UPDATE 1-Cadiscor reports gold reserves at Sleeping Giant Mine

(Recasts, adds details, share movement)

Sept 23 (Reuters) - Cadiscor Resources Inc (CAO.V) on Tuesday reported new gold reserves and resources at the Sleeping Giant Mine in the Abitibi region, sending its shares up as much as 14 percent.

According to a report from an engineering consulting firm Genivar LP, the measured and indicated resources of the mine would total 489,800 tonnes at an average grade of 9.7 gram per tonne (g/t) for 152,750 ounces of gold when Cadiscor takes possession at the end of October.

The proven and probable reserves at the mine would total 235,300 tonnes at 9.3 g/t for 70,350 ounces of gold.

The report states the identified reserves could generate an operational net profit of $16 million at a gold price of C$850 per ounce.

Genivar's report was based on an analysis of existing data and new underground exploration drilling at the Sleeping Giant Mine, which is now being operated by IAMGOLD Corp (IMG.TO).

Cadiscor had signed an agreement with IAMGOLD in December 2007, granting Cadiscor an option to acquire a 100 percent stake in the mine and related milling facilities for C$5 million in cash or stock.

On Monday, Cadiscor amended the terms of the deal, under which it will pay IAMGOLD C$1.5 million in common shares priced at C$0.35 a share and the balance C$3.5 million by issuing unsecured convertible debenture bearing interest at 5 percent.

Cadiscor shares, which have fallen more 30 percent so far this year, were up 3 Canadian cents at 38 Canadian cents on the Toronto Venture Exchange. They touched a high of 40 Canadian cents earlier in the session. (Reporting by Chakradhar Adusumilli in Bangalore, Editing by Himani Sarkar)