Candente Resource Corp. - DNT:TSX-V (Candente) is pleased to announce that it has entered into Option Agreements with Orex Ventures Inc. - REX:TSX-V (Orex) on the El Tigre and one other gold property in Peru. Orex has the right to earn a 51% interest in each property by incurring exploration expenditures of US$2.5 million over 3.5 years on each property. Candente will operate all exploration over the 3.5 years. In addition to the exploration expenditures the company has received US$30,000 in cash and will receive staged share issuances totaling 250,000 shares for each property by January 31st, 2008. Orex is required to spend US$250,000 on exploration expenditures on each property by June 30, 2004 in programs, which are planned to delineate drill targets.
On the El Tigre Property, in excess of 1,000 surface soils and rock samples (collected by previous companies) show anomalous gold occurring over two km length and one km width. Rock chip sampling by Candente discovered gold values of 0.3 to 9.5 grams per ton (gpt) occurring in quartz veins, stockwork and silicified wallrocks over the same area. Visible gold has been identified in petrographic studies. Quartz veins on surface are at least 2.5 metres wide and stockwork zones are at least 8 metres wide. Gold mineralization (0.3 to 0.5 gpt) also occurs with pervasive alteration in the coarser grained wall rocks.
Sixteen holes drilled by previous companies all encountered anomalous gold values of 0.3 to 9.0 gpt. Gold grades of 1.0 to 9.0 gpt occur over intervals of 1.5 to 4.5 metres.
Mineralization is considered to be low sulphidation (El Penon type). El Penon produces gold at $44 per ounce for Meridian Gold in Chile, which makes this an excellent exploration target type. The El Tigre property is located in the coastal belt of Peru where exploration is possible year round.
The option to Orex for the second property in Peru is subject to a condition precedent to be fulfilled by a third party, which has not yet been fulfilled. Both companies will announce further details about this property once the condition has been met.
Candente is a well-funded mineral exploration company focused on the acquisition and exploration of world-class gold and copper projects. Management has a strong geological/technical focus and a track record of discovering world-class mineral deposits. Candente has a policy of ensuring that its' exploration and development activities are beneficial to the local communities. For more information visit www.candente.com, 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 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. Candente relies upon litigation protection for forward looking statements.