Vancouver, British Columbia, January 11th, 2007. Candente Resource Corp. (DNT:TSX) is pleased to report that an additional 13 holes have intersected strong copper (Cu) mineralization to the bottom of each of the holes at Cañariaco Norte in Northern Peru. Three of these holes show the copper mineralization extending to depths of greater than 500 meters (m) and one of them to 594 m. These intersections have nearly doubled the known vertical extent to the copper mineralization and the deposit is showing no signs of weakening at depth.
Results have been received for holes 06-059 to 06-070 and 06-072. Highlights include hole 06-072 which intersected 453 m of 0.55% Cu, including 117 m of 0.65% Cu and an additional 31 m of 0.98% Cu and hole 06-069 which intersected 543 m of 0.48% Cu, including 263 m of 0.60% Cu.
All drilling to date indicates that the ultimate size of the deposit will be much larger than the inferred resource of 489 million tonnes grading 0.45% Cu (4.8 Billion pounds of Cu) estimated in April 3rd, 2006 (New Release 160). This estimate was based on an initial 36 holes, and an average vertical depth of 320 metres. Since that time an additional 46 holes have been drilled by Candente for a total of 26,019 metres in 82 holes. Assays are pending for the latest 11 holes.
Engineering studies to identify the best Starter Pit are nearing completion. Infill drilling is in progress to upgrade the resource, especially in the Starter area, to the measured category.
A third more powerful drill has been ordered as the two drills on site have not been capable of testing depths beyond 594 m.
Summary of Highlights from Drill Hole Assay Data
|
(m) |
(m) |
Meters |
Feet |
(%) |
06-059 |
36 |
305* |
269 |
882 |
0.51 |
includes |
256 |
268 |
12 |
39 |
1.19 |
06-060 |
20 |
274* |
254 |
833 |
0.48 |
includes |
46 |
95 |
49 |
161 |
0.87 |
06-061 |
40 |
512* |
472 |
1548 |
0.44 |
includes |
40 |
85 |
45 |
148 |
0.64 |
06-062 |
22 |
346 |
324 |
1063 |
0.49 |
06-063 |
22 |
226* |
204 |
669 |
0.53 |
includes |
139 |
173 |
34 |
112 |
0.90 |
06-065 |
5 |
250* |
245 |
804 |
0.42 |
06-066 |
37 |
541* |
504 |
1653 |
0.27 |
06-067 |
50 |
354* |
304 |
997 |
0.41 |
06-068 |
37 |
400* |
363 |
1191 |
0.52 |
includes |
64 |
80 |
16 |
52 |
0.84 |
includes |
379 |
400 |
21 |
69 |
0.93 |
06-069 |
51 |
594* |
543 |
1781 |
0.48 |
includes |
70 |
333 |
263 |
863 |
0.60 |
060-071 |
0 |
364* |
Results pending |
||
06-072 |
35 |
488* |
453 |
453 |
0.55 |
includes |
99 |
216 |
117 |
384 |
0.65 |
includes |
216 |
247 |
31 |
102 |
0.98 |
Complete results, maps, cross-sections and all reports can be viewed at: http://www.candente.com/s/PeruProjects_Cañariaco.asp
Robert van Egmond, P.Geo., Manager Exploration Peru and Joanne C. Freeze, P.Geo., President and CEO, are the Qualified Persons as defined by NI 43-101 for the project discussed above and they have read and approved the contents of this release.
Candente is a diversified exploration company with copper, gold, silver, and zinc projects in Peru and Mexico. Candente subscribes to principles, which ensure that its exploration and development activities are beneficial to the local communities.
For further information please contact Kelly Gray 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.