During this quarter an additional 13 holes were drilled (05-013 to 05-025) at Cañariaco Norte. These holes nearly tripled the surface expression and more than doubled the vertical extent of grid-drilled copper mineralization on the project.
Drilling to date by Candente (the first 25 holes) has delineated an inferred resource of 76.5 Mt grading 0.61% copper (Cu) and 0.1 grams per tonne (gpt) gold (as reported on March 23, 2005) as well as potential for an additional 325 Mt grading between 0.45% and 0.65% Cu (as reported on October 19th, 2005). Contained metal in the inferred resource alone is 1.035 B lb copper and 243,000 oz gold.
Drilling continues to expand the deposit beyond the size delineated in the first 25 holes and the deposit remains open in all directions.
Candente won the right to purchase the Cañariaco property for US$75,000 from the Peruvian government in February of 2001. Prior to purchasing, Candente engaged engineering consultants Knight Piesold Ltd. to evaluate the Cañariaco property for the necessary infrastructure for developing a SX-EW mine. Knight Piesold identified several suitable sites for heap leach pads and waste stockpiles within relative proximity to the Cañariaco Norte copper zone.
Merit Consultants of Vancouver, B.C. has recently been engaged to oversee and co-ordinate a select team of engineers who will conduct Engineering studies to evaluate options for a copper heap leaching operation at Cañariaco. The goal of the more detailed evaluation is to determine the optimum grade and throughput options required for an economic copper heap leach, SX-EW operation at Cañariaco based on the deposit as identified to date (as reported on November 3, 2005).
The study will establish the various economic cost factors including order-of-magnitude capital and operating costs, preliminary Internal Rate of Returns (IRRs) and Net Present Values (NPVs) of various size plants. The team will evaluate potential plant and infrastructure requirements and determine the requirements for moving the project towards a feasibility study.
Please also refer to News Releases dated September 7, 2005 and October 17, 2005 and financial statements including management discussion posted at: http://www.candente.com/i/pdf/2005Q3.pdf, http://www.candente.com/i/pdf/2005Q3-MDA.pdf and http://www.candente.com/s/PeruProjects_Canariaco.asp for all results, maps and sections. Candente confirms that its unaudited interim financial statements for the third quarter ended September 30th, 2005 were filed on SEDAR www.sedar.com on November 15th, 2005 as required by applicable securities laws.
Candente is a diversified copper and gold exploration company focused on increasing shareholder value through discovery. In addition to the Cañariaco Project, Candente has 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 Candente at: (604) 689-1957 or toll free 1-877-689-1964
ON BEHALF OF THE BOARD OF DIRECTORS
"Peter de Visser"
Peter de Visser,
Chief Financial Officer
Candente Resource Corp. - Release No. 145
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.