Candente Copper Corp. (TSX: DNT)(PINK SHEETS: CDOUF)(BVLAC: DNT)
("Candente Copper") is very pleased to announce that Mr. Michael
Thicke, M.Sc., P.Geo. has been appointed President of its recently
formed subsidiary, to be named Cobriza Metals Corp. ("Cobriza
Metals"). Cobriza Metals is proposed to be spun-out to the
shareholders of Candente Copper through a Plan of Arrangement under
the Business Corporations Act of British Columbia as announced May
17, 2011 (the "Proposed Arrangement"). See Candente Copper NR 023
May 17, 2011 for details.
Mr. Thicke, an international porphyry expert, has 30 years of
global exploration experience, including extensive experience in
porphyry exploration in South America as District Geologist for Rio
Algom (now BHP Billiton) in Chile, where he was a key member of the
team that discovered the large scale Spence porphyry copper
deposit. This same team was awarded the prestigious Prospector of
the Year Award by the PDAC for the discovery in 1998. The Spence
mine commenced production in 2006.
More recently, Mr. Thicke was a senior member of BHP Billiton's
Global Porphyry Exploration Group, leading teams for the
exploration and evaluation of porphyry copper deposits in North
America, Chile, Peru, Argentina, and Kazakhstan. He also spent two
years living in Namibia managing exploration for Sedex zinc
deposits in that country, and for sediment hosted copper deposits
in Zambia.
"I joined Candente Copper Corp. as a Technical Advisor in
January of 2010 and, after reviewing their portfolio of properties
in Peru outside of the Canariaco Norte deposit area, I was very
pleased to join Candente Copper as Vice President of Exploration in
July 2010," commented Mr. Thicke. "Work to date on all of our
porphyry properties has identified a number of areas with
significant potential, and we are currently advancing the highest
priority targets towards drilling. Peru continues to offer
exceptional opportunity for the discovery of major copper deposits,
and I am looking forward to heading up Cobriza Metals."
"Candente Copper's primary focus is the Feasibility Study for
Canariaco Norte, and exploration drilling on the adjacent Canariaco
Sur and Quebrada Verde targets," commented Joanne Freeze, CEO of
Candente Copper. "Strategically there are significant advantages to
be gained, including maximizing shareholder value, by creating a
separate fully funded public vehicle to pursue exploration and
development of Candente's other Peruvian copper properties."
Joanne Freeze will act as CEO of Cobriza Metals and Sean Waller
will act as VP and Director of Cobriza Metals. Ms. Freeze is CEO of
Candente Copper and Mr. Waller is President of Candente Copper.
Proposed Arrangement Details
Pursuant to the Proposed Arrangement, Candente Copper plans to
transfer 100% of its indirect interest in all of its Peruvian
exploration properties, apart from the Canariaco Property, which
includes all Canariaco and Jehuamarca claims. Candente Copper also
intends to provide Cobriza Metals with approximately C$6 million in
working capital.
Candente Copper intends to initially retain an equity interest
of approximately 15% in Cobriza Metals, and distribute the
remaining common shares it receives of Cobriza Metals to its
current shareholders on a pro-rata basis; expected to be 1 share of
Cobriza Metals for every 5 shares of Candente Copper held.
Cobriza Metals will seek to list its common shares on either the
Toronto Stock Exchange ("TSX") or the TSX Venture ("TSX.V") and the
Bolsa de Valores de Lima ("BVL ") stock exchanges.
The Proposed Arrangement remains conditional on the approval of
final documentation by the Board of Directors of Candente Copper,
the approval of the Proposed Arrangement and the listing of the
shares of Cobriza Metals by the TSX or TSX.V (if applicable), the
approval of the shareholders of Candente Copper, and the approval
of the Supreme Court of British Columbia, among other things.
Annual General Meeting
The Annual General and Special Meeting of the shareholders of
Candente Copper (the "Meeting") will be held on Thursday, August
4th, 2011 at 1:30 pm at the Terminal City Club, 837 West Hastings
Street, Vancouver, British Columbia, Canada. At the Meeting
shareholders will be asked, among other business, to approve the
Proposed Arrangement.
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 copper project located in
northern Peru's prolific mining district.
Forward-Looking Statements
Information in this news release may involve forward-looking
statements or contain forward-looking information under applicable
securities laws. Forward-looking statements or information are
statements or information that relate to future events. In this
context, forward-looking statements or information often address
expected future business and financial performance, and often
contain words such as "anticipate", "believe", "plan", "estimate",
"expect", and "intend", statements that an action or event "may",
"might", "could", "should", or "will" be taken or occur, or other
similar expressions.
Forward-looking statements or information relate to, among other
things the timing and structure of proposed transactions and other
information related to the Proposed Arrangement. By their nature,
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause our actual results,
performance or achievements, actions or other future events, to be
materially different from any future results, performance, actions
or achievements expressed or implied by such forward-looking
statements.
Such factors include, among others, the following risks: risks
associated with project development; the need for additional
financing; operational risks associated with mineral exploration;
fluctuations in commodity prices; title matters; environmental
liability claims and insurance; reliance on key personnel; the
potential for conflicts of interest among certain officers,
directors or promoters with certain other projects; the absence of
dividends; competition; dilution; the volatility of our common
share price and volume; tax consequences to shareholders and other
risks and uncertainties, including those described in the Risk
Factors section in Candente Copper's most recently filed Annual
Information Form for the financial year ended December 31, 2010
available at www.sedar.com.
Forward-looking statements are made based on management's
beliefs, estimates and opinions on the date that such statements
are made and the Company undertakes no obligation to update
forward-looking statements if these beliefs, estimates and opinions
or other circumstances should change, except as required by law.
Investors are cautioned against undue reliance on forward-looking
statements.
On behalf of the Board of Candente Copper Corp.
Sean Waller P.Eng., President & Director
NR-024
Contacts: Candente Copper Corp. John Foulkes VP Corporate
Development Local: +1 (604) 689-1957 ext 2 or Mobile: +1 (604)
614-2999 Toll free: 1 (877) 689-1964 ext 2 Candente Copper Corp.
Walter Spagnuolo Manager, Investor Relations Local: + 1 (604)
689-1957 ext 3 or Mobile: +1 (604) 306-8477 info@candentecopper.com
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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