Shamba-la is approximately 400 hectares in size and is located along the northwest border of the Pena de Oro target where Cayden is currently drilling (see Figure 1 below or www.caydenresources.com for a map).
Under the terms of the acquisition, Cayden will pay a total of $251,000 USD and issue 150,000 common shares for a 100% interest. Cayden paid $51,000 USD on signing and the remaining balance and common shares are due once title is registered under the name of Minas Chaparral SA de CV, Cayden’s subsidiary.
The Shamba-la concession is subject to a 2.5% NSR payable to the vendor, which is buyable at anytime for $500,000 USD.
President and CEO Ivan Bebek stated, "The acquisition of Shamba-la is a key development for the El Barqueno project. We believe Shamba-la provides an excellent opportunity to expand on the recent drilling success we are having at the Pena de Oro target."
The agreement is subject to the approval of the TSX Venture Exchange and the shares will carry a four-month hold period commencing on the date of issuance.
