Candente incurred mineral properties expenditures totalling $12.5 million during the nine month period, of which $11.6 million was directed to the Cañariaco property. Cumulative mineral property expenditures to September 30, 2008 totalled $35.5 million of which Cañariaco expenditures totalled $28.7 million.
During the 2008 Period, the Company received gross proceeds of $11.8 million from a private placement of units at a price of Cdn$1.50 per unit completed in June 2008 and $0.7 million from the exercise of stock options.
The Company's net loss for the 2008 Period totalled $3.4 million, or $0.05 per share, compared to $1.7 million, or $0.03 per share, for the same period in 2007. At September 30, 2008, the Company had $7.6 million in cash and cash equivalents and working capital of $4.8 million.
Given the financial uncertainty caused by the global economic crisis affecting both commodity prices and liquidity in capital markets, the Company has decided to curtail all exploration activities to preserve capital. The Company has also significantly reduced staff in Peru and in Canada and is taking steps to minimize operating costs.
For a detailed analysis of the above financial results, refer to the Interim Consolidated Financial Statements and Management's Discussion and Analysis for the 2008 Period available on the Company's website at www.candente.com and at www.sedar.com.
Candente holds a diverse portfolio of copper, gold, silver, and zinc exploration projects in Peru and Mexico. The Cañariaco Norte property, located in Northern Peru, is the most advanced project with a mineral resource estimated (using a 0.3% copper cut-off grade) to contain 6.47 billion pounds copper, 1.43 million ounces gold and 36.5 million ounces silver in the Measured and Indicated categories. An additional 1.21 billion pounds copper, 0.25 million ounces gold and 6.77 million ounces silver are contained in the Inferred category. (See News Release dated September 18th, 2008). Engineering studies including Environmental Impact Assessment and metallurgical testing have been underway on Cañariaco Norte since 2007 and are nearing completion. Resource drilling was completed in September 2008.
Technical details can be found on the company website and in the technical report dated July 11, 2008. See http://www.candente.com/s/PeruProjects_Canariaco.asp.
Joanne Freeze, P.Geo., President and CEO, Michael Casselman, P.Geo., Director, Sean Waller, P.Eng., VP Development and Robert van Egmond, P.Geo., Manager Geology Cañariaco, are the qualified persons responsible for the Cañariaco Norte project discussed above and have reviewed and approved the contents of this release.
About Candente Resource Corp.
Candente's directors and management have a track record in the discovery and development of copper, gold and silver deposits and subscribe to principles which ensure that exploration and development activities are beneficial to the local communities.
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.
For further information please contact:
W. John DeCooman, Jr.
Vice President Finance and Corporate Development
+1 (917) 402-9416
Email: communications@candente.com
Joanne C. Freeze
President & CEO
(604) 689-1957
Email: communications@candente.com
Visit our website at www.candente.com.
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