2003 News

Candente Resource Corp. (the Company) reports the following highlights from the First Quarter of 2003:

The Company is a mineral exploration company focusing on gold and copper exploration in Peru and Eastern Canada. The Company operates in Peru through Cia. Minera Oro Candente S.A. and in Newfoundland through Candente Vinland Inc.

On February 21st, 2003 the Company carried out a non-brokered private placement of 1,700,000 units at $0.60 per unit for a total of Canadian $1,020,000 with Goldcorp Inc. Each unit consists of one share and one half share purchase warrant. One whole non-transferable purchase warrant allows Goldcorp. to purchase one share of the Company at a price of $0.90 per share during the first twelve months and $1.10 per share during the second twelve months. The common shares issued under the units are subject to a 4 month hold period expiring June 22, 2003. The funds will be used for general working capital and exploration of the Company's gold properties in Peru and Newfoundland. This financing is the first step in the development of a strategic partnership between Goldcorp and Candente for exploration in Newfoundland.

At the end of this quarter the Company held US$1,257,711 (Cdn$1,800,000) in the treasury.

Related Party Transactions

During the three months ended March 31st, 2003, the Issuer incurred the following expenses to its directors or corporations controlled by its directors:

Other than as described above, the Issuer did not acquire any assets and services from present or past insiders, promoters and members of management and their associates or affiliates other than for management services rendered by management or as otherwise reported herein under the headings "Business of the Issuer"; "Properties of the Issuer"; and "Directors, Officers, Promoters and Other Management".

Investor Relations Activities

Reg Advocaat joined the Company in May of 2002 to carry out corporate communications services on a part-time basis in the Company's offices. He was paid each month according to the amount of time he worked for the Company at the request of management. Remuneration was $200 per day. On April 1st, 2003 Mr. Advocaat became a full time employee of the Company with a monthly salary of $4,500. Mr. Advocaat has been granted stock options to purchase 100,000 common shares of the Company

During this quarter Investor Relations activities have included participation in Industry Conferences and Individual meetings in Vancouver, Toronto, St. John's, Lima, San Francisco, Chicago, New York and New Orleans, the issuing of News Releases and other shareholder communications. The Company also keeps various mining analysts and brokers updated on the Company's activities by telephone and email.

Proposed Compensation

There is no compensation planned to be paid to Executive Officers for the 12 month period following the completion of the offering for management fees, except that:

(1) In consideration of performing administrative management duties as President of the Company, which include arranging financings, communications with investors and potential investors, corporate development with other mining companies as potential Joint Venture partners, liaison with the Peruvian exploration office, Stillwater Enterprises Ltd., a consulting management company in which Joanne C. Freeze, a director of the Company, owns 50% of the shares, receives US$1,155 per month.

(2) In consideration of performing geological consulting duties for the Company, which include travel to Peru and Newfoundland and the various properties, review of all geological data and discussions with geological personnel, Stillwater Enterprises Ltd., a consulting management company in which Joanne C. Freeze, a director of the Company, owns 50% of the shares, receives US$4,145 per month.

(3) In consideration of performing geological consulting and exploration management duties for the Company, which include hiring of all exploration staff, overseeing all exploration activities and visiting all of the properties, Fredy J. Huanqui G., a director of the Company, receives US$5,300 per month.

Material Expenditures

Peru

Since its inception in June of 1997, the Company has held interests in epithermal gold, disseminated copper, copper-gold and volcanogenic massive sulphide prospects in Peru. The Company's founders have extensive exploration experience in Peru and were part of several significant discoveries including the Pierina gold deposit. The Yanacocha and Pierina gold deposits are very similar geologically and make up 60% of Peruvian gold production. Peru is the eighth largest gold producer in the world. Yanacocha is one of the largest heap leachable gold mines in the world with production costs of $88 per ounce and reserves in excess of 35 million ounces of gold. The average grade of the Yanacocha deposits varies from 0.8 to 2.8 gpt and the cutoff grade is 0.35 gpt. Most of the Company's gold prospects have similar geological environments to that of Yanacocha and Pierina.

The Company holds several mineral properties in Peru but exploration is currently focused predominantly on the Alto Dorado Property. On June 1st, 2002 the Company entered into an Option to Purchase Agreement with Hecla Mining on the Alto Dorado Property. Candente has the right to earn 100% interest subject to a 2.5% NSR with a buyout of 1.5% of Hecla's NSR for US$1.5 million. The Alto Dorado property is located in Northern Peru half-way between the Yanacocha and Pierina Mines and 36 km south-southeast of the Alto Chicama property where Barrick Gold recently announced a new discovery in excess of 7 million ounces of gold.

On October 22nd, 2002 the Company was the successful bidder in an auction for a high sulphidation gold target in Northern Peru. Candente and Barrick Gold were the only participants in the auction having applied for overlapping areas on the same day September 2nd, 2002. Candente paid the Peruvian government US$50,227 for 100% interest in the Toril Zone. The Toril Zone was originally held and explored as part of the Alto Dorado Property by Hecla and is within an area of mutual interest and will therefore form part of the Option to Purchase Agreement with Hecla.

Three distinct gold zones have now been identified on the Alto Dorado property in Northern Peru. Two of these zones host high sulphidation mineralization similar to that found in the major Peruvian gold mines, Yanacocha and Pierina, where average grades are 1 to 3 gpt and cutoff grade is 0.4 gpt. The third is a porphyry gold zone, which has similarities with Chilean gold mines in the Maricunga Belt.

The Toril Zone at Alto Dorado hosts gold mineralization with values from 0.7 to 3.6 grams per tonne (gpt) in outcrop as well as in trenches and pits. To date gold has been found in vuggy silica, granular silica and quartz-alunite breccia, which are all typical of high sulphidation systems. The Toril Zone has been extended by 700 metres by geological mapping, which indicates that the zone covers at least 2.4 km by 1.8 km.

A second high sulphidation gold zone, the Ana Zone, has also now been identified 3 km west-northwest of the Toril Zone. Trenching shows that this zone covers an area 2.7 km by 1 km and contains anomalous values of up to 0.78 grams per tonne (gpt) gold, 390 gpt silver and 21,376 ppb mercury. Alteration and mineralization including alunite, opaline and vuggy silica, hematite and limonite occurs in structurally controlled zones. Individual structures can be traced over 500 metres in length and 2 to 12 metres in width. The southern end of the structures coalesce (connect) into a brecciated vuggy silica body, which outcrops over an area 300 metres by 50 metres.

Recent sampling by Candente has also confirmed gold mineralization within the Olla Porphyry Zone previously identified by Hecla. Gold values of 0.46 gpt over 5 metres and 1.05 gpt over 3 metres were obtained from rock chip samples in historic (Hecla) trenches. This mineralization occurs within potassic alteration in andesite and diorite porphyry. The Olla Zone occurs approximately 700 metres south of the Ana Zone, however, the two may overlap and be genetically related.

Geophysical test surveys are currently underway on the Toril Zone by Val d'Or Geofisica (Peru) S.A. to assist in identifying potential buried zones of mineralization. Geophysical surveys identifying zones of both high resistivity and high chargeability have previously been used in Peru to assist in the discovery of ore bodies with mineralization similar to that being found at Alto Dorado. The geophysical surveys could be very useful, especially at Toril where weathered bedrock is known to mask buried zones of mineralization. Earlier this season, gold grades of 1.4 and 3.6 gpt were found in bedrock at a 6 metre depth in a pit. Soils sampled at surface above the pit, do not indicate the presence of this mineralization.

On January 22nd, 2003 the Company signed a Right of First Refusal (RFR) Agreement with Anglogold on ten gold properties in Peru. Under the RFR Anglogold has paid to Candente US$10,000 and will fund and carry out preliminary exploration programs on each of the ten properties. Within a six month period, if Candente intends to sell all or any part of its interest in any of the properties, Anglogold has the right to match any offer acceptable to Candente for 30 days after notice of such. Anglogold will provide Candente with all information obtained from its work on the Properties. Candente's Vice President Exploration, Ing. Fredy Huanqui, will make field visits with Anglogold's experts to ensure full collaboration between the two companies with respect to exploration results and ideas.

Nine of the gold properties are in Southern Peru and one is in Central Peru. The Southern Peru targets cover a total of 1610 hectares. These properties have all recently been acquired by Candente to cover high sulphidation gold targets, which have alteration systems and geochemical signatures similar to bulk tonnage gold deposits found both in Peru and other locations in the world. In addition to the gold, silver targets have also been identified on some of these properties. Silver grades in rock chip samples reach as high as 282 grams per tonne (8.7 ounces per ton).

Newfoundland

In February 2002, Larry Kornze, Candente's Director of Business Development, recommended the Company get involved in the Botwood basin of Central Newfoundland where Barrick and other companies are exploring as it has many similarities to the Carlin Gold Trend of Nevada. Mr. Kornze has extensive experience in the Carlin Trend of Nevada as Exploration Manager for Barrick Gold and was instrumental in the Goldstrike Mine discoveries (2.4 million ounces in 2000). Management is very pleased to now hold properties and to be actively exploring in two of the most active exploration districts in the world.

Island Pond -- Option to Earn 75% Interest

Drilling was carried out on the Island Pond gold property, under option from Cornerstone Resources Inc., in November and December of 2002. A total of 809 metres were drilled in 8 holes. Four of eight holes intersected favourable mineralization. Significant results of 0.215 gpt gold over 7.6m, 0.81 gpt over 10cm; 0.27 gpt over 1m and 0.34 gpt over 1.15m were obtained. The associated veining and alteration zones are 1.39m to 7.60m wide.

The style of mineralization and geochemical signature intersected is understood to be similar to that found on the adjacent Moosehead Property where it commonly occurs close to or within 25 -30 metres (m) of high-grade gold intercepts. Mineralization intersected is consistent with a low sulfidation epithermal environment and consists of multiple quartz and/or quartz-carbonate vein events associated with large northwest-trending structures.

Linear Property -- Option to earn 100%
Current work on the Linear property has included logging of drill core, trenching and rock chip sampling in order to delineate drill targets for the coming year. Management is very pleased with the advancement of the property and the development in the understanding of controls to gold mineralization. The Linear property is under option from the KriASK Syndicate of Newfoundland.

On March 6th, 2003 a drilling program was completed. A total of 1600 metres were initially planned in eight holes, however, only 5 drill holes totalling 665 metres were completed due to severe weather problems. Three out of five holes drilled intersected numerous mineralized zones. The new zones occur south of all previous drilling and are different from the majority of the gold zones previously encountered on the property. It is believed that the zones targeted in the first two holes were displaced by faulting.

Historical drilling in 1999 and 2000 focused on individual gold showings, single veins and shallow projections of gold. The Company's current drilling was targeted to assess previously untested geophysical anomalies with coincident geochemical soil anomalies and to gain a better understanding of the mineralizing controls and geometry. Gold zones intersected by 1999 drilling were higher in grade and narrower in widths that those intersected by current drilling. The gold bearing zones intersected by this program will assist greatly in advancing the understanding of the mineralization on the property.

The results presented here are the first gold fire assay results from Eastern Analytical Labs in Springdale, Newfoundland. A second gold fire assay result from ACME Labs in Vancouver, in addition to the results for a complete ICP-35 element suite, are expected by the end of April 2003 and will be reported when they become available.

Other Botwood Properties

Systematic exploration has been carried out on most of the Company's properties in the Botwood Basin this season. All data will be compiled and evaluated over the winter to assess and prioritize the properties.

New Botwood Options - Weirs Pond and Radio Range

The Weirs Pond Property comprises 5 claims and is under option from Alexander and Robert Stares. The Radio Range Property comprises 12 claims and is under option from Calvin Crocker and James Richard Crocker. Both of these optioned properties are contiguous with wholly owned Candente properties. Gold mineralization in these areas has been found in glacial till samples and in grab samples of bedrock.

Option terms for each of the Weirs Pond and Radio Range Properties include: cash payments totalling Cdn$55,000; issuance of a total of 100,000 common shares; and aggregate of Cdn$200,000 in exploration expenditures over 5 years. The Company has the right to acquire an undivided 100% interest in the property subject to a 2.5% NSR. The NSR may be reduced from 2.5% to 1.5% with a payment of Cdn$1,000,000. First year exploration and cash payment commitments have already been met.

Other Newfoundland Properties

The Staghorn Property (Formerly Flamingo/Woods Lake) is a new bulk tonnage gold target in Southwestern Newfoundland. Gold mineralization on the Staghorn Property has been traced to date over an area covering one square kilometre in bedrock, soils and heavy mineral concentrate samples (HMC). The styles of gold mineralization at Staghorn are similar to those found in deposits containing from 1 to 7 million ounces gold world wide such as the Kumtor deposit in Kyrgyzstan where Cameco produces approximately 500,000 ounces annually.

The Staghorn Property comprises 186 claims and has excellent access as it is located 3 km west of a paved highway and the nearest seaport is located 60 km west-northwest of the property. The Company has optioned the Staghorn Property from Gilbert Lushman and Edwin Northcott of Newfoundland. Option terms include: cash payments totalling Cdn$105,520; issuance of a total of 120,000 common shares; and an aggregate of Cdn$500,000 in exploration expenditures over four years. The Company has the right to acquire an undivided 100% interest in the property subject to a 2.5% NSR. The NSR may be reduced from 2.5% to 1.5% with a payment of Cdn$1,000,000. A finder's fee of 20,000 shares will be paid to a third party for introductions on the Staghorn property.
Jackson's Arm

The Jackson's Arm Property comprises 36 claims and is under option from ASK Prospecting, Krinor Resources Inc. and Alex Turpin. The optioned claims are contiguous with wholly owned Candente properties.

The Jackson's Arm Property is located in Western Newfoundland and covers rocks similar in age and type to those considered to be favourable for hosting Carlin and other bulk tonnage styles of mineralization. Gold mineralization has been found to date by previous explorers in:

- HMC tills up to 15,100 ppb (15 gpt) gold;
- Two trenches which have uncovered boulders with gold values from 2.6 to 35.5 gpt and 27 to 78 gpt with a one ton boulder giving 58 gpt
- In grab samples of bedrock 7.28 and 1.24 gpt.

Options terms on the Jackson's Arm Property include: cash payments totaling Cdn$97,360; issuance of a total of 232,000 common shares; and aggregate of Can$756,000 in exploration expenditures over 5 years. The Company has the right to acquire an undivided 100% interest in the property subject to a 2.5% NSR. The NSR may be reduced from 2.5% to 1.5% with a payment of Cdn$1,000,000.

Candente is a mineral exploration company focused on the acquisition, exploration and development of world-class gold projects and has a strategic partnership with a premier gold producer. Management has a track record of discovering world-class mines. For more information on our current exploration progress visit http://www.candente.com and/or contact us at (604) 689-1957, toll free 1-877-689-1964 or mailto:investor@candente.com.

ON BEHALF OF THE BOARD OF DIRECTORS

"Joanne C. Freeze"
Joanne C. Freeze, P.Geo., President & CEO
CANDENTE RESOURCE CORP.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This News Release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.