Vancouver, British Columbia, May 17th, 2004: Candente Resource Corp. - DNT:TSX-V ("Candente") and Orex Ventures Inc. - REX:TSX-V ("Orex") are pleased to announce that exploration has begun on the El Tigre gold property. Geophysical crews have commenced a ground magnetics survey, which is part of the Phase I exploration program Orex is funding as part of their option to earn a 51% interest in the property from Candente.
The Phase I program is planned to delineate drill targets by carrying out additional geophysical surveys, geological mapping and rock chip sampling for a total budget of US$250,000. The El Tigre property is located in the Coastal belt of Peru where exploration is possible year round. Exploration on El Tigre will be operated by Candente's Peruvian exploration team led by Ing. Fredy Huanqui and employed by subsidiary Cia. Minera Oro Candente S.A. ("Oro Candente").
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 kilometres ("km") in length and one km in width. Rock chip sampling by Candente discovered gold values of 0.3 to 9.5 grams per tonne (gpt) occurring in brecciated quartz veins, stock-work and silicified wall-rocks over the same area. Visible gold has been identified in petrographic studies. Brecciated blocks indicate quartz veins of at least 2.5 metres in width and stockwork zones with a minimum of 8 metres in width. Gold mineralization (0.3 to 0.5 gpt) also occurs with pervasive alteration in the coarser grained wall rocks.
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. Dr. Greg Corbett, a well-known expert in gold mineralization systems will be assisting in the direction of the exploration on El Tigre.
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 the property. Candente has the right to operate all exploration over the 3.5 years. In addition to the exploration expenditure commitments, the company has received US$15,000 in cash and will receive staged share issuances totalling 250,000 shares for the property by January 31st, 2008. Orex is required to fund US$250,000 for exploration expenditures on the property by June 30th, 2004.
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.