DNT Candente Copper Corp

NOT FOR DISSEMINATION IN THE UNITED STATES

Candente Resource Corp. (TSX:DNT)(BVL:DNT)(WKN:GW4) ("Candente Resource") and
Candente Gold Corp. ("Candente Gold") are pleased to announce the closing on
December 17th of the first tranche totalling $6,855,930 of the previously
announced private placement offering of common shares of Candente Gold (the
"Financing"). A second tranche will close next week.


Candente Gold is scheduled to start trading on the TSX under the symbol of "CDG"
on January 4th, 2010 (the Ex-Distribution Date). Candente Resource will change
its name to Candente Copper Corp. and will distribute to its shareholders one
common share of Candente Gold for every five common shares of Candente Resource
held as of December 31st 2009. This is in accordance with the Plan of
Arrangement details of which are contained in the June 16th 2009 and July 8th,
2009 news releases of Candente Resource and Candente Gold.


The Financing is comprised of units which consist of one common share in the
capital of Candente Gold ("Share") and one-half of one share purchase warrant
("Warrant"). Each whole Warrant will be non-transferable and exercisable for a
period of 24 months (until January 5th 2011) to purchase one additional Share at
a price of $0.60 per Share.


Candente Gold will pay to certain agents assisting with the financing a cash
commission equal to 6.5% of the gross proceeds from the sale of the units they
each make pursuant to the Financing, together with broker's warrants to purchase
that number of units that is equal to 6.5% of the aggregate number of units they
sell pursuant to the Financing. Each broker's warrant is exercisable for a
period of 24 months to purchase one additional Share at a price of $0.60 per
Share.


All Shares issued pursuant to the Financing will be subject to a four month hold
period to May 5, 2010.


Insiders have purchased 5.8% of the units issued pursuant to the first tranche
of the Financing.


The net proceeds of the Financing will be used to fund exploration and
development activities on Candente Gold's El Oro property in Mexico, its
portfolio of earlier stage gold-silver properties in Peru and for general
corporate purposes.


At El Oro, 20 veins have been discovered to date and there is excellent
potential to discover more veins. Many of the known veins have no surface
expression due to a cover of younger volcanic rocks. Most of the past
exploration and mining development has been conducted on only two of the veins.
Historic mining operations produced eight million gold equivalent ounces from an
average vertical extent of 150 to 250 metres within two veins and there is
strong indication that the gold and silver mineralization continues at depth.
The El Oro mineral systems are similar to those in other mines in Mexico, such
as Pinos Altos, Fresnillo and Guanajuato, where gold and silver occurs over 600
to 900 metres vertically.


Gold and silver mineralization extends over significant lengths and widths
within the veins and also occurs in irregular high-grade ("bonanza") zones,
which pinch and swell both vertically and laterally.


Joanne Freeze, President and CEO comments, "We believe the El Oro property has
the potential to host several million ounces of gold and silver in both vertical
and lateral extensions to known veins as well as possible undiscovered veins."


About Candente Resource Corp and Candente Gold Corp.

The Company's and Candente Gold's Management Teams and Boards 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 whereby exploration and development activities are consistent with
best practice and beneficial to the local communities.


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 which 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.


NR 269

Candente Copper (TSX:DNT)
Historical Stock Chart
From Oct 2024 to Nov 2024

Candente Copper (TSX:DNT)
Historical Stock Chart
From Nov 2023 to Nov 2024