Vancouver, British Columbia, January 22, 2008. Candente Resource Corp. (DNT:TSX and BVL) ("Candente" and/or the "Company") is pleased to announce that the Company has renewed the annual permit for exploration (the "Acta") on the Cañariaco project with the support of over 85% of the community.
"The support of the local citizens, local authorities and of the regional government is paramount to us" said Ted Muraro, Manager Community Relations, Environmental Protection and Logistics. "We work very closely with the community and with all levels of government. Their participation ensures our activities benefit as many as possible. We are committed to keeping the highest environmental standards (abiding by the Equator Principals) and to assisting in the advancement of Cañaris for the benefit of all citizens."
During a meeting held in the village of Cañaris on January 6, 2008 with more than 800 local citizens in attendance, informative presentations on the project were made by the Company and AMEC (Peru) S.A. (Environmental and Social Impact Assessment (ESIA) Consultants). Local authorities in attendance included: Community President, Mr. Francisco Rinza Lucero; the Mayor of the District of Cañaris, Antonio Ventura; Cañaris Governor, Mr. Nicolás Calderón; and the Energy and Mines and Agriculture Directors, Ing. Anibal Salazar and Ing. Leoncio Navarrete.
Meetings and presentations are part of the Company's policy to collaborate with the community and to ensure the Company understands the needs, opinions, questions and concerns of the citizens with respect to Cañariaco and Candente. In addition, they serve to keep the community well informed of the Company's activities and intentions about the advancing nature of the Cañariaco project.
The Acta was signed by the local authorities on January 16, 2008. This authorizes the continuance of the exploration work and the culmination of the environmental impact and feasibility studies at the Cañariaco project. An agreement for long term lease and/or purchase of surface rights with the right to exploit (extract minerals) was also discussed and is planned to be proposed in conjunction with completion of the ESIA.
About Cañariaco Norte
On March 4, 2007, an updated independent mineral resource estimate was completed on the Cañariaco Norte Zone based on 26,019 m of drilling in 82 holes. (see News Release 202, March 4, 2007). The Measured and Indicated resource was estimated as 643 million tonnes (MT) averaging 0.45% Cu at a cut-off grade of 0.3% Cu and containing 6.35 billion (B) pounds (lbs) of copper. The Inferred resource was estimated as 177 MT averaging 0.45% Cu at a cut-off grade of 0.3% Cu and containing 1.75 B lbs of Cu. Within the larger resource, a Starter Pit of 104 MT (Measured and Indicated) grading 0.60% Cu was delineated.
SRK Consulting (Canada) Inc. is now working on a new resource estimate for Cañariaco Norte based on the 57,355 metres (m) drilled in 203 holes as of December 31st, 2007. The additional drilling has extended the deposit both to the northeast and to the south and much deeper.
About Candente Resource Corp.
Candente is a diversified exploration company with copper, gold, silver, and zinc projects in Peru and Mexico. Cañariaco is an advanced exploration stage copper deposit. Candente subscribes to principles, which ensure that its exploration and development activities are beneficial to the local communities.
For further information please contact Mr. John DeCooman at 1 (917) 402-9416 or Mr. Neil Currie at: 1 (604) 689-1957 or 1 (877) 689-1964 (toll free); or firstname.lastname@example.org. Visit our website at 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.
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.