The drilling is designed to test a 2.5 kilometre (km) structural trend where gold mineralization has been found in bedrock, angular rock float, soils and heavy mineral concentrate (HMC) samples. Gold values of 0.5 to 25.7 grams per tonne (gpt) were obtained from bedrock in three distinct zones. Gold values from one of the zones (70m by 30m) range from 0.5 to 13.5 gpt (several in the 1.5 to 5 gpt range) from 1m bedrock channel samples in trenches as well as from selected bedrock chip samples and angular float. Outside the trenched area overburden masks outcrop exposure over much of the property, which covers 4900 hectares.
Several of the drill holes will test high chargeability zones within the gold trend. The high chargeability zones, which occur over a 3.2 km length, often coincide with gold-bearing sulphide mineralization found on the property. The chargeability zones were identified by an Induced Polarization (IP) survey. The styles of mineralization, host rocks, structural setting and geochemical signature found to date on the Staghorn Property are all typical of intrusion hosted-orogenic deposits such as the 175 and 19 million ounce gold deposits at Muruntau and Kumtor in Central Asia.
All samples taken were prepared by Eastern Analytical Labs Ltd. ("Eastern") in Springdale, Newfoundland. Eastern preformed fire assay with atomic absorption finish for gold. Pulps were sent to Acme Analytical Laboratories ("Acme") in Vancouver, BC for 35 element ICP + Telurium. Any samples that returned a gold value higher than 500ppb from the ICP analysis were then fire assayed for gold by Acme.
For more technical information on the Staghorn property, please refer to:
Exploration is also being planned for 2005 on the Linear Gold Property where Goldcorp also has the right to earn a 70% interest by financing all exploration and acquisition costs and completing a bankable feasibility study by January 2010. In addition to the Staghorn and Linear Properties, Candente holds 100% interest in 593 claims in nine gold properties in Newfoundland. During the fall of 2004, exploration work was completed on some of the properties in Newfoundland and the following is a summary of work carried out.
Paul's Pond Property Central Newfoundland - Under Option from Cornerstone Capital Resources
Exploration included an IP Survey and diamond drilling of 771.5m in four holes. All holes intersected disseminated pyrite and arsenopyrite mineralization with silica alteration zones hosted in Silurian sediments. Hole PP04-01 tested the down dip potential of the previously known Goose gold showing and the remaining 3 holes tested two recently defined chargeability trends. Gold mineralization intersected was limited to weakly anomalous gold values and narrow higher-grade intervals such as: 15.68gpt over 0.80m; 1.22gpt over 1.11m; and 2.14gpt over 1.62m in hole PP04-01 and 0.30gpt over 9.45m; and 2.14gpt over 0.60m in two other holes.
Duder Lake Property in North-Central Newfoundland - Under Option from Roland Quinlan and Quest Inc.
Exploration included IP and ground magnetics surveys and diamond drilling of 769.7 meters in three holes. Disseminated pyrite and local magnetite with weak silica alteration was encountered in all three holes to explain chargeability anomalies defined by IP. Shear hosted mineralization exposed at surface was found to be discontinuous at depth and not occurring over economic widths. Anomalous gold results include: 1.63gpt over 3.44m; 3.22gpt over 0.40m; and 1.99gpt over 0.74m.
The Option agreements that Candente holds on the Duder Lake and on the Paul's Pond properties will be terminated. Although only minor work was carried out this year on the Island Pond Property, the Company has decided to also terminate the option agreement it holds with Cornerstone on this property.
Mike Casselman, M.Sc., P.Geo., General Manager Exploration and Director of Candente is the qualified person for Candente's Newfoundland properties as defined by National Instrument 43-101, and has read and approved the contents of this release.
Candente also announces the granting of incentive stock options to directors, employees and consultants in the amount of 650,000 shares exercisable at a price of $0.70 per share for a period of five years.
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 email@example.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Joanne C. Freeze"
Joanne Freeze, P. Geo., President & CEO
Candente Resource Corp.
Release No. 121
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.