Mr. Peter Cunningham reports

CADAN ANNOUNCES REFINANCING OF CONVERTIBLE DEBENTURES

Cadan Resources Corp. has successfully negotiated the refinancing of a total of $1,230,066 in principal and interest payable on convertible debentures. Pursuant to the refinancing, the company will issue a total of 7,380,420 common shares and $861,045 of new convertible debentures. The new convertible debentures will be convertible into common shares of the company at a price of eight cents per share until June 1, 2014. In connection with the private placement, the company will also issue a total of 10,916,128 common share purchase warrants of the company, each warrant exercisable into a common share of the company at a price of eight cents per share until June 1, 2015. Closing of the private placement is subject to approval by the TSX Venture Exchange.