"We now have two board members, Andrew Smith and James Currie, who have extensive expertise in planning and developing both copper and gold mines. With this addition, the Candente Team has in-depth experience in making discoveries and taking them to the feasibility stage, as well as proven track records in mine building and production. As we advance the Cañariaco copper project, both Andrew's and James' experience will prove invaluable to Candente." states Joanne Freeze, President and CEO of Candente.
An engineering Scoping Study is underway to assist Candente in establishing a potential value for Cañariaco Norte. The initial focus is on the economics of an SX-EW copper operation starting with the potential Starter Zone (near surface leachable) which is expected to allow quick pay back of capital costs. Merit Consultants of Vancouver B.C. is preparing potential Cash Flow analyses including Net Present Values (NPV) and after tax Internal Rates of Return (IRR) for various copper prices and daily tonnage mining rates based on their estimates of capital costs. Kappes Cassiday of Reno, Nevada is designing the layout of surface facilities and determining the costs for constructing an SX-EW operation at Cañariaco Norte. This portion of the Scoping Study is expected to be completed by the end of April.
Mr. Smith, P.Geo., is an economic geologist with more than 20 years of experience successfully exploring, developing and operating gold, silver copper, lead, zinc and gemstone mining projects. Between 1985 and 1998, Smith supervised the development of two very successful gold underground mining operations, Sleeping Giant and Beaufor Gold Projects for Aurizon Mines Ltd. In 1994 Mr. Smith was the co-recipient of the "Mining Entrepreneur of the Year Award" presented by the Quebec Prospector's Association for his work overseeing the exploration and development of these two mines. Since 1998, Mr. Smith has focused his activities on economic evaluation of advanced exploration and development projects for junior exploration and mining companies. Mr. Smith is the co-founder and currently the Chairman of True North Gems Inc., and is the President and CEO of Canaco Resources Inc., an emerging junior gold exploration company with project interests in Alaska and Tanzania.
Mr. Currie, P.Eng. has more than 27 years of experience as a mining engineer and is currently General Manager of Mauritanian Copper Mines SA, an 80% owned subsidiary of First Quantum Minerals Ltd. In Mauritania, James is overseeing the development of a copper/gold mine which will begin production in mid-2006 at an annualized rate of 30,000 tonnes of copper and 70,000 ounces of gold per year. Prior to that, James was responsible for Ivanhoe Mines Ltd.'s (heap-leach SX-EW) copper operations in Myanmar including the 25,000 tonne per annum (tpa) S & K Mine, and the proposed 125,000 tpa Letpadaung Development Project. Mr. Currie has also worked for senior mining companies such as Placer-Dome, Noranda and Fording Coal and has held senior level positions with a number of junior exploration and development companies including: All-North Resources Ltd., Queenstake Resources Ltd. and Cornucopia Resources Ltd.
Candente is a diversified copper and gold exploration company focused on increasing shareholder value through discovery. In addition to Cañariaco, 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 information on the current status of the 2006 Peru election in progress please visit http://weblogs.elearning.ubc.ca/peru/. For other Peru background information and Presidential candidates profiles please visit "Living in Peru Newsletter" at http://www.livinginperu.com/download/pdf/ccp.pdf.
For further information on Candente please contact Joanne Freeze, P.Geo., President & CEO or Evelyn Cox at: (604) 689-1957 or toll free 1-877-689-1964; or info@candente.com www.candente.com.
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.