Candente Copper Corp. (TSX:DNT)(PINKSHEETS:CCOXF)(LMA:DNT)
("Candente or the Company") is pleased to advise progress on the
Canariaco copper project.
Drilling which commenced in late December 2012, has progressed
very well and both the exploration and metallurgical components
have now been completed. Given our progress to date and the current
global downturn in economic conditions for mineral exploration and
development, the Company is reducing expenditures to a minimum
while we evaluate program results and costs to date. This reduction
includes a temporary suspension of drilling activities, however,
Sustainable Development Programs, Environmental and Social Impact
("EIA") studies and reforestation including reclamation of drill
platforms and other areas impacted by the drilling program are
planned to continue. The Company is firmly committed to
Environmental and Social Responsibility.
Drilling Summary
At Canariaco Sur, ten widely spaced (200 to 300 metres apart)
holes confirmed the presence of a second significant porphyry
copper- gold- silver system. Mineralization at Canariaco Sur
extends for a minimum of 700 metres ("m") north-south and 500m
east-west and is open in all directions. Results are pending from
the final two holes (See DNT NR 45, 46, 47 and 49 for previously
reported drilling results).
The metallurgical drilling program consisting of ten holes was
completed in April and all core is being prepared for transport to
Vancouver, B.C., Canada for testing.
Geotechnical drilling was initiated in April and five holes have
been completed to date.
Sustainable Development
Candente will continue to support the coffee producing
association, APC, as well as Save the Children. In addition, a new
convenio with the foundation SocoDevi, http://www.socodevi.org has
recently been initiated.
SocoDevi is a network of cooperatives and mutuals whose mission
is to use the cooperative approach as an effective tool for
creating, protecting and distributing socio-economic benefits in
developing countries. Candente will co-finance and extend
SocoDevi's Cooperative and Mutual Partnership Program (CMPP), as a
sub-project in the communities and associations of Canaris. The
CMPP is a development program funded by the Canadian International
Development Agency (CIDA) and Socodevi which is being implemented
over the next five years in Peru, Bolivia and Vietnam.
The program's overall development philosophy for Peru is to
support local (grass-roots) cooperative movements that promote
sustainable socio-economic development. The program in this area
will be oriented to increase management and operational
capabilities of community members and their cooperatives. This will
strengthen the community's position and influence in front of
government bodies and civil society in order to access benefits and
programs of development.
To implement the project, Socodevi will manage the activities
jointly with PRO-A (http://www.ongproa.com ) a locally based NGO, a
private company specialized in forestation projects and carbon
credit production (ECOTIERRA http://www.ecotierra.co/en/) and
Candente Copper.
Associations to participate in this program include but are not
limited to:
1. The Association of Ecological Producers of San Juan Bautista Canaries
("APC") (with more than 290 members from 18 communities)
2. The Association of Agropequario Producers of the Alto-Andean Zone of
Canaris ("APAZA") (with more than 270 members from 8 communities)
3. The Association of Producers and Conservationists of Atunloma (11
families from one community)
4. The Association of San Jose Carpenters of Canaris (17 members from 13
communities)
The coffee producing association, APC, is being supported
through activities of the CMPP with the development of a detailed
3-year business plan, plus an extensive strategic development plan
of 5 years, both of which are to be presented at the end of May to
the Ministry of Agriculture's co-financing program AgroIdeas
(http://www.agroideas.gob.pe/web/?page_id=113).
Save the Children will continue to be supported for a second
year with financial and logistical support for work in the
Alto-Andean zone of Canaris through our program "Healthy
Communities with Protected Children and Improved Access to Health
Care and Education".
Roundtable for Development
The Roundtable for Development which was established in January
2013 continues with meetings held near the beginning of each month
(see DNT NR 048). On May 4, 2013, the fifth meeting was held in the
village of Marayhuaca.
One of the key objectives of the Roundtable is to provide a
venue for community representatives, regional and central
government officials to discuss and prioritize community
development projects to be funded by the central government under
its commitment for an investment of more than 140,000,000 (One
hundred forty million) Peruvian Soles (approximately US$56
Million). These funds will be directed to projects which address
health, education, sanitation, energy, homes, transport,
agriculture, and other needs.
Candente has offered to support the Development Plans with
evaluation and funding of experts to prepare the technical files
and present the projects which the Central Government will be
funding.
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 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 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 and Director
NR-050
Contacts: Walter Spagnuolo Manager, Investor Relations mobile:
+1 (604) 306-8477 local: + 1 (604) 689-1957 ext 3 Nataly Reategui
Investor Relations, Peru tel.: (511) 715-2001 ext
107nreategui@candente.cominfo@candentecopper.com
www.candente.com
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