The net proceeds of the private placement will be used for funding exploration and development activities on the Company's mineral properties and for general corporate purposes. Subject to acceptance by the Toronto Stock Exchange, the Company may pay a finder's fee payable in cash or securities or a combination thereof.
The Company plans to re-commence drilling on the Cañariaco Property next month, which will focus on expanding the copper and gold resource at Cañariaco Norte as well as explore the two other copper-gold porphyry targets on the property. The preliminary inferred resource, which makes up less than 15% of the volume of known mineralization, estimates 76.5 million tonnes grading 0.614% copper and 0.099 grams per tonne (gpt) gold at a cut-off grade of 0.30% copper. Contained metal in the resource equals 1,035 million pounds of copper and 243,000 ounces of gold.
The Company also plans to drill additional holes on the Alto Dorado gold-copper porphyry project this year where an Induced Polarization (IP) chargeability anomaly (7km by 1km) coincides with an extensive area of porphyry style alteration and a 9km by 2.5km area of anomalous levels of gold, copper, molybdenum and arsenic in soils and rocks.
Candente is a diversified copper and gold exploration company. Our focus is to increase shareholder value through discovery. Candente has an advanced exploration stage copper project, Cañariaco, and several other gold and gold-copper projects in Peru and Newfoundland. Candente's directors have individual track records in both the discovery and development of multi-million ounce gold and silver, and multi-billion pound copper deposits. Candente subscribes to principles, which ensure that its exploration and development activities are beneficial to the local communities. For more information visit www.candente.com, call us at (604) 689-1957, toll free 1-877-689-1964 or e-mail to info@candente.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Joanne C. Freeze"
Joanne Freeze, P. Geo., President & CEO
Candente Resource Corp.
Release No. 129
NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
THIS NEWS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES IN THE UNITED STATES. THE SECURITIES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT") OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED UNDER THE U.S. SECURITIES ACT AND THE APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE.
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. Candente relies upon litigation protection for forward-looking statements.