Cañariaco Deposit in Lowest Quartile of Copper Industry Production Costs
9 Billion Pounds Copper 2 Million Ounces Gold 54 Million Ounces Silver
Message: Financial Results for the Year Ended December 31, 2008
| March 31, 2009 |
| Candente Resource Corp.-Financial Results for the Year Ended December 31, 2008 |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 31, 2009) - Candente Resource Corp. (TSX:DNT)(BVLAC:DNT)(WKN:GW4) ("Candente" or the "Company") announces financial results for the fiscal year ended December 31, 2008. All amounts in this release are in U.S. dollars unless otherwise stated. The Company posted a net loss of $5,031,651 or $0.07 per share in 2008, compared to a loss of $3,423,928 or $0.05 per share in 2007. The Company's major general and administrative expenses in 2008 were stock-based compensation of $1,889,692, foreign exchange expense of $1,123,133 and management and office salaries and benefits of $839,777. Mineral property expenditures were $15,557,857 in 2008, including $13,274,475 on the Canariaco property. At December 31, 2008, the Company's mineral properties expenditures totalled $40,918,819. The Company completed a private placement of 7,940,000 units at a price of Cdn$1.50 per unit for gross proceeds of Cdn$11,910,000 ($11,755,996). Each unit consisted of one common share and a one half share purchase warrant, each full warrant exercisable at a price of Cdn$2.00 to purchase one additional common share to June 26, 2010. Agents' warrants to purchase 394,449 common shares of the Company at a price of Cdn$1.75 per share, having a fair value of $162,757, were issued as part of the private placement. Total share issue costs were $860,007, resulting in net proceeds of $10,895,989. The share purchase warrants were assigned a fair value of $1,420,195. At December 31, 2008, the Company had outstanding 81 million common shares, 7.9 million stock options and 4.9 million share purchase warrants, for a fully-diluted amount of 93.8 million common shares. At December 31, 2008, the Company had working capital of $1,556,633 including cash and cash equivalents of $3,448,322. Given the financial uncertainty caused by the global economic crisis and the ongoing effect on both commodity prices and liquidity in capital markets, the Company has curtailed exploration activities to preserve capital. The Company has also significantly reduced staff in Peru and in Canada and taken steps to minimize operating costs. Despite the current economic challenges, the Company is continuing to actively assess options to facilitate resumption of exploration and development activities. For a detailed analysis of the above financial results, refer to the 2008 Consolidated Financial Statements and Management's Discussion and Analysis available on the Company's website at www.candente.com and at www.sedar.com. About Candente Resource Corp. Candente is a diversified exploration and development company with copper, gold, silver, and zinc projects in Peru and Mexico. 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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