Cayden receives remaining $7.87 million for the completion of the partial Morelos Sur land sale
VANCOUVER, Dec. 19, 2013 /CNW/ - Cayden Resources Inc. (TSX.V:CYD) ("Cayden" or the "Company") is pleased to announce that it has received the final payment of $7,872,000 USD from its February 1, 2013 land sale which is now complete. In that sale, Cayden's Mexican subsidiary sold approximately 23% (3,997 hectares from the original 17,076 hectares) of its "Morelos Sur Concession" to a subsidiary of Goldcorp Inc. for a total of $15,744,000. The exact boundaries of the sold portion were varied somewhat as part of the final completion documents.
The Company plans to work on monetizing its nearby Las Calles concession next as Cayden management believes this portion of land has significant value due to its proximity to Goldcorp's Los Filos mine (see map) and because of encouraging drill results obtained by Cayden on the concession in 2012.
Ivan Bebek, President and CEO, states "The proceeds from this sale gives Cayden a strong cash position for exploration at our El Barqueño project in 2014. We believe the value of our Las Calles concession will be much higher than the portion of Morelos Sur that was just sold."
On behalf of the Board of Directors,
President and CEO
About Cayden Resources - Cayden is a junior mining company focused on delivering shareholder value through the acquisition, exploration and development of precious metal projects in Mexico. 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, 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
Cautionary Information - Neither the TSX Venture Exchange nor any other regulatory authority accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed "forward-looking statements". Forward-looking information is information that includes implied future performance and/or forecast information including information relating to, or associated with, exploration and or development of mineral properties. These statements or graphical information involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company to be materially different (either positively or negatively) from any future results, performance or achievements expressed or implied by such forward-looking statements. Investors should review the Company's AIF are available at www.sedar.com
SOURCE Cayden Resources Inc.
Image with caption: "Figure 1 - Morelos Sur Land Sale Map (CNW Group/Cayden Resources Inc.)". Image available at: http://photos.newswire.ca/images/download/20131219_C5762_PHOTO_EN_35167.jpgFor further information:
Ivan Bebek, President, CEO and Director