Vancouver, British Columbia, May 15, 2008. Candente Resource Corp. (DNT:TSX) ("Candente") announces a summary of its results for the three months ended March 31, 2008 (the "2008 Period"). All amounts in this release are in U.S. dollars unless otherwise stated.
Candente incurred mineral properties expenditures totalling $3.3 million during the 2008 Period, of which $3.2 million was directed to the Cañariaco Property. Cumulative mineral property expenditures to March 31, 2008 totalled $26.3 million of which Cañariaco expenditures totalled $20.4 million.
During the 2008 Period, the Company received proceeds of $0.5 million from the exercise of stock options, issuing 935,000 common shares at a weighted-average price of Cdn$0.54 per share. At March 31, 2008, there were 72.8 million common shares issued and outstanding, with 8.2 million stock options and 0.5 million share purchase warrants outstanding for a total of 81.5 million common shares on a fully-diluted basis.
At March 31, 2008, the Company had working capital of $4.9 million including cash and cash equivalents of $5.3 million. The Company's net loss for the 2008 Period totalled $1.0 million, or $0.01 per share, compared to a loss of $0.4 million, or $0.01 per share, for the same period in 2007.
For a detailed analysis of the above, refer to the consolidated financial statements and management's discussion and analysis for the 2008 Period available on the Company's website at www.candente.com and at www.sedar.com.
About Candente Resource Corp.
Candente is a diversified copper and gold exploration company focused on increasing value through discovery for both shareholders and local stakeholders. Candente has an advanced exploration stage copper project, Cañariaco, and several other gold, copper and silver projects in Peru and Mexico. Candente subscribes to principles which ensure that its exploration and development activities are beneficial to the local communities.
For further information please contact Mr. Johnny DeCooman at (604) 689-1957 or toll free 1-877-689-1964, or by email at communications@candente.com.
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.