Candente Resource Corp. ("the Company") has entered into an Option to Purchase a 100% interest in the Linear Property in the Botwood Basin gold area of Central Newfoundland. This acquisition has been made on the recommendation of Larry Kornze, Candente's Director of Business Development. Mr. Kornze has extensive experience in the Carlin Trend of Nevada as Exploration Manager for Barrick Gold and was instrumental in the Goldstrike Mine discoveries (2.4 million ounces in 2000). Barrick and other companies are exploring the Botwood Basin as it has many similarities to the Carlin Trend of Nevada.
On the Linear Property, five (visible) gold showings have been found to date over a two (2) km strike length. The discovery was made by following up an area where visible gold was found in quartz boulders, one of which assayed 54.5 ounces per ton (1,744 grams per tonne). Barrick Gold is currently exploring the Mustang Gold trend properties adjacent to the Linear Property.
The Company has optioned the Linear Property from the KriASK Syndicate of Newfoundland. Option terms include: cash payments totalling Cdn$171,000; issuance of a total of 300,000 common shares; and an aggregate of Cdn$1,000,000 in exploration expenditures over the next five years. The Company has the right to acquire a 100% interest in the property subject to a 2.5% NSR. The NSR may be reduced to 0.5% with the Company making certain payments.
Management continues to be extremely pleased with exploration results in Peru and an update on the Luna Property will be issued in the near future.
The Company has renewed a contract with Wells Media Inc., who continues to carry out communications and public relations services for the Company. The new contract is for a three-month term and remuneration will vary according to hours worked but is for a maximum of $1,500 per month. Reg Advocaat has also been contracted to carry out corporate communications services on a part-time basis in the Company's offices. Reg will be paid $1,500 per month. Nancy Wells and Reg Advocaat have each been granted stock options to purchase 50,000 common shares of the Company.
The Company has amended the terms on warrants issued as part of the Private Placement announced January 31st, 2001. The exercise price has been reduced from $0.35 to $0.30 and the term has been extended from 18 months to two years so that these warrants will now expire on March 15th, 2003.
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 info@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.