Candente holds a portfolio of gold and silver properties in Per̼ and M̩xico, which have excellent potential for hosting multi-million ounce deposits. The Peruvian projects are owned 100% by Candente and host both high and low sulphidation epithermal targets, several of which are drill ready.
The El Oro project in Mexico, under option from Luismin, S.A. de C.V. (Goldcorp), has produced an estimated 20 million gold equivalent ounces over 50 plus years of operation. Drilling by Candente/Canaco in 2007 intersected mineralized structures below the historical workings at El Oro demonstrating that precious metal mineralization continues at depth. Recent petrographic work on the vein intersections indicates positions high in an epithermal gold-silver system and excellent potential for additional gold-silver ore shoots below past production levels.
Within or close to past production levels in one of the main veins, Luismin has estimated a historical "non 43-101" resource containing approximately 1.7 Million ("M") ounces ("oz") gold and 34 M oz silver in 17 M tonnes with an average grade of 3.67 grams per tonne ("gpt") gold and 69.4 gpt silver. Excellent potential also exists for discovery of parallel vein systems in a previously undrilled area at El Oro.
A second drill hole (CS08-002) into the Cañariaco Sur deposit, intersected 83 metres (166 to 249 metres) of 0.47% copper, 0.15 gpt gold and 1.63 gpt silver (0.55% copper equivalent within a larger 176 m intersection (73 to 249 metres) averaging 0.40% copper, 0.13 gpt gold, 1.54 gpt silver (0.48% copper equivalent). The first hole drilled in Cañariaco Sur, CS08-001, was collared 320 metres south of CS08-002 and intersected copper and gold mineralization from 146 metres to the end of the hole at 535 metres depth. Cañariaco Sur is the second copper-gold porphyry body discovered to date on the Cañariaco Property and lies 1.3 km south of the centre of the Cañariaco Norte deposit. "The existence of one or more additional porphyry deposits in such close proximity to Cañariaco Norte could add significantly to the economics of the project through shared infrastructure and facilities", comments Sean Waller, P.Eng., VP Development.
Individual two metre sample intervals assayed as high as 0.78% copper, 0.36 grams per tonne gold and 4.2 grams per tonne silver demonstrating that the gold-silver:copper ratio in Cañariaco Sur appears to be higher than in Cañariaco Norte. The copper mineralization in Cañariaco Sur is predominantly chalcopyrite and bornite.
Exploration work including geology, geophysics and geochemistry, indicates that Cañariaco Norte, Cañariaco Sur and a third target, Quebrada Verde, are part of an extensive porphyry complex covering a minimum length of five kilometres and an average width of two kilometres. The porphyry complex is covered entirely by the Cañariaco property, which is held 100% by Candente.
Samples were sent by Candente to ALS-Chemex in Lima, Peru (BVQI ISO 9001/2000 accredited). The analytical procedure used for gold is Fire Assay with an Atomic Absorption finish on a 30 gram split. The analytical procedure used for copper is Four Acid Digestion with a multi element Inductively Coupled Plasma ("ICP") finish on a 0.25 g split.
VP Finance and Corporate Development resigns:
In another matter the Company announces that due to cost reductions W. John DeCooman has resigned as VP Finance and Corporate Development. "We have greatly appreciated working with Johnny and all of his contribution to Candente and we wish him all the best with his future endeavours." Joanne Freeze, President and CEO.
PEA re-filed with corrected Process Design Criteria:
The Company also advises that the Cañariaco Norte("PEA") released on December 12, 2008 contained incorrect process design criteria in Appendix B of the Report. The correct design criteria have been inserted into the report appendices and the report has been re-filed as "Revised Preliminary Economic Assessment Technical Report, Cañariaco Norte Project, Peru" on February 26th, 2009.
There are no changes to the findings, recommendations or conclusions presented in the PEA report, the update has been made strictly to correct a clerical error pertaining only to the backup data contained in the report.
Gordon Doerksen P.Eng. of SRK Consulting (Canada) Inc. and Peter Critikos P.E. of Samuel Engineering Inc. are the Qualified Persons as defined by National Instrument 43-101 for the aspects of the PEA discussed above and have reviewed and approved the contents of this release pertaining to the PEA.
Sean Waller, P.Eng., VP Development and Robert van Egmond, P.Geo., Manager Geology Cañariaco, are the Qualified Persons as defined by National Instrument 43-101 for the projects discussed above and they have reviewed and approved the contents of this release.
Additional information on the company and projects is available at www.candente.com.
About Candente Resource Corp.
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, P.Geo.
President and CEO
+1 (604) 689-1957
Sean Waller, P.Eng.
Vice President Development
+1 (604) 689 1957