Cañariaco Deposit in Lowest Quartile of Copper Industry Production Costs
9 Billion Pounds Copper 2 Million Ounces Gold 54 Million Ounces Silver
Message: Corporate Update
| February 26, 2009 |
| Candente Resource Corp.: Corporate Update |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 26, 2009) - Candente Resource Corp. (TSX:DNT)(BVL:DNT)(WKN:GW4) ("Candente" or the "Company") reports that with the definition of a significant copper-gold resource and the successful completion of the Preliminary Economic Study ("PEA" Scoping Study) on the Canariaco Norte project, management is actively assessing opportunities to continue the development of the Canariaco project as well as the resumption of exploration work on its gold and silver properties. Gold-Silver Properties: Candente holds a portfolio of gold and silver properties in Peru and Mexico, which have excellent potential for hosting multi-million ounce deposits. The Peruvian projects are owned 100% by Candente and host both high and low sulphidation epithermal targets, several of which are drill ready. The El Oro project in Mexico, under option from Luismin, S.A. de C.V. (Goldcorp), has produced an estimated 20 million gold equivalent ounces over 50 plus years of operation. Drilling by Candente/Canaco in 2007 intersected mineralized structures below the historical workings at El Oro demonstrating that precious metal mineralization continues at depth. Recent petrographic work on the vein intersections indicates positions high in an epithermal gold-silver system and excellent potential for additional gold-silver ore shoots below past production levels. Within or close to past production levels in one of the main veins, Luismin has estimated a historical "non 43-101" resource containing approximately 1.7 Million ("M") ounces ("oz") gold and 34 M oz silver in 17 M million tonnes with an average grade of 3.67 gpt gold and 69.4 gpt ("gpt") silver. Excellent potential also exists for discovery of parallel vein systems in a previously undrilled area at El Oro. Canariaco Sur: A second drill hole (CS08-002) into the Canariaco Sur deposit, intersected 83 metres (166 to 249 metres) of 0.47% copper, 0.15 gpt gold and 1.63 gpt silver (0.55% copper equivalent within a larger 176 m intersection (73 to 249 metres) averaging 0.40% copper, 0.13 gpt gold, 1.54 gpt silver (0.48% copper equivalent)). The first hole drilled in Canariaco Sur, CS08-001, was collared 320 metres south of CS08-002 and intersected copper and gold mineralization from 146 metres to the end of the hole at 535 metres depth. Canariaco Sur is the second copper-gold porphyry body discovered to date on the Canariaco Property and lies 1.3 km south of the centre of the Canariaco Norte deposit. "The existence of one or more additional porphyry deposits in such close proximity to Canariaco Norte could add significantly to the economics of the project through shared infrastructure and facilities," comments Sean Waller, P.Eng., VP Development. Individual two metre sample intervals assayed as high as 0.78% copper, 0.36 grams per tonne gold and 4.2 grams per tonne silver demonstrating that the gold-silver:copper ratio in Canariaco Sur appears to be higher than in Canariaco Norte. The copper mineralization in Canariaco Sur is predominantly chalcopyrite and bornite. Exploration work including geology, geophysics and geochemistry, indicates that Canariaco Norte, Canariaco Sur and a third target, Quebrada Verde, are part of an extensive porphyry complex covering a minimum length of five kilometres and an average width of two kilometres. The porphyry complex is covered entirely by the Canariaco property, which is held 100% by Candente. Samples were sent by Candente to ALS-Chemex in Lima, Peru (BVQI ISO 9001/2000 accredited). The analytical procedure used for gold is Fire Assay with an Atomic Absorption finish on a 30 gram split. The analytical procedure used for copper is Four Acid Digestion with a multi element Inductively Coupled Plasma ("ICP") finish on a 0.25 g split. VP Finance and Corporate Development resigns: In another matter the Company announces that due to cost reductions W. John DeCooman has resigned as VP Finance and Corporate Development. "We have greatly appreciated working with Johnny and all of his contribution to Candente and we wish him all the best with his future endeavours," Joanne Freeze, President and CEO. PEA re-filed with corrected Process Design Criteria: The Company also advises that the Canariaco Norte ("PEA") released on December 12, 2008 contained incorrect process design criteria in Appendix B of the Report. The correct design criteria have been inserted into the report appendices and the report has been re-filed as "Revised Preliminary Economic Assessment Technical Report, Canariaco Norte Project, Peru" on February 26th, 2009. There are no changes to the findings, recommendations or conclusions presented in the PEA report, the update has been made strictly to correct a clerical error pertaining only to the backup data contained in the report. Gordon Doerksen, P.Eng., of SRK Consulting (Canada) Inc. and Peter Critikos, P.E., of Samuel Engineering Inc. are the Qualified Persons as defined by National Instrument 43-101 for the aspects of the PEA discussed above and have reviewed and approved the contents of this release pertaining to the PEA. Sean Waller, P.Eng., VP Development and Robert van Egmond, P.Geo., Manager Geology Canariaco, are the Qualified Persons as defined by National Instrument 43-101 for the projects discussed above and they have reviewed and approved the contents of this release. Additional information on the company and projects is available at www.candente.com. About Candente Resource Corp. Candente's Management Team and Board of Directors are senior mining industry executives with a track record in the discovery and development of copper, gold and silver deposits. Candente subscribes to principles, which ensure that exploration and development activities are consistent with best practice and beneficial to the local communities. |
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