Mr. Peter Cunningham reports

CADAN ANNOUNCES PROPOSED SHARES FOR DEBT

Cadan Resources Corp. proposes to settle up to $2-million of debt with creditors by issuing up to 40 million common shares at a deemed price of five cents per share. Closing of the debt settlement is subject to entering into agreements with creditors and stock exchange approval. The amount of indebtedness settled by the agreements represents outstanding amounts for services or goods provided to the company. The company chose to settle this outstanding indebtedness with shares as part of its plans to move the company forward and in order to preserve its potential funds for operations.

The issuance of shares is subject to the approval of the TSX Venture Exchange and subject to a four-month hold period. The company will issue the shares once the issuance has been approved by the exchange.