Vancouver, British Columbia, April 30th, 2008. Candente Resource Corp. (DNT:TSX and BVL)("Candente" or the "Company") is pleased to announce the appointment of Ing. Jaime Cortez, B.M.Eng., MBA as Manager Operations and William P. Armstrong, BA. Sc., MA. Sc., P.Eng. as Technical Advisor for the Cañariaco copper project in Lambayeque department, Peru ("Cañariaco").
Ing. Cortez has worked in the mining industry in both Peru and Australia since 1994 and most recently held the positions of Senior Improvement Analyst with Rio Tinto Coal Australia and Project Manager at Rio Tinto's La Granja Copper Project in Northern Peru. Jaime completed both a Bachelor of Mining Engineering from the Pontificia Universidad Católica del Perú in 1994 and the degree of Master of Business Administration (MBA) at the Australian Graduate School of Management at Sydney, Australia in 2004. Jaime will report to Tom Rinaldi VP Operations. "Candente's entrepreneurial culture offers mining professionals the chance of exerting their ingenuity whilst complying with industry's best practices. It is an exciting time for the company and the people of the Lambayeque region as we get closer to the ramp-up stage of the Cañariaco Project" Jaime Cortez commented.
Candente management is also very pleased to have William P. Armstrong, BA. Sc., MA. Sc., P.Eng., consulting to the Company as Technical Advisor. Bill retired from Teck Cominco Ltd. in 2006 where he was General Manager, Resource Evaluations since 1996. Bill has had extensive involvement in feasibility and startup of several mining operations including Valley Copper, B.C. and Quebrada Blanca, Chile.
Candente is focused on the advancement of the Cañariaco copper project in Lambayeque department, Peru. A new resource calculation is underway by SRK Consulting (Canada) Inc. ("SRK") and expected to be complete 2Q 2008. This new resource will include a higher grade Starter zone for a quicker payback period. SRK and Samuel Engineering Inc. ("Samuel") are also preparing an updated Preliminary Assessment and Economic Evaluation with updated cash flow analyses. The updated cash flow analyses is expected to be completed in 3Q 2008 and will be based on the Measured, Indicated and Inferred resource estimated by SRK during 2Q 2008.
The Company, SRK and Samuel are evaluating various scalable development options to take advantage of the higher grade Starter zone. This may allow a quick pay back and lower capital requirements prior to ramping up production.
Other engineering studies to evaluate processing rates, processing design, infrastructure configurations and waste dump locations are advancing with Samuel, SRK and Tetra Tech Inc. under the guidance of VP Operations, Tom Rinaldi. The Cañariaco feasibility has been expanded from the original design scope of the 104 million tonne Starter Pit contemplated in March 2007 to include the Measured and Indicated resource estimate underway by SRK. The feasibility study is expected to be completed for 1Q 2009.
Complete results, maps, cross-sections and all reports can be viewed at:
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.
CAUTIONARY NOTE TO U.S. INVESTORS We advise U.S. investors that this news release uses terms which are not recognized by the United States Securities and Exchange Commission ("SEC"), including "mineral resources", "measured resources", "indicated resources" and "inferred resources". The estimation of measured and indicated resources involves greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves. U.S. investors are cautioned not to assume that mineral resources in these categories will be converted to reserves. The estimation of inferred resources involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of resources. U.S. investors are cautioned not to assume that estimates of inferred mineral resources exist, are economically mineable, or will be upgraded into measured or indicated mineral resources. U.S. investors are cautioned not to assume that mineral resources in any of these categories will be converted into reserves.