Candente Resource Corp. has been conducting mineral exploration in Peru since 1997 through subsidiary Compania Minera Oro Candente S.A. The international mining community ranks Peru highly as a region to explore for and develop new mines. Several world class mineral deposits are currently in production or under development in Peru. Candente's founders, Ing. Fredy Huanqui and Joanne Freeze, P. Geo., have extensive exploration experience in Peru including instrumental work on some of Peru's major discoveries. Epithermal gold, porphyry copper-gold and volcanogenic massive sulphide targets are all included in the company's property portfolio.
Exploration programs comprising geological mapping, geochemical sampling and trenching to define drill targets will be completed over the next three months on the Pamel and Huaypian gold properties. Exploration on the Pamel Property will be funded by Richfield Explorations Inc. under an option agreement whereby Richfield can earn a 50% interest in the Pamel Property. Terms of the Option agreement include US$410,000 in payments and US$2,500,000 in exploration expenditures over four years and allow Candente to act as operator. The Pamel Property is a gold prospect, which has a high sulfidation alteration zone covering an area at least two kilometres by four kilometres in extent. Anomalous levels of mercury, arsenic, antimony, barium, lead and gold in rock chip samples occur in a zoned pattern within the alteration zone. The geological environment is similar to that hosting the Pierina
deposit.
The Huaypian property is a low sulfidation epithermal gold prospect with anomalous levels of arsenic, antimony, barium, mercury and gold occurring in porous illite-quartz-sericite altered Tertiary aged tuffaceous volcanic rocks. High grade gold mineralization has been found in low-sulfidation epithermal veins both northwest (by MacMillan Gold) and southeast (by Candente -19 grams per tonne) of the Huaypian Property.
Exploration programs are also being planned to define drill targets on some of our copper porphyry and VMS properties. Several major and mid-size companies have recently approached Candente to review these properties.
For more information on our exploration activities please visit our website at www.candente.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Joanne C. Freeze, President
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.