Candente Copper Corp. (TSX: DNT)(PINK SHEETS: CDOUF)(BVLAC: DNT)
("Candente Copper") is pleased to announce that several porphyry
copper-gold targets have been delineated on several of its
properties in Peru, and the Company is well financed for
exploration drilling in 2011.
Having completed a financing for $30 million on February 17th,
2011, the Company is well funded for the following:
-- A Definitive Feasibility Study on the Canariaco Norte Copper Project
(approximately $10 to $12M).
-- Exploration drilling on the Canariaco Sur and Quebrada Verde targets on
the Canariaco property ($5M).
-- Exploration drilling on several other targets on properties 100% owned
by Candente (minimum $5M), including Arikepay.
"Now that the Pre-Feasibility Study Progress Report has clearly
demonstrated the robust economics of the Canariaco Norte deposit,
we are very excited to resume exploration and drilling on the
Canariaco Property, as well as several other priority targets we
have defined to date on a number of our other 100% owned properties
throughout Peru," commented Joanne C. Freeze, P.Geo., Candente
Copper CEO.
"Having Michael Thicke join Candente Copper as VP Exploration
after reviewing our portfolio of properties in Peru, has confirmed
our view that we hold a number of excellent exploration targets,
both adjacent to Canariaco Norte and elsewhere in Peru."
"The coming year should be an exciting one for Candente Copper,
with the potential to discover additional resources at Canariaco
Sur and Quebrada Verde, which could significantly add to the scope
of the Canariaco Norte Project," commented Michael Thicke, Candente
Copper VP Exploration. "This, coupled with the drill-ready Arikepay
project, the stable of quality exploration properties owned by
Candente Copper, and the project generating capacity of the
Peruvian exploration team positions us well for additional porphyry
deposit discoveries."
Canariaco Sur
Located 1.5 km south of Canariaco Norte, Canariaco Sur contains
a discreet, highly anomalous zone of copper, gold and molybdenum in
soil geochemistry coincident with IP and ground magnetic anomalies.
Very limited previous drilling (5 holes) at Canariaco Sur
intersected porphyry style mineralization, with one of the drill
holes intersecting over 350 metres of 0.35% copper, 0.15 g/t gold,
and 1.4 g/t silver.
A significant difference has been noted between the
mineralization encountered in drilling to date at Canariaco Sur
from that at Canariaco Norte, namely the higher gold content of
greater than 0.1 g/t at Canariaco Sur versus less than 0.1 g/t at
Canariaco Norte.
A Phase I program of 10 diamond drill holes is planned for 2011
to test the continuity and extent of copper and gold mineralization
away from that intersected in previous drilling, and to collect
sufficient data for an initial resource estimate.
Quebrada Verde
Located 3.5 km south of the Canariaco Norte deposit, and
immediately south-southwest of Canariaco Sur, Quebrada Verde also
contains a discreet, highly anomalous zone of copper, gold and
molybdenum in soil geochemistry that is coincident with both IP and
ground magnetic anomalies. The soil geochemistry, IP, and ground
magnetic signatures are very similar to those observed at Sur. One
shallow hole drilled in the 1990s intersected anomalous copper and
gold values in altered volcanic rocks, but no drilling has tested
the geochemical and geophysical anomalies delineated more
recently.
A Phase I program of 5 diamond drill holes is planned to test
the geochemical and geophysical anomalies at the Quebrada Verde
target.
Arikepay
The Arikepay property covers six claim blocks totalling 4,000
hectares, is road accessible 109 kilometres from the city of
Arequipa, and lies 45 kilometres south of the Cerro Verde
copper-molybdenum mine in southern Peru.
Highly anomalous levels of copper, gold, and molybdenum ranging
from 100 to 1,460 ppm copper, 50 ppb to 2,560 ppb (2.5 g/t) gold,
and 0.5 ppm to 143 ppm molybdenum occur in strongly altered and
leached volcanic and intrusive rocks. The copper values in the
leached rocks are typical of the upper levels of other Andean
porphyry copper deposits discovered in Peru, Chile, and Argentina.
An apparent zoning of the system with an anomalous molybdenum core
flanked by stronger copper and gold values adds to the exploration
potential of Arikepay.
The anomalous gold and copper values found at Arikepay are
associated with jarosite-goethite stockwork, veins, and
disseminations occurring within argillic-phyllic altered rocks.
Anomalous molybdenum values are associated with pervasive hematite
in zones of silicification, with quartz stockwork zones occurring
locally within altered areas. Propylitic alteration occurs south
and southwest of the phyllic and silicic alteration, and is
characterized by epidote-chlorite-magnetite in stockwork, veins,
and matrix-fill in andesitic volcanic rocks.
The phyllic and silicic alteration, which is poorly exposed,
covers an area approximately 700 metres north-south by 900 metres
east-west, and remains open to the northwest for over 2,000
additional metres under younger gravel cover and to the northeast
for approximately 500 metres under recent sand and gravel
cover.
Arikepay was explored previously (believed to be in the 1990s),
but only a very small area appears to have been drill tested, with
the copper and gold anomalies delineated by Candente Copper
remaining untested.
Miraflores
Located northeast of Trujillo in northern Peru, this early stage
project contains excellent geological and geochemical evidence for
the presence of porphyry copper-molybdenum mineralization. Initial
mapping and rock sampling shows the presence of mineralized
potassic, phyllic, propylitic, and argillic alteration, and quartz
stockwork associated with intrusive rocks and breccias.
Mapping and sampling is ongoing in order to better define and
characterize the mineralization and alteration prior to any
geophysical and/or drilling follow-up work.
Other Exploration
A preliminary evaluation program of Candente Copper's eight
other Peruvian porphyry copper properties is being lead by Mr.
Thicke and Chief Geologist Ing. Enrique Bernuy. Drill targets are
being developed on some of these properties and will be discussed
in future news releases.
About Candente Copper
Candente Copper Corp is a TSX and BVL listed mining company
focused on exploration and development of base metal mining
projects in Peru and Latin America. Candente Copper's flagship
project is the 100% owned Canariaco Norte copper project located in
northern Peru's prolific mining district.
The Pre-Feasibility Study Progress Report recently completed on
Canariaco Norte by AMEC Americas Ltd concludes that with a
projected annual production of 262 million pounds of copper, 39,000
ounces of gold, and 911,000 ounces of silver over a mine life of 22
years, the Canariaco Norte project has an after-tax Net Present
Value of US$1,063M, and an after-tax Internal Rate of Return of
18.8% using a long term copper price reverting to US$2.25/lb and a
discount rate of 8% (Candente Copper News Release 020, March 7,
2011).
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 of 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-021
Contacts: Candente Copper Corp. John Foulkes VP Corporate
Development mobile: +1 (604) 614-2999 or local: +1 (604) 689-1957
ext 2 toll free: 1 (877) 689-1964 ext 2 info@candentecopper.com
Candente Copper Corp. Walter Spagnuolo Manager, Investor Relations
mobile: +1 (604) 306-8477 or local: +1 (604) 689-1957 ext 3
Candente Copper Corp. Nataly Reategui Investor Relations, Peru
(511) 715-2001 ext 107 (511) 717-1233 (FAX) nreategui@candente.com
www.candente.com
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