Friday, 20 April 2012

Cayden Resources appoints two new board members

Mexico-focused explorer Cayden Resources (CVE:CYD) announced Friday the appointments of David M. Jones and Russell Starr to its board of directors.
Cayden reported that Jones has over 30 years' experience in mineral exploration and project management. As chief geologist and manager of Teck's (TSE:TCK.B) Nukay project from 1994-1999, the company said Jones is credited with the discovery of the Los Filos gold-skarn deposit, which became Mexico's largest gold producer (Goldcorp Inc.) in 2010.
Starr was the head of capital markets for a boutique Canadian investment bank and has been active in the financial services industry for over 13 years, said the company.
He has worked for global investment banks and independent boutique investment dealers during his career, both as an equity salesperson/trader as well as in corporate finance.
Cayden said that Starr will be joining the company as a full time director and VP of corporate development, where his "extensive background in the public markets will be a significant asset to the company."
"We are very pleased to be able to further strengthen our board,” said Cayden president and CEO Ivan Bebek.
"David Jones, with his extensive technical background and as an authority on the Guerrero Gold Belt, is a tremendous compliment to our Morelos project that encircles Goldcorp's Los Filos and El Bermejal mines.
"Russell Starr's corporate banking background will add to the company's market exposure and enhance future financing efforts."
To allow room for the new board members, Cayden reported that Peter Rees will be resigning from the board, but will be continuing on in the role as CFO and corporate secretary.
The junior mining company is focused on the acquisition, exploration and development of precious metal projects located throughout the Americas.
On Wednesday, Cayden said it had acquired an option to earn a 100 percent interest in the 9,800-hectare El Barqueño gold property located 110 kilometres west of Guadalajara in the state of Jalisco, Mexico.
The company noted that in an internal report dated January 9, 2005, a subsidiary of Grupo Mexico (IMMSA) defined a non-compliant resource of roughly 2.4 million tons at an average grade of 3.62 grams per ton (g/t) gold, equivalent to about 290,000 ounces of gold over several prospects on the El Barqueño property.
Cayden said that the property contains "significantly under-explored" areas of gold mineralization near areas of past production and other deposits.
Earlier in March, the company unveiled initial results from its drill program at the Las Calles target and its trench program at the La Magnetita and La Joya targets, each located on the Morelos Sur gold project, located in the Nukay mining district of central Guerrero State in southern Mexico.
Significant results at the Las Calles target included LCDD0093, which intersected 14.0 metres grading 4.2 g/t gold, including 2.0 metres at 16.0 g/t gold. The hole also intersected 6.5 metres grading 0.62 g/t gold.

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