Candente Copper Corp. (TSX:DNT)(LMA:DNT)(PINKSHEETS:CCOXF) ("the
Company") is pleased to announce that it has received the drilling
permit for the Canariaco Property from the Ministry of Energy and
Mines of Peru (Direccion General de Asuntos Ambientales Mineros -
DGAAM).
"We are very pleased to receive this drilling permit, and
although the time for approval was longer than anticipated, it is
indicative of both a thorough review and the importance that the
Ministry places on these applications," stated Sean Waller,
President.
This drilling permit is required for drilling to complete the
Canariaco Norte feasibility study, and for exploration drilling on
the Canariaco Sur copper-gold porphyry system, and the Quebrada
Verde copper-gold porphyry target.
The Company will now immediately apply for the water permit,
which can only be applied for once a drilling permit has been
issued. The DGAAM granting the drilling permit and the National
Water Authority (Autoridad Nacional del Agua - ANA) granting water
permits are both Central Government entities.
In addition to the two Central Government permits, the Company
requires an access agreement from the surface rights owner, which
is the Community of Kanaris. The Company has made a proposal to the
the Community of Kanaris for a three year surface access rights
agreement. Under Peruvian Community Law, such an agreement can only
be accepted during a General Assembly meeting of the Community of
Kanaris. The Company is confident that such a General Assembly will
be held soon, and looks forward to the resumption of drilling on
the property.
The Canariaco Norte feasibility study drilling will include a
total of 47 holes (approximately 11,000 metres) planned in the
proposed pit and project areas. This drilling will include
geotechnical drilling required for the design of the open-pit,
waste rock storage area, process plant site, tailings containment
structures, plus ancillary facilities and infrastructure.
Metallurgical holes will be drilled to provide samples required to
complete the metallurgical assessment, and limited resource infill
drilling will be completed to define lithological controls in
certain portions of the Canariaco Norte deposit.
The exploration drilling program includes 10 drill holes planned
on the Canariaco Sur porphyry system and 5 holes on the Quebrada
Verde target. An additional 5 holes have been budgeted for Quebrada
Verde, depending upon the results of the first 5 holes.
Canariaco Sur is a mineralized copper-gold porphyry system that
has had five holes drilled previously, with assays including 176.2
metres of 0.41% copper, 0.12g/t gold and 1.6 g/t silver in hole
CS08-002, and 100.0 metres of 0.41% copper, 0.17g/t gold and 1.6
g/t silver in hole CS08-001 (see Candente Resource Corp. NR 256
Feb. 26th, 2009). Based on these results, Canariaco Sur clearly
offers exceptional potential to expand the porphyry system.
Drilling on Canariaco Sur is a priority, as the proximity of this
porphyry system to the Canariaco Norte deposit means it has the
potential to add significant value to the Canariaco project if an
economic deposit is defined.
Quebrada Verde is an early stage target close to Canariaco Sur,
with copper-gold mineralization typical of porphyry type deposits
exposed in outcrop identified by the Company's previous surface
work.
"Canariaco Sur and Quebrada Verde are compelling targets on
their own, but their close proximity to the Canariaco Norte deposit
makes them even more attractive," commented Michael Thicke, P.Geo.,
Technical Advisor to Candente Copper.
In addition to the three drill programs outlined above, two
geophysical programs are planned for the Canariaco property. A
ground-based induced polarization survey of approximately 60
line-kms will be completed over Canariaco Sur and Quebrada Verde to
guide the exploration drilling of these targets, and a
high-resolution airborne magnetic survey of approximately 1,600
line-kms over the entirety of the Canariaco property is planned to
search for geophysical anomalies that could be indicative of new
porphyry systems.
It is important to note that geophysical surveys completed to
date have focused solely on the Canariaco Norte, Canariaco Sur, and
Quebrada Verde areas. The Canariaco property covers over 16,000
hectares and the majority of it is under-explored. The property
wide, high-resolution magnetic survey will be a key tool to assist
the evaluation of exploration potential beyond the Canariaco Norte,
Sur, and Quebrada Verde areas.
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 (0.46% 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 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.
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-034
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
Candente Copper Corp. Walter Spagnuolo Manager, Investor Relations
mobile: +1 (604) 306-8477 local: + 1 (604) 689-1957 ext 3
www.candente.com
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