Vancouver, British Columbia, January 26th, 2007. Candente Resource Corp. (DNT:TSX) ("Candente") reports that a Development Committee has been appointed to oversee and manage the development of the Cañariaco Norte Copper Project. The Committee's first objective will be to evaluate all project finance opportunities and recommend to the Board of Directors a clear plan for advancing the project through feasibility and into production. To assist the Committee in carrying out its duties, an Independent Financial Advisor will be retained to advise the Committee on various issues.
The Development Committee comprises: James A. Currie, P.Eng., Andrew Smith, P. Geo., and Larry Kornze, P. Eng., all of whom are Directors of Candente. Resource definition drilling, Environmental Impact Assessment (EIA) and other engineering studies related to the development of Cañariaco Norte are currently in progress under the direction of Vice President, Operations, Thomas R. Rinaldi.
The Company has received several expressions of interest from various entities with respect to partnering and/or financing the Cañariaco Norte project to production. The Development Committee has been given the mandate to investigate and recommend the best way to proceed, while maximizing shareholder value from this project.
On another matter, the Company reports that it has changed the date for the upcoming Special Meeting from February 12th to March 9th, 2007. This meeting has been scheduled to seek shareholder approval for the Shareholder Rights Plan adopted on September 7th, 2006 and for the continuance of the Company from the federal jurisdiction of Canada (CBCA) to the provincial jurisdiction of British Columbia (BCBCA) and for any other business or matter that may occur in the interim.
The Shareholder Rights Plan is similar to plans adopted by other Canadian companies and ratified by their shareholders and is designed to ensure the fair and equal treatment of shareholders in connection with any take-over bid for outstanding common shares of Candente. The Company is not aware of any specific or pending proposal to acquire control of the Company. The plan is not intended to prevent or deter take-over bids that offer fair treatment and value to shareholders, and is designed to encourage offers that represent fair value to all shareholders. For more information on the Shareholder Rights Plan please see News Release 176 dated September 7th, 2006. A copy of the plan will be posted on SEDAR (www.sedar.com).
The change of the company's corporate jurisdiction to British Columbia (BCBCA) is to make day to day operations of the Company more expedient and to allow a larger number of non Canadian residents to join the board. The BCBCA is a more modern and streamlined company law than the CBCA which provides greater flexibility and reduces the regulatory burden to companies by, for example, permitting directors to pass consent resolutions by e-mail and by implementing an electronic filing system.
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 Evelyn Cox in Vancouver at: (604) 689-1957 or toll free 1-877-689-1964; or Kelly Gray in Europe at 41 79 816 5054 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.