2001 News

The Company is pleased to announce that their Peruvian subsidiary was the successful bidder in an auction held in Lima, Peru on Wednesday, February 14, 2001. As a result of the success at the auction, Cia. Minera Oro Candente S.A. has the right to acquire 100% interest in the Canariaco Property in Northern Peru for a total of US$75,000.

The exploration target of most interest to the Company is a potentially leachable copper sulphide zone (greater than 0.6%Cu) at Canariaco Norte, where preliminary sequential leach tests by Geomet S.A. of Chile indicate recoveries may be in the 85 to 90% range. The potentially leachable mineralization occurs in a high sulfidation sulfide assemblage which is present over 80 to 120 metres in 2 drill holes and 192 metres in a third hole all drilled by Billiton in 1999. This high sulfidation sulfide assemblage (pyrite-chalcocite-covellite-bornite-djurleite-enargite-tennantite) occurs in a hypogene zone overprinting lower grade porphyry style disseminated sulphides (pyrite-chalcopyrite-digenite). The higher grade chalcocite mineralization begins at depths of between 20 - 40 meters below a leached cap. This and other data available to date indicates potential for a low stripping ratio. Both the vertical and lateral limits of the mineralization have yet to be determined.

Billiton held the property under option from Minero Peru in 1999. Previous drilling 500 metres to the north of Billiton's holes, indicate that the potentially leachable sulfide mineralization continues to the north as does the underlying zone of porphyry style disseminated sulphides.

Although the sparse pattern of drilling does not allow a resource calculation, Billiton's reports refer to the potential for a leachable resource in excess of 60 million tons of greater than 0.6% copper.

The Canariaco property is located 35 km northwest of La Granja, (recently acquired by Billiton from Minero Peru and Cambior). Canariaco is accessible by road and is located 100 kilometres by air from the coastal city of Chiclayo.

The Company has entered into discussions with and is actively soliciting potential partners to advance the project.

Candente Resource Corp. www.candente.com is actively exploring and holds interests in epithermal gold, disseminated copper-gold and VMS prospects in Peru. For more information contact us at (604) 689-1957 or at investor@candente.com.


"Joanne Freeze", P. Geo., President & CEO
Candente Resource Corp.

The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Subscribe to our Email List