers
  • No truth to viral no-visa ‘chronicles’
  • Opinion

  • Corruption not invincible after all
  • Editorial Cartoon, April 25, 2014
  • No deal, Janet
  • Like making Al Capone a witness vs his gang
  • MERS-CoV and mothers
  • Global Nation

  • Filipinos second-shortest in Southeast Asia
  • China welcomes PH apology
  • Only 4 Etihad passengers not accounted for
  • Abandoned in Malta,15 PH seamen return
  • Senator hopes PH will also get same vow
  • Marketplace