Vancouver, British Columbia, November 12, 2009. Candente Resource Corp. (DNT:TSX and BVL) ("Candente" or the "Company") announces financial results for the quarter ended September 30, 2009 ("Q3-2009"). All amounts in this release are in U.S. dollars unless otherwise stated.
The Company posted a net loss in the period of $833,990 or $0.01 per share in Q3-2009, compared to a net loss of $1,248,503 or $0.02 per share in the three months ended September 30, 2008 ("Q3-2008"). The most significant expense in Q3-2009 was stock-based compensation of $687,423 (Q3-2008 $482,631), for options that vested in the period. Other significant items included a write-down of inactive mineral properties of $223,208 ($nil in Q3-2008) and a foreign exchange gain of $170,731 (Q3-2008 loss of $371,917).
On a year-to-date basis the Company posted a loss of $1,049,601, compared to a loss of $3,413,004 in the nine months ended September 30, 2008.
In Q3-2009 the Company continued the cost savings initiatives implemented during the past year and to closely manage general and administrative expenses. Certain corporate overhead costs have been shared with Candente Gold Corp. ("Candente Gold") as of May 2009.
In Q3-2009 the Company reported cash used in operations of $163,088 (Q3-2008 $1,170,790) and cash used in investing activities of $278,242 (Q3-2008: $4,322,332).
At September 30, 2009, the Company had cash and cash equivalents of $1,183,352 and working capital of $463,962.
At September 30, 2009, the Company had outstanding 80,943,127 common shares, 9,803,500 million stock options and 4,364,450 share purchase warrants, for a fully-diluted total of 95,111,077 million common shares.
Management plans to resume work on the Cañariaco copper-gold-silver project in the first quarter of 2010. Initial work is to include exploration, especially on the Cañariaco Sur copper porphyry discovery (see Candente news release October 2, 2008) and Quebrada Verde copper porphyry target, as well as resumption of feasibility level studies on the Cañariaco Norte deposit. Cañariaco Sur and Quebrada Verde are located within 2 and 4 kilometres respectively of the Cañariaco Norte deposit.
For a detailed analysis of the financial results presented above, refer to the September 30, 2009 Unaudited Consolidated Financial Statements and Management's Discussion and Analysis available on the Company's website at www.candente.com and at www.sedar.com.
About Candente Resource Corp.
Candente is a diversified exploration and development company with copper and base metal projects in Peru. Candente's Management Team 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, which ensure that 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. 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.
CAUTIONARY NOTE TO U.S. INVESTORS
For further information please contact:
Joanne C. Freeze, PGeo.
+ 1 (604) 689-1957
Sean Waller, P. Eng.
+ 1 (604) 689-1957