Diamond drilling has been scheduled to commence on January 6th, 2006 and approximately 2,400 metres (7,800 feet) are planned to be drilled in 6 to 12 holes. Gallipoli can earn a 50% interest in the Alto Dorado property by incurring exploration expenditures of US$5.4 million over 3.5 years as follows: Stage I comprises US$400,000 on drilling within 6 months; and Stage II comprises US$5,000,000 within the following 3 years. Gallipoli can also elect to increase their interest to 65% by funding and completing a bankable feasibility study on the property within the following 3 years, Stage III.
"Candente's remaining 35% interest in Alto Dorado after bankable feasibility could be very significant if a major gold-copper porphyry deposit is discovered", Joanne Freeze, President and CEO comments. Goldcorp's 37.5% interest in the Bajo de la Alumbrera mine in Argentina earned them US$81.479 million in the third quarter of 2005 alone (www.goldcorp.com). "We consider Gallipoli to be invaluable partner at Alto Dorado especially considering their key involvement at Bajo de la Alumbrera" (Candente News Release December 8th, 2005).
For more technical information on the Alto Dorado property please refer to:
http://www.candente.com/s/Projects_Peru.asp?PropertyInfoID=655&View=1.
The warrants will be exercisable by Gallipoli providing the following: 320,000 warrants will be exercisable at a price of $0.90 per share if and when Gallipoli elects to proceed from Stage I to Stage II and 215,000 warrants will be exercisable at a price of $1.35 per share if and when Gallipoli elects to proceed from Stage II to Stage III. In both cases the warrants will be exercisable for a period 60 (sixty) days starting from the date that all results from the previous stage have been released to the public and must be exercised prior to commencement of the next stage. All shares will be held in escrow until the following stage is completed and Candente will have a right of first refusal to place the shares for 60 days when Gallipoli decides to sell them. The exercising of these warrants will be at Gallipoli's election only.
Sampling and analytical procedures conform to NI 43-101 standards and are detailed in previous Candente news release dated September 16, 2004. All samples will be submitted to Actlabs in Lima, Peru. Michael Casselman, P.Geo. and Joanne Freeze, P.Geo., are the Qualified Persons for the project as defined by NI 43-101 and Joanne Freeze has reviewed this news release.
Candente is a diversified copper and gold exploration company focused on increasing shareholder value through discovery. Candente has an advanced exploration stage leachable copper project, Cañariaco, and several other gold, copper and silver projects in Peru. Candente subscribes to principles which ensure that its exploration and development activities are beneficial to the local communities.
For further information please contact Evelyn Cox or Bruce Korhonen at: (604) 689-1957 or toll free 1-877-689-1964
info@candente.com www.candente.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Joanne C. Freeze"
Joanne Freeze, P. Geo., President & CEO
Candente Resource Corp.
Release No. 149
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.