Mr. Robert Butchart reports

CADAN ANNOUNCES NEW TERMS TO REFINANCING OF CONVERTIBLE DEBENTURES

Further to the news release dated Nov. 12, 2013, Cadan Resources Corp. is proceeding with a refinancing of convertible debentures totalling $3,637,661 of principal and interest that were due in June of 2013. Of that amount, a total of $1,091,299 (being 30 per cent of the amount owed) will be settled by way of a shares-for-debt transaction under the TSX Venture Exchange policies by way of the issuance of 21,825,980 shares and 13,641,238 warrants. The remaining $2,546,362 will be applied to a new private placement of convertible debentures expiring June 1, 2014, convertible at the rate of eight cents per share for up to 31,829,526 shares. In connection with the convertible debentures, the company will issue 31,829,526 detached warrants. The warrants issuable pursuant to the both refinancing transactions will each be exercisable into a common share of the company at a price of eight cents per share until June 1, 2015.

All of these securities are subject to a four-month hold period under Canadian securities laws.

Closing of the private placement is subject to approval by the TSX Venture Exchange.