Candente Copper Corp. (TSX:DNT)(PINK SHEETS:CDOUF)(BVLAC:DNT)
("Candente Copper" or the "Company") and Cobriza Metals Corp.
("Cobriza") are pleased to announce that they have completed the
previously announced plan of arrangement (the "Arrangement")
pursuant to which all mineral claims held in Peru apart from the
Canariaco Property, as well as $6,000,000, have been transferred to
Cobriza (see Candente Copper NR 023 May 17, 2011 and NR 026 August
24, 2011 and the Amended and Restated Information Circular of
Candente Copper dated July 22, 2011 for full details).
The common shares of Cobriza ("Cobriza Shares") have been
conditionally approved for listing on the Toronto Stock Exchange
("TSX") and it is anticipated the Cobriza Shares will commence
trading on the TSX on Wednesday, October 12, 2011. Cobriza will
also seek a listing on the Lima Stock Exchange ("BVL") where
Candente Copper is and will remain listed.
Cobriza will commence exploration immediately on the Don
Gregorio and Arikepay properties.
The Don Gregorio property covers an underexplored porphyry
copper-gold system located 140 km NNE of Chiclayo in Northern Peru.
Previous exploration on the Don Gregorio property included 1,648
metres ("m") drilled in 12 holes in 1977 & 1995. Assays from
this drilling included 153.3 m of 0.394% copper and 0.18 grams per
tonne ("g/t") gold. From 2006 to 2011, Candente Copper collected 20
surface rock chip samples. Highlights of this sampling include the
following results: 1.13% copper and 0.902 g/t gold over 9m; 1.23%
copper and 0.260 g/t gold over 20m; 1.36% copper and 0.836 g/t gold
over 3m.
Initial work at Don Gregorio will include detailed mapping, rock
chip sampling and an Induced Polarization survey to define the
lateral extent of the porphyry system. An initial 4,000 m of
drilling is planned to follow up the initial work.
The Arikepay property covers a potential porphyry copper system
and is located in Southern Peru 65 km south of the city of
Arequipa. Phyllic and silicic alteration typical of porphyry
deposits is evident on the property covering an area of 700 x 900
m. The altered zone is open to the NW for over 2,000m and is open
to the NE for over 500 m under sand & gravel cover.
In 2011 Candente Copper collected 112 rock chip samples which
included the following results from leached and altered rocks: 100
to 1,460 ppm (0.146%) copper; 50 ppb to 2,560 ppb (2.5 g/t) gold;
and 0.5 ppm to 143 ppm (0.014%) molybdenum. Some drilling was
conducted on the property previously but Candente Copper does not
have those results. It is believed that the previous drilling
tested only a limited part of the alteration zone as identified by
Candente Copper. Drilling is planned for this property in the near
future.
Cobriza has 27,500,001 Cobriza Shares issued and outstanding as
well as 1,854,900 options and 1,703,209 warrants for a total of
31,058,110 Cobriza Shares on a fully diluted basis. Existing
("Old") Candente Copper shareholders will hold 23,686,698 Cobriza
Shares (approximately 86%) of Cobriza while Candente Copper will
retain 3,813,303 Cobriza Shares (approximately 14%) of Cobriza.
Dundee Securities Ltd. and Scotia Capital Inc. (collectively,
the "Sponsors") have agreed to act as sponsors to assist the TSX in
assessing the application to list the Cobriza Shares on the TSX.
The Sponsors have been granted 200,000 warrants each (400,000
total) to purchase Cobriza Shares as compensation (the "Sponsor
Warrants"). The Sponsor Warrants will have a two year term and will
be priced by the TSX based on a 25% premium to the 5-day volume
weighted average price ("VWAP") for the first 5 days of trading of
the Cobriza Shares on the TSX.
The current Candente Copper common shares ("Old Candente Copper
Shares") will continue to trade until the close of trading on
October 11, 2011. At the commencement of trading on October 12,
2011, it is expected that the Old Candente Copper Shares will be
delisted from the TSX and the new Candente Copper common shares
("New Candente Copper Shares") will commence trading as common
shares of Candente Copper under the symbol 'DNT' in substitution
for the Old Candente Copper Shares, and the Cobriza Shares are also
expected to commence trading on October 12, 2011. The
substitutional listing of the New Candente Copper Shares and the
listing of the Cobriza Shares remain subject to the final approval
of the TSX.
Holders of Old Candente Copper Shares will be entitled to 1 New
Candente Copper Share and 1/5 of a Cobriza Share for each Old
Candente Copper Share upon remittance of a properly completed
Letter of Transmittal and certificates representing their Old
Candente Copper Shares to the Depositary at the address specified
in the Letter of Transmittal. The Letter of Transmittal was mailed
to all shareholders on September 22, 2011 - either directly or via
their broker if their shares are held indirectly - and is also
available under the Company's profile on SEDAR at www.sedar.com or
by contacting the Company directly.
About Candente Copper and Cobriza
Candente Copper and Cobriza'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 Copper and Cobriza subscribe to principles
whereby exploration and development activities are consistent with
best practice and beneficial to the local communities.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and
forward-looking information (collectively, "forward-looking
statements") within the meaning of applicable Canadian and US
securities legislation. All statements, other than statements of
historical fact, included herein including, without limitation,
statements regarding the Arrangement, timing certain steps to be
taken with respect to the Arrangement, the expected completion of
the Arrangement and the anticipated timing of listing of the New
Candente Copper Shares and the Cobriza Shares on the TSX. Although
the Company believes that such statements are reasonable, it can
give no assurance that such expectations will prove to be correct.
Forward-looking statements are typically identified by words such
as: believe, expect, anticipate, intend, estimate, postulate and
similar expressions, or are those, which, by their nature, refer to
future events. The Company cautions investors that any
forward-looking statements by the Company are not guarantees of
future results, performance, or actions and that actual results and
actions may differ materially from those in forward-looking
statements as a result of various factors, including, but not
limited to, those risks and uncertainties disclosed in the
Company's Information Circular with respect to the Company's Annual
general and Special Meeting held August 23, 2011 filed with certain
securities commissions in Canada and other information released by
the Company and filed with the appropriate regulatory agencies. All
of the Company's Canadian public disclosure filings may be accessed
via www.sedar.com and readers are urged to review these materials,
including the technical reports filed with respect to the Company's
mineral properties.
On behalf of the Boards of Candente Copper Corp. and Cobriza
Metals Corp.
Joanne C. Freeze, P.Geo., CEO & Director Candente Copper
Corp.
Michael Thicke, P.Geo., President & Director Cobriza Metals
Corp.
NR-029
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 2jfoulkes@candente.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 107nreategui@candente.comwww.candente.com
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