Vancouver, British Columbia, November 22nd, 2004. Candente Resource Corp. (DNT:TSX) is pleased to report that analytical results have been received for an additional five holes of a twelve hole core drilling program on its 100% owned Cañariaco copper project in Northern Peru. All twelve holes have now been completed and total 2647.5 metres. The holes were drilled as part of a systematic pattern on a grid with 100 metre centres to test the continuity of the mineralization and provide sufficient information for the Company to prepare a preliminary resource estimate. One hole has also been assayed for precious metals and has been found to contain levels of gold and silver that are of economic interest.
Surface work and previous drilling indicates a mineralizing system with a lateral extent of at least 1 by 1.2 kilometres (km). Results from the nine holes received to date have delineated significant copper mineralization over an area 300 by 200 metres laterally and up to 300 metres vertically. Eight of the nine holes ended in mineralization of similar or better grade to that encountered throughout the rest of the hole. One hole encountered a post mineral breccia below 40 metres of high-grade mineralization. The copper mineralizing system is open on all sides and at depth in the area of current drilling. Mineralization and grades encountered in all drill holes reported to date are consistent with those seen in large porphyry copper systems. Initial microscopic analysis of drill core indicates the main copper minerals to be chalcocite, chalcopyrite, covellite and bornite.
Grades for the additional five holes are summarized below in Table 1 and the gold, silver and copper grades for hole DDH-04-001 are summarized in Table 2. Assays have not yet been received for holes DDH-04-007, 011 and 012 and will be reported once received and compiled. A map showing drill hole locations and a table summarizing all results to date are posted on the Company's website at: http://www.candente.com/s/PeruProjects_Canariaco.asp.
All core from drilling was cut in half with a diamond saw and sampled at two metre intervals on the property. One half of the split core was collected by Candente's Peruvian geologists in accordance with industry standards and submitted to Actlabs in Lima, Peru. Total copper analyses and a sequential leach procedure for acid soluble copper, cyanide soluble copper and residual sulphides is being carried out by Actlabs laboratory in Lima, Peru. Pulps from the same samples are being sent to Actlabs laboratory in Ancaster, Ontario, Canada and analysed for an additional 36 elements (including silver) using Inductively Coupled Plasma (ICP). Gold analyses on DDH-04-001 were carried out by Actlabs, Lima using Fire Assay Fusion and Atomic Absorption method on a 50g split. Quality Assurance and Quality Control, including the use of sample standards, blanks and duplicates as well as chain of custody is monitored by Candente. Mike Casselman, M.Sc., P.Geo., General Manager Exploration and Director of Candente and James Currie, P.Eng., Director of Candente are the qualified persons as defined by NI 43-101 for the Cañariaco project and have verified the information contained in this release.
Candente is a well-funded mineral exploration company focused on the acquisition and exploration of gold and copper projects with world-class potential. Management has a strong geological/technical focus and a track record of discovering world-class mineral deposits. Candente subscribes to principles which ensure 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.
Release No. 118
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.