Vancouver, British Columbia, June 29th, 2011. Candente Copper Corp. (TSX:DNT, BVL:DNT, US:CDOUF) ("Candente Copper") is pleased to provide an update on the status of the 100% owned Cañariaco Norte Copper Project in Northern Peru.
The Feasibility Study work program is well underway under the direction of AMEC Americas Limited ("AMEC"). A comprehensive application for the permit to conduct both geotechnical drilling for the Cañariaco Norte deposit and exploration drilling on the high priority Cañariaco Sur and Quebrada Verde porphyry targets has been completed and was recently submitted to the Peruvian Ministry of Energy and Mines for review and approval.
The following key activities are in progress:
- The Environmental and Social Impact Assessment, under the direction of AMEC (Perú) S.A. ("AMEC Peru") continues with fieldwork and office based data assessment. AMEC Peru personnel recently completed wet season baseline data collection in the field and are now planning for the upcoming dry season field work.
- Metallurgical test work is continuing under the direction of G&T Metallurgical Services Ltd. ("G&T") in Kamloops. B.C. G&T are recognized worldwide for their expertise in the metallurgy and mineralogy of copper porphyry deposits. The test work program is now focussed on "variability flotation test work" to confirm the metallurgical recoveries to be expected throughout the various zones of the Cañariaco Norte deposit. In addition, metallurgical test work is planned to take place at Outotec (Sweden) AB ("Outotec") to provide design parameters for the concentrate roasting process. Outotec is a global leader in the design and supply of process equipment for the mining industry.
- Geotechnical design of the project has been awarded to Knight Piésold Ltd. of Vancouver. Knight Piésold is a highly respected specialist geotechnical consulting firm, and their expertise will complement AMEC's highly experienced Feasibility Team. Geotechnical drilling is required to obtain rock quality data for the design of the open pit walls and ground condition data for the design of the project facilities.
- An aerial survey by McElhanney Consulting Services Ltd. of Vancouver is underway to collect topographical data for the project area including the mine, plant-site and ancillary facilities areas, the proposed access road route, and the proposed power line route. Aerial data will be used to develop detailed topographic contour maps over the entire project footprint, and is a requirement for both the Feasibility Study design and the detailed design for construction.
- A trade-off study to assess the optimal mining and processing rate for the Cañariaco Norte project is also underway. The Pre-Feasibility Study Progress Report released in March 2011 called for a processing rate of 95,000 tpd, however management believes the size of the Cañariaco Norte deposit may justify and be benefited by a higher production rate.
Management is confident that fundamentals remain strong for worldwide copper demand and that Peru, which has tripled copper production in the past two decades, will continue to recognize the importance of mining to their economy.
About Candente Copper
Candente Copper Corp is a TSX and BVL listed mining company focused on exploration and development of base metal mining projects in Peru and Latin America. Candente Copper's flagship project is the 100% owned Cañariaco Norte copper project located in Northern Peru's prolific mining district.
Mr. Sean Waller, P.Eng., President of Candente Copper is a Qualified Persons as defined by National Instrument 43-101, has reviewed and approved the contents of this release, and is responsible for the information contained in this release.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geotechnical assumptions, geological interpretations, receipt of property titles or permits, 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.
On behalf of the Board of Candente Copper Corp.
"Sean Waller" P.Eng.
President & Director
For further information please contact:
VP Corporate Development
mobile: +1 (604) 614-2999
local: + 1 (604) 689-1957 ext 2
toll free: 1 (877) 689-1964 ext 2
Manager, Investor Relations
mobile: +1 (604) 306-8477
local: + 1 (604) 689-1957 ext 3
Investor Relations, Peru
Tel.: (511) 715-2001 ext 107