Comval Copper-Gold Project
Project Overview
The Comval Copper project is operated by Agusan Metals Corporation*, which holds the exploration permits on the Comval properties. Cadan retains a 20% free-carried interest in Agusan Metals Corporation. Mining Group has an 80% interest in Agusan Metals Corporation and is the manager of the project. In addition to its direct 20% interest in Agusan Metals Corporation, Cadan also owns approximately 3.1 million shares or 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).
Tagpura, Maangob and Kalamatan Inferred Mineral Resource Estimate > 0.3% Copper
| Inferred Prospect | Tonnes | Cu (%) | Au (ppm) | Cu (t) | Au (oz) |
| Maangob | 5,022,000 | 0.41 | 0.06 | 20,500 | 9,500 |
| Kalamatan | 6,647,000 | 0.36 | 0.22 | 24,000 | 47,900 |
| Tagpura West | 15,709,000 | 0.34 | 0.08 | 54,000 | 38,800 |
| Tagpura East | 5,297,000 | 0.71 | 0.25 | 37,600 | 42,700 |
| Grand Total | 32,675,000 | 0.42 | 0.13 | 136,100 | 138,900 |
Tagpura, Maangob and Kalamatan Inferred Mineral Resource Estimate > 0.4% Copper
| Inferred Prospect | Tonnes | Cu (%) | Au (ppm) | Cu (t) | Au (oz) |
| Maangob | 1,972,000 | 0.52 | 0.08 | 10,200 | 5,000 |
| Kalamatan | 1,173,000 | 0.43 | 0.23 | 5,100 | 8,600 |
| Tagpura West | 1,888,000 | 0.44 | 0.08 | 8,300 | 5,100 |
| Tagpura East | 3,954,000 | 0.84 | 0.30 | 33,300 | 38,200 |
| Grand Total | 8,987,000 | 0.63 | 0.02 | 56,900 | 56,900 |
*Please note that as of Feb 19, 2013, Philco Mining Company (“PMC”) has become Agusan Metals Corporation