2005 News

  • Significant leachable copper intersected in all 25 Candente holes drilled to date (2004 and 2005)
  • Leachable copper makes up 44% of the deposit grid-drilled to date
  • Copper system nearly tripled laterally and more than doubled vertically
  • Deposit still open in all directions
  • Low strip ratio (leach cap averages only 44 m)

Candente Resource Corp. is pleased to report that copper assays have been received for the 13 holes drilled to date as part of the 4,365 metre (m) 2005 Phase II on the Canariaco Norte Zone of the Canariaco Property, Peru. All holes intersected significant widths of leachable copper which when added to the 12 holes drilled by Candente in 2004, demonstrates that leachable copper occurs over a minimum area of 1.2 kilometres (km) long by 450 m wide and up to 346 m thick.

Leachable copper (60% to 92% chalcocite and oxide copper) intersections in the 25 holes to date, exceed 100 m in 5 holes; 40 m in 17 holes and 20 m in 22 holes and make up 44% of the copper deposit to date. The leach cap required to be stripped to expose the copper mineralization varies from 0 to 82 m and averages only 44 m in thickness.

Joanne Freeze, P.Geo., President and CEO comments that, "results to date show that in addition to the fact that the Canariaco Norte deposit is proving to be substantially larger than the 2004 inferred resource (estimated to contain 1.035 billion pounds of copper and 243,000 ounces of gold), it also has a very significant leachable copper portion. The leachable copper and several other features such as: low strip ratio, low elevations, good access and infrastructure and abundant water supply, will contribute significantly to lower costs for development and copper production."

Copper mineralization occurs in several rock types. The majority of the copper mineralization occurs in a Crowded Quartz Feldspar Porphyry (CQFP) intrusive as exemplified in 2005 hole C05-14 which intersected 0.72% Cu over 72 m within a larger interval of 0.57% Cu over 369 m and in 2004 hole C04-001 which intersected 1.01% Cu over 96 m within a larger interval of 0.71% Cu over 234 m. The most southerly drill hole of the sequence (C05-17) shows that the copper mineralization also extends into volcanic/subvolcanic rocks (0.31% Cu over 96 m) that border and overlie the outer parts of the CQFP unit. The fact that the mineralization is not limited to the porphyritic intrusive rocks indicates extensive lateral potential for the deposit. C05-013 intersected predominantly late inter-mineral intrusive breccia which gave an average of 0.39% Cu over 112 m below the leach cap.

The 2005 drilling to date has nearly tripled the surface expression (from 14 to 38 hectares) and more than doubled the vertical extent of grid-drilled copper mineralization (now from 2960 m to 2320 m elevation). In addition, both the lateral and vertical limits to the deposit are still unknown. Assay results for gold, silver and molybdenum are still pending and will be released when available. Drilling will recommence in approximately two to three weeks when all assays have been received and compiled.

Grades of leachable copper intersections are detailed below in Table I. Data from other leachable copper deposits are given in Table II for comparison. For a summary of significant total copper intersections, both leachable and mixed (greater than 40% chalcopyrite), from Candente's 2004 and 2005 drilling and for more details on drilling results please refer to Tables III and IV as well as maps and sections at: www.candente.com/s/PeruProjects_Canariaco.asp.
 

 FromToIntervalTotalLeachable
Hole No.(m)(m)(m)feetCopper %Copper %
2005
DDH-05-013 No Leach Cap 
 0262685Late Mineral Dyke 
 265024790.4960
DDH-05-014 No Leach Cap 
 0161652Late Mineral Dyke 
 163418590.4762
DDH-05-0150222272Leach Cap 
 22152129423Late Mineral Dyke 
 16818618590.5366
DDH-05-01604444144Leach Cap 
 44528260.6868
 769012390.6461
 9611216520.5063
 14615812390.5464
 214266521710.5173
 36237715491.1665
DDH-05-01708282269Leach Cap 
 821022066Late Mineral Dyke 
 10212624790.4266
 2003051053440.2380
DDH-05-01807474243Leach Cap 
 74861239Fault Zone-Leached 
 8610115490.5780
 143198551800.4380
 280328481570.3667
DDH-05-0190303098Leach Cap 
 30111812660.5575
 305525820.8292
 9111120660.7165
 27228210330.6473
 2963048260.4670
DDH-05-0200121239Leach Cap 
 1235834611350.4973
 4086461510.6192
DDH-05-02108826Leach Cap 
 82872799150.4466
DDH-05-0220161652Leach Cap 
 16248260.2965
 24026121690.4180
DDH-05-0230232375Leach Cap 
 23111882890.5874
DDH-05-0240242479Leach Cap 
 2465411360.6575
 15218129950.6963
 232270381250.4862
 34036828920.6386
DDH-05-02507575246Leach Cap 
 752001254100.5080
2004
DDH-04-00106464210Leach Cap 
 64134702301.1672
 194240461510.4365
DDH-04-00206060197Leach Cap 
 608020661.0272
 160206461510.8071
DDH-04-00304040131Leach Cap 
 406222721.0062
DDH-04-00408826Leach Cap 
 648016520.6662
DDH-04-00503636118Leach Cap 
 3670341120.7560
 158202441440.9164
DDH-04-00605050164Leach Cap 
 5082321051.0368
 1542551013300.8871
DDH-04-00703434112Leach Cap 
 34130963150.7883
DDH-04-00804646151Leach Cap 
 462602147020.6485
DDH-04-00905252171Leach Cap 
 5286341120.9582
DDH-04-0100181859Leach Cap 
 184426850.7861
DDH-04-01104444144Leach Cap 
 44134902950.7278
DDH-04-01206464210Leach Cap 
 64106421380.4368

Table II: Leachable Copper Deposits for Comparison

CompanyProjectStatusTonnes (Million)Grade (%Cu)Contained Cu (Million lbs)
FalconbridgeLomas BayasMine5720.283,530
Anglo AmericanMantoverdeMine3100.604,100
LuminaRegalitoUnd.6270.435,890
CodelcoOpacheUnd.3410.533,980
CodelcoGabyMine Con.9000.509,920


Analysis for gold is being performed on all holes and multi-element ICP, including molybdenum and silver, is being carried out on selected holes from the Phase II / 2005 drilling program. All core from drilling has been cut in half with a diamond saw and sampled at two metre intervals on the property. One half of the split core has been collected by Candente's Peruvian geologists in accordance with industry standards and is being submitted to Actlabs Laboratorio Quimico (Actlabs) in Lima, Peru. Total copper analysis and a sequential leach procedure for acid soluble copper, cyanide soluble copper and residual sulphides was carried out by Actlabs. Actlabs is carrying out the gold assays and multi-element ICP analysis as well. QA/QC procedures, including the use of sample standards, blanks and duplicates have been completed and assay checks by an independent laboratory, are currently under way. Sample chain of custody is monitored by Candente personnel. Michael Casselman, P.Geo., Robert Van Egmond, P.Geo., and Joanne Freeze, P.Geo., are the Qualified Persons for the project as defined by NI 43-101 and have reviewed this news release.

Candente is a diversified copper and gold exploration company. Our focus is to increase shareholder value through discovery. In addition to the Canariaco Project, Candente has several other gold and gold-copper projects in Peru. Candente's directors have individual track records in both the discovery and development of multi-million ounce gold and silver, and multi-billion pound copper deposits. Candente subscribes to principles, which ensure that its exploration and development activities are beneficial to the local communities.

ON BEHALF OF THE BOARD OF DIRECTORS

Joanne Freeze, P. Geo., President & CEO

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.

FOR FURTHER INFORMATION PLEASE CONTACT:
Candente Resource Corp.
Joanne C. Freeze
President & CEO
(604) 689-1957 or Toll Free: 1-877-689-1964
info@candente.com
www.candente.com

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