Cayden acquires the Shangri-la claim at the El Barqueño Gold Project
VANCOUVER, Feb. 18, 2014 /CNW/ - Cayden Resources Inc. (TSX.V:CYD) ("Cayden" or the "Company") is pleased to announce that it has acquired the Shangri-la claim located within the El Barqueño Concessions in Jalisco, Mexico, which are fully optioned by Cayden. The Shangri-la claim lies adjacent to the Pena d'Oro target where drilling will commence shortly.
Under the terms of the acquisition, Cayden is paying $100,000 for a 100% interest in the claim, which carries a 1.5% Net Smelter Return royalty (a "NSR") payable to a third party. Cayden has paid $20,000 on the signing of the agreement and $80,000 will be paid once the title for the claim is registered to Cayden's subsidiary, Minas Chaparral SA de CV.
An additional 2.5% NSR will be payable to the claim vendor and is purchasable by Cayden for $250,000 at anytime.
President and CEO Ivan Bebek stated, "This acquisition helps complete the significant El Barqueño land package, which encompasses over 46,000 hectares of land. The Company is amidst an extensive permitting process which will provide surface exploration and drilling permits for up to 300 holes at five intermediate to advanced exploration targets. Cayden is planning to drill 4 of 9 exploration targets identified to date on the concession this year. We believe we are in the very early stages of discovering a large, robust gold system that is being constantly revealed from the results of the current drill program at the Azteca target and our extensive surface work programs throughout the concessions. "
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.
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 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 which is available at www.sedar.com.
SOURCE Cayden Resources Inc.
Ivan Bebek, President, CEO and Director