Candente Copper Updates Status of the Canariaco Project
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/09/12 -- 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) 614-2999
info@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
