Candente Copper Updates Status of the Canariaco Project
May 09 2012 - 3:00AM
Marketwired
Candente Copper Corp. (TSX:DNT)(LMA:DNT)(PINKSHEETS:CCOXF) ("the
Company") is pleased to provide an update on the progress being
made with community members and local political leaders regarding
community agreements, and the resumption of field work on the
Canariaco Project in Peru.
On May 6th, 2012, Joanne Freeze, Candente Copper CEO, was
invited by the members of 12 caserios (hamlets) to attend a meeting
with approximately 200 locals from the high zone of the community
of Kanaris to finalize discussions and conclude an agreement on a
number of opportunities for cooperation between the community
members and the Company. During this meeting, an agreement was
reached with the community members regarding local employment and
sustainable development initiatives, including support for
agricultural projects in the high zone of the community of
Kanaris.
"This is a very important step forward for both the company and
the community, as it allows for significant benefits to the
community and the resumption of Environmental and Social Impact
studies, geophysics, and all pre-drilling field work. It is also a
very positive move forward towards the culmination of the proposed
Access Agreement for drilling required to complete the Feasibility
Study," said Ms. Freeze. The high zone includes the known Canariaco
Norte copper deposit, as well as the two prospective targets for
additional mineralization - Canariaco Sur and Quebrada Verde.
The President of the community of Kanaris was also invited to
the May 6th meeting and discussed the upcoming vote on the Access
Agreement. Although the details of the community meeting for the
vote are still to be clarified, the President agreed that he would
endorse the wishes of the majority of the community members
expressed in a legal voting process.
The Company has been in regular communication with the community
since resuming engineering studies in mid-2010 to discuss the
various stages of exploration and engineering studies required for
the advancement of the Canariaco project, and the near-term local
opportunities and benefits associated with such.
"We are very pleased with the progress made in our community
relations efforts, and feel we are continuing to develop mutually
beneficial relationships and opportunities for all stakeholders -
in particular local community members," said Ms. Freeze. "We
appreciate the community's effort and support in helping to assure
the advancement of the Canariaco project, and ensuring that
appropriate legal protocols are followed. Given this support, we
look forward to a timely vote on our Access Agreement."
About Candente Copper
Candente Copper's flagship project is the 100% owned, 7.5
billion pound, Feasibility stage Canariaco Norte Copper Project
located in northern Peru's prolific mining district. The Canariaco
Norte deposit contains a Measured and Indicated resource of 752.4
million tonnes grading 0.49% copper equivalent(i) and an Inferred
Resource of 157.7 million tonnes at 0.44% copper equivalent(i).
Sean Waller, P.Eng., President and Joanne C. Freeze, P.Geo.,
CEO, are the Qualified Persons as defined by National Instrument
43-101 for the projects discussed above. They have reviewed and
approved the contents of this release. (i) The 'Measured and
Indicated Resource' listed above consists of Measured Resources of
338.1Mt at 0.48% Cu, 0.08 g/t Au, and 2.0/t Ag (0.52% Cu Eq.), plus
Indicated Resources of 414.3Mt at 0.43% Cu, 0.06 g/t Au, and 1.8
g/t Ag (o.46% Cu Eq.). All resources quoted in this release are
based on a 0.30% copper cut-off grade and 229 drill holes completed
to March 2008. (i)Copper equivalent grade including gold and
silver, metal recoveries (gold 55%; silver 50%) and smelter returns
(copper 96.5%: gold 93%; silver 90%) applied. Copper grade
equivalent calculation: Cu Eq% =(Cu % + ((Au grade x Au price x Au
recovery x Au smelter return%)+(Ag grade x Ag price x Ag recovery x
Ag smelter return%))/(22.0462 x Cu price x 31.0135 g/t x Cu
recovery x Cu smelter return%). The metal prices used are: copper
US$2.50/lb, gold US$1,035/oz and silver US$17.25/oz.
This news release may contain forward-looking information
including but not limited to comments regarding the timing and
completion of ESIA and feasibility studies. Forward-looking
information addresses future events and conditions and therefore
involves inherent risks and uncertainties. Actual results may
differ materially from those currently anticipated in such forward
looking information. The Company relies upon litigation protection
for forward-looking information.
CAUTIONARY NOTE TO U.S. INVESTORS
We advise U.S. investors that this news release uses terms that
are not recognized by the United States Securities and Exchange
Commission ("SEC"), including "mineral resources", "measured
resources", "indicated resources" and "inferred resources". The
estimation of measured and indicated resources involves greater
uncertainty as to their existence and economic feasibility than the
estimation of proven and probable reserves. U.S. investors are
cautioned not to assume that mineral resources in these categories
will be converted to reserves. The estimation of inferred resources
involves far greater uncertainty as to their existence and economic
viability than the estimation of other categories of resources.
U.S. investors are cautioned not to assume that estimates of
inferred mineral resources exist, are economically mineable, or
will be upgraded into measured or indicated mineral resources. U.S.
investors are cautioned not to assume that mineral resources in any
of these categories will be converted into reserves.
On behalf of the Board of Candente Copper Corp.
Sean Waller, P.Eng., President & Director
NR-033
Contacts: Candente Copper Corp. John Foulkes, VP Corporate
Development local: + 1 (604) 689-1957 ext 2 toll free: 1 (877)
689-1964 ext 2 mobile: +1 (604) 614-2999info@candentecopper.com /
www.candente.com Candente Copper Corp. Walter Spagnuolo Manager,
Investor Relations mobile: +1 (604) 306-8477 local: + 1 (604)
689-1957 ext 3
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