The Company previously agreed to terms with the Community on May 6th, 2012 which granted the Company access for all exploration activities except drilling. The resumption of exploration drilling was contingent upon a Community vote on the Company's proposal for surface access, and such a vote could only take place in a General Assembly, which was convened by the Community on July 8, 2012 for this purpose (see Candente Copper News Release 036 dated June 22nd, 2012). This Community approval for surface access is for a term of three years.
"We are obviously very pleased with the positive decision made by the Community yesterday, and the Company looks forward to working with the Community to continue exploration and feasibility drilling at Cañariaco, as well as the ongoing Social and Sustainable Development programs," said Joanne Freeze, CEO. "This is certainly a very big step forward for both the Company and the Community, as it is an affirmation of the positive relationship that we have strived to develop since Candente Copper started work at Cañariaco in 2004." The agreement provides the basis for continuing the Company's Social and Sustainable Development programs with the Community, and the opportunity to complete the field work required as part of the feasibility study for Cañariaco Norte.
The Company will immediately advise its drilling contractor to prepare its crews and equipment so that mobilization can take place as soon as the Water Permit for drilling is received from the National Water Authority (Autoridad Nacional del Agua -- ANA). A property wide geophysical survey, environmental baseline data collection, and work on the access road are currently underway.
About Candente Copper
Candente Copper's flagship project is the 100% owned, 7.5 billion pound, Feasibility stage Cañariaco Norte Copper Project located in northern Peru's prolific mining district. The Cañariaco Norte deposit contains a Measured and Indicated resource of 752.4 million tonnes grading 0.49% copper equivalent*, and an Inferred Resource of 157.7 million tonnes at 0.44% copper equivalent*.
Sean Waller, P.Eng., President and Joanne C. Freeze, P.Geo., CEO, are the Qualified Persons as defined by National Instrument 43-101 for the projects discussed above. They have reviewed and approved the contents of this release. *The 'Measured and Indicated Resource' listed above consists of Measured Resources of 338.1Mt at 0.48% Cu , 0.08 g/t Au, and 2.0/t Ag (0.52% Cu Eq.), plus Indicated Resources of 414.3Mt at 0.43% Cu, 0.06 g/t Au, and 1.8 g/t Ag (o.46% Cu Eq.). All resources quoted in this release are based on a 0.30% copper cut-off grade and 229 drill holes completed to March 2008. *Copper equivalent grade including gold and silver, metal recoveries (gold 55%; silver 50%) and smelter returns (copper 96.5%: gold 93%; silver 90%) applied. Copper grade equivalent calculation: Cu Eq% =(Cu % + ((Au grade x Au price x Au recovery x Au smelter return%)+(Ag grade x Ag price x Ag recovery x Ag smelter return%))/(22.0462 x Cu price x 31.0135 g/t x Cu recovery x Cu smelter return%). The metal prices used are: copper US$2.50/lb, gold US$1,035/oz and silver US$17.25/oz.
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 that 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.
On behalf of the Board of Candente Copper Corp.
Joanne Freeze, P.Geo.
CEO and Director
For further information please contact:
VP Corporate Development
local: + 1 (604) 689-1957 ext 2
toll free: 1 (877) 689-1964 ext 2
mobile: +1 (604) 614-2999
Manager, Investor Relations
mobile: +1 (604) 306-8477
local: + 1 (604) 689-1957 ext 3