Pursuant to the terms of the Arrangement Candente Resource has agreed to transfer its portfolio of gold and silver properties in Peru to Candente Gold. Candente Gold previously acquired the right to earn a 70% interest in the El Oro gold-silver property in Mexico from Candente Resource and Canaco Resource Inc. whom held the option, indirectly through Minera CCM S.A., from Luismin, S.A. de C.V., a subsidiary of Goldcorp.
Shareholders of Candente Resource approved the Plan of Arrangement and the Financing on July 10, 2009. The Toronto Stock Exchange ("TSX") has granted Candente Gold conditional approval to list its common shares on the TSX subject to the completion of the Financing by Candente Gold for minimum gross proceeds of Cdn$5.7 million.
As part of the Arrangement, Candente Resource has agreed to distribute to its shareholders one common share of Candente Gold for every five common shares of Candente Resource held on the day before the first day of trading for Candente Gold (the "Ex-Distribution Date"). The actual day for the Ex-Distribution Date will be announced in a News Release at least 4 days in advance of that date.
For complete details of the Plan of Arrangement and the Financing see Candente Resource and Candente Gold's News Releases of July 30, 2009, June 16, 2009 and July 8, 2009.
About Candente Resource Corp and Candente Gold Corp.
Candente Resource and Candente Gold's Management Teams and Board of Directors are senior mining industry executives with a track record in the discovery and development of copper, gold and silver deposits. Candente subscribes to principles whereby exploration and development activities are consistent with best practice and 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.
For further information please contact:
Phone: + 1 (604) 689-1957
Joanne C. Freeze, PGeo.
President & CEO
Candente Gold Corp.
Sean Waller, P. Eng.
Candente Resource Corp.