Candente incurred mineral property expenditures totalling a total of $12.4 million during 2007, of which $10.8 million was directed to the Cañariaco Property. At December 31, 2007, mineral property expenditures to date totalled $23.1 million of which Cañariaco expenditures totalled $17.2 million.
During 2007, the Company received gross proceeds of $16.1 million from an equity financing, less $1.3 million in share issue costs, for net proceeds of $14.8 million (Cdn$17.1 million gross, less Cdn$1.4 million in share issue costs, for Cdn$15.7 million net). Proceeds resulted from the June 2007 brokered private placement of 13.2 million common shares at a price of Cdn$1.30 per share. The Company also received proceeds of $982,000 from the exercise of stock options to issue 1.7 million common shares at a weighted-average price of Cdn$0.62 per share and $4.9 million from the exercise of warrants to issue 3.6 million common shares at a weighted-average price Cdn$1.42 per share.
At December 31, 2007, there were 71.8 million common shares issued and outstanding with 9.0 million stock options and 0.5 million share purchase warrants outstanding, for a fully-diluted amount of 81.3 million common shares.
At December 31, 2007, the Company had working capital of $8.6 million including cash and cash equivalents of $9.2 million. The Company's net loss for 2007 totalled $3.4 million, or $0.05 per share, compared to a loss of $1.8 million, or $0.04 per share, for 2006.
The Fiscal Year 2007 audited consolidated financial statements and management's discussion and analysis are available on the Company's website at www.candente.com and www.sedar.com.
About Candente Resource Corp.
Candente is a diversified copper and gold exploration company focused on increasing value through discovery for both shareholders and local stakeholders. Candente has an advanced exploration stage copper project, Cañariaco, and several other gold, copper and silver 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 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 email@example.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. Forwardlooking 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. NR 239