Vancouver, British Columbia, March 12th, 2008. Candente Resource Corp. (DNT:TSX and BVL) ("Candente" or the "Company") announces its intention to voluntarily terminate the registration of its common shares (the "Termination") under the United States Securities Exchange Act of 1934 (the "1934 Act"). Candente intends to file a Form 15-F with the United States Securities and Exchange Commission no later than March 14th, 2008 whereby its reporting obligations under the 1934 Act, including Form 20-F and Form 6-K filings, will be suspended immediately upon filing. Candente expects the Termination to become effective 90 days thereafter.
Candente's Board of Directors unanimously approved the Termination primarily due to the following factors:
- Candente's common shares are listed only on the Toronto, Lima and Frankfurt Stock Exchanges;
- Candente does not maintain a U.S. listing of its common shares and currently has no plans to seek such a listing; and
- A continued registration under the 1934 Act would require Candente to maintain the requirements of the Sarbanes-Oxley Act of 2002. For those companies having gone through a full implementation, the overall process has been expensive and burdensome relative to the limited benefits realized.
Candente is current with all requirements under U.S. securities laws. Candente's consolidated financial statements are prepared in accordance with Canadian generally accepted accounting principles ("GAAP") and Candente will continue to provide a reconciliation note to U.S. GAAP in its annual financial statements.
The Termination will not affect Candente's continuous disclosure obligations in Canada. Candente will continue to file its continuous disclosure documents with the applicable Canadian securities regulators, which will be made available at www.sedar.com.
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 email@example.com. 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.