The funds will be used for general working capital and exploration programs on the company's gold properties in Peru. These investors recognize Candente's expertise in gold exploration, it's advanced portfolio of gold properties and Peru's stature as one of the top low cost gold producing regions of the world.
As gold explorationists, Candente management is encouraged by the latest edition (May 1st, 2001) of "The Long Wave Analyst" (an investment newsletter based on the Kondratieff economic cycle), which poses compelling arguments for a significant forthcoming increase in the price of gold. Please contact us for a free copy of this newsletter.
On March 15, 2001, 600,000 units of the previously announced 1,000,000 unit private placement, were sold to raise $150,000. These securities have a hold period expiring on July 15, 2001.
Gold results from recent exploration programs on the El Tigre, Picota and Columbia properties are very encouraging. At El Tigre, gold mineralization of up to 9 grams per tonne (gpt) occurs in brecciated fragments of quartz-calcite veins, stockwork and pervasive silicification over a two kilometre length. Recent structural mapping has advanced the understanding of mineralization controls adding confidence to the geological interpretation and drill target delineation. At Picota, recent stream sediment sampling has identified a new gold zone, which now doubles the known extent of the mineralizing system, from 2.7 to approximately 5 kilometres. Recent exploration and compilation of data on the Columbia property shows a 25 metre wide pervasive alteration zone containing gold values of up to 3 grams per tonne over 4 metre widths. More detailed summaries on these properties will be available in a few weeks time.
Several major companies have recently signed Confidentiality Agreements, are reviewing data and conducting field visits on the Picota, El Tigre and Columbia properties as this year's field season gets underway.
For more information regarding Candente Resource Corp. and our exploration in Peru please visit www.candente.com or contact us at (604) 689-1957 or investor@candente.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Joanne C. Freeze"
Joanne C. Freeze, P. Geo., President & CEO
Candente Resource Corp.
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.