Gold mineralization has been found to date in three locations in an area extending over 1.3 by 1.0 kilometres. The gold mineralization occurs in silicified volcanic rocks and hydrothermal breccias. Anomalous gold values range from 0.155 to 1.575 g/t over widths of 5 to 10 metres. The highest grade gold mineralization occurs in a hydrothermal breccia body which contains some vuggy silica fragments. A 20 metre chip sample grades 0.955 g/t, of which 10 metres grades 1.575 g/t. To date sampling has delineated anomalous gold values over an area covering 135 metres by 100 metres laterally and 50 metres vertically. The gold mineralization occurs with anomalous levels of antimony (570 ppm), arsenic (3680 ppm), silver (22.4 g/t), mercury (100,000 ppm), copper (681 ppm), and lead (662 ppm). This geochemical signature is typical of an epithermal precious metal system.
Volcanic rocks belonging to the Calipuy Formation host the mineralization. This formation also hosts the Yanacocha and Pierina gold deposits. Alteration of the host rocks is predominantly quartz stockwork and veining, pervasive silicification and several stages of brecciation. Staining by hematite, goethite and limonite is pervasive. Some of the breccia fragments include vuggy silica. Las Brujas property covers 1,000 hectares and is situated within the "Yanacocha External Caldera ", which hosts several economic deposits within 50 kilometres of Yanacocha, in the Western Andes of Peru. Yanacocha is one of the largest heap leachable gold mines in the world with production costs of $88 per ounce and reserves of 35 million ounces of gold. Las Brujas property is accessible by road and lies just west of the Tantahuatay project, which is currently under exploration by Yanacocha's owner Buenaventura.
The Company has agreed to pay a finders fee of 20,000 shares for introductions that led to the acquisition of this property.
Pamel Option in Default
The Company regrettably announces that Richfield Explorations Inc. is in default of their Option Agreement on the Pamel Property. Richfield has informed the company that they are unable to comply with stock exchange regulations under the existing option agreement. Richfield has expressed an interest in re-negotiating an option on the property once the parameters for compliance have been established between the Company and the stock exchange.
In July of this year, Dr. Peter Lewis, a well-known geological consultant with extensive experience in high sulfidation precious metal systems world wide, carried out a preliminary geological and structural evaluation of the Pamel Property. His work has greatly assisted the Company with further exploration plans for this property.
Candente Resource Corp. has been exploring in Peru since 1997 and holds interests in epithermal gold, porphyry copper-gold and volcanogenic massive sulphide prospects. The Company's founders have extensive exploration experience in Peru and have been involved in some of Peru's major discoveries. A comprehensive overview and property portfolio for Candente is available on the web at www.candente.com.
For more information on our properties and our Company, please contact Chris Verrico at (604) 689-1957 or at investor@candente.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Joanne Freeze", P. Geo., President and CEO
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.