Candente Resource Corp. - DNT:TSX-Ven (Candente) is pleased to announce that Candente has signed a Right of First Refusal (RFR) Agreement with Anglogold on ten gold properties in Peru. One of the properties is held jointly by Candente and Geologix Explorations Inc. GIX:TSX-Ven - (Geologix).
Under the RFR Anglogold has paid to Candente US$10,000 and will fund and carry out preliminary exploration programs on each of the ten properties. Within a six month period, if Candente intends to sell all or any part of its interest in any of the properties, Anglogold has the right to match any offer acceptable to Candente for 30 days after notice of such. Anglogold will provide Candente with all information obtained from its work on the Properties. Candente's Vice President Exploration, Ing. Fredy Huanqui, will make field visits with Anglogold's experts to ensure full collaboration between the two companies with respect to exploration results and ideas.
Nine of the gold properties are in Southern Peru and one is in Central Peru. The Southern Peru targets cover a total of 1610 hectares. These properties have all recently been acquired by Candente to cover high sulphidation gold targets, which have alteration systems and geochemical signatures similar to bulk tonnage gold deposits found both in Peru and other locations in the world. In addition to the gold, silver targets have also been identified on some of these properties. Silver grades in rock chip samples reach as high as 282 grams per tonne (8.7 ounces per ton).
One of the Southern Peru properties Millo, is held jointly by Candente and Geologix and was won in an auction against Barrick Gold. Geologix has also agreed to the RFR Agreement with Anglogold. The Millo Property covers a volcanic centre with an extensive hydrothermal alteration zone covering 3 km by 4 km. Rocks exposed on the property show characteristics of a high sulphidation gold system with anomalous values of mercury and gold and typical alteration products such as: massive to vuggy silica, hydrothermal breccias, pervasive silicification and quartz-alunite-dickite, argillic clays and native sulphur and crystalline barite.
The target located in Central Peru, the Pamel Property, lies within the same Tertiary Volcanic belt that hosts the Pierina and Yanacocha gold deposits. Pamel was the first high sulphidation target acquired by Candente as a result of the Company's initial regional exploration program carried out in 1997. Hydrothermal alteration typical of a high sulphidation epithermal gold deposit covers a two kilometer by four kilometer area. In addition, anomalous levels of gold, mercury, arsenic, antimony, bismuth and barium occur in zoned patterns over a large portion of the hydrothermal alteration zone.
Candente is a mineral exploration company focused on the acquisition, exploration and development of world-class gold projects and has a strategic partnership with a premier gold producer. Management has a track record of discovering world-class mines. For more information on our current exploration progress visit http://www.candente.com and/or call us at (604) 689-1957, toll free 1-877-689-1964 or e-mail to investor@candente.com.
Geologix is a mineral exploration company focused on acquiring, exploring and developing gold properties in North and South America. The company has a wealth of experience in the mining industry taking early stage exploration prospects to final feasibility and ultimately to production. For more information visit http://www.geologix.ca and/or or call (604) 643-1742 or e-mail to mmallard@geologix.ca.
On another matter, Candente's management would like to invite you to come and meet Joanne C. Freeze, President & CEO and other Company personnel at the following conferences: Prospectors and Developers Conference, March 9th to 12th in Toronto, Ontario, the Chicago Natural Resource and Technology Exhibition and Conference, April 12th in Chicago, IL; the Cambridge Montreal Investment Conference April 12th and 13th Montreal, Quebec and the International Investment Conference, April 26th and 27th in Las Vegas, NV.
Go to http://www.candente.com/s/NewsReleases.asp?ReportID=54209
ON BEHALF OF THE BOARD OF DIRECTORS
Joanne Freeze, P. Geo., President & CEO
Candente Resource Corp.
The TSX 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.