Candente Resource Corp. ("the Company") is pleased to announce the acquisition of ten additional properties in Central Newfoundland where Barrick and other companies are exploring the Botwood Basin for mineralization similar to that of the Carlin Trend of Nevada.
These properties have been acquired on the recommendation of Larry Kornze, who recently retired as Exploration Manager for Barrick and was involved with discovery of over 40 Million ounces of Gold in the Carlin Trend of Nevada. Candente's new properties cover gold showings, gold and barium geochemical anomalies, rock types and structural controls all considered favourable for hosting Carlin style or other bulk tonnage style gold mineralization.
The properties comprise a total of 734 claims, which were staked after making an agreement with local prospectors, Kevin Keats and Allan Keats of A.S.K. Prospecting and Guiding Inc. (A.S.K.). Staking of the claims was funded by Candente. A.S.K. will receive 200,000 common shares in the Company and a 0.75% NSR on the properties as well as additional shares in the Company based upon the development progress of each property. The NSR's may be reduced to 0.25% with the Company making certain payments. The Keats have over 30 years of experience in Central Newfoundland, with several companies including Noranda and have discovered several significant gold showings in the region including Candente's Linear Property.
The Company is also pleased to announce it has closed the Private Placement referred to in the news release dated April 24th, 2002 and revised on May 11th, 2002. A total of 2,850,000 units were sold to raise total proceeds of $997,500. All securities will be subject to a four-month hold period expiring September 17th, 2002. The funds will be used for general working capital and exploration programs on the Company's gold properties in Newfoundland and Peru.
Candente is a junior exploration company focused on the acquisition, exploration and development of world-class gold and copper projects. For more information on our current exploration progress visit www.candente.com and/or call us at (604) 689-1957, toll free 1-877-689-1964 or e-mail to investor@candente.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Joanne C. Freeze"
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. 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.