Candente Resource Corp. (Candente) is pleased to announce that subject to regulatory consent, the Company has agreed to a Non-Brokered Private Placement to raise a total of $1,200,000 by issuing 2,000,000 shares at $0.60. The financing will not include warrants nor flow -through tax credits. The funds will be used for general working capital and exploration of the Company's gold properties in Peru. Flow-through funds totalling $896,500 from previously announced financings will fund exploration on the Company's recent acquisitions in Central Newfoundland.
Exploration in Peru is currently focused on two gold properties, the Luna Property in Central Peru and the El Tigre Property in Northern Peru.
The Luna Property in Central Peru has recently been expanded by entering into an option to purchase 100% interest in the Viky claim on the northwest border of the property. This claim covers a low sulphidation epithermal quartz vein where gold grades are as high as 84.6 grams per tonne (gpt) (2.7 ounces per ton). A limited amount of gold production has been carried out on this claim by previous owners. The Viky zone occurs approximately one kilometer northeasterly of the Blanquitos gold zone (6 gpt over 10 by 5m) and is believed to be related to it. These low sulphidation gold zones crosscut and postdate the iron oxide copper-gold zones. Under the option to purchase agreement Candente will pay the current owners US$52,500 for 51% interest and an additional US$97,500 for the additional 49% interest over a period of five years.
Advancements in confirming the presence of a diatreme source to gold mineralization on the El Tigre property have been made by a recent study of data, rock and drill core samples by Josh Coder, M.Sc. and Larry Kornze, P.Eng. The diatreme or field of diatremes are believed to be in excess of two kilometers in diameter and show evidence of several mineralizing events by the presence of multiple breccias and gold bearing quartz veins and silicification. Well known examples of diatreme hosted gold deposits include Rosia Montana (in excess of 10 million ounces of gold) held by Gabriel Resources and Cripple Creek, Colorado which is currently in operation under Anglogold. Further geological mapping and geophysical surveys are planned at El Tigre to assist in delineating drill targets.
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 email@example.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.