June 10, 2013 – Toronto, Ontario – Cadman Resources Inc. (CUZ) (“Cadman” or the “Company”) is pleased to announce that it has concluded the negotiations with Shenba Resources Holdings Limited (“Shenba”) and has entered into an agreement to acquire Shenba’s option exercisable for a 75 percent interest in Tung Wing Trading Co. Ltd. (“Tung Wing”), a Tanzania registered company with interest in three (3) mineral exploration properties in Tanzania.
Tung Wing holds three (3) mineral exploration properties in Tanzania. There are two adjacent properties in the southern region of Ruvuma totalling 61.15 km2 and a third property of 7.41 km2 in the northern part of Tanzania, near Lake Victoria.
As consideration for the option, the Company will pay to Shenba the sum of US$100,000 cash and issue a total of 10,000,000 common shares of the Company. The Company will then have the option to acquire 75 per cent of Tung Wing upon payment of US$120,000 within 6 months. The Company will then have the obligation to finance any future property acquisitions, pay operating costs required by the Tanzanian Ministry of Commerce and pay exploration costs.
On behalf of Management
CADMAN RESOURCES INC.
“Boris Ziger”
Boris Ziger
CEO & Chairman
The Company’s filings are available for review at www.sedar.com and https://www.cnsx.ca/. For further information, please contact Boris Ziger, Chief Executive Officer, or Derek Bartlett, President at:
Telephone: 416-304-9935
E-mail: info@cadmanresourcesinc.com
Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Corporation assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Corporation. Additional information identifying risks and uncertainties is contained in the Corporation’s filings with the Canadian securities regulators, which filings are available at www.sedar.com.
The CNSX has not reviewed, approved or disapproved the content of this press release.