About Candente Copper
Candente Copper is a mineral exploration company engaged in the acquisition, exploration and development of mineral properties. The company is currently focused on its 100% owned Cañariaco Project, which includes the Feasibility stage Cañariaco Norte deposit as well as the Cañariaco Sur deposit and Quebrada Verde prospect, located within the western Cordillera of the Peruvian Andes in the Department of Lambayeque in Northern Peru.
At Cañariaco Norte 7.5 billion pounds of copper have been delineated in a Measured and Indicated* resource of 752.4 million tonnes grading 0.49% copper equivalent**. An Inferred Resource of 157.7 million tonnes at 0.44% copper equivalent has also been delineated in the Cañariaco Norte deposit.
Engineering studies (Pre-Feasibility/PEA) on Cañariaco Norte in 2011 estimated a 17+% IRR and US$912M NPV after Tax using a $2.25 Cu price. Feasibility studies started in 2013 are 50% completed and have confirmed many aspects of the 2011 work.
A highly successful Phase I drilling program demonstrates that the Cañariaco Sur deposit has the potential to add significant value to Cañariaco. Drilling in 2013 confirmed the presence of a large porphyry copper-gold deposit. A total of 13 holes were drilled at wide spacings (200 to 300 metres) and depths of 500m. Long intercepts of 0.4% CuEq were intercepted. Future drilling will target expansion and increase in grade of the Cañariaco Sur Deposit as well as the Quebrada Verde target which has never been drill tested.
Candente Copper also holds other base metal exploration projects in Peru. One of these, the Arikepay copper-gold porphyry, is being explored under a joint venture agreement with Zahena S.A.C. who is funding up to USD $5 million (M) in exploration expenditures and USD $4M in payments within 4 years.
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 the end of 2008. **Copper equivalent grade including gold and silver, metal recoveries (copper 90%, 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. Please refer to the pre-feasibility study progress report for the Cañariaco Norte Copper Project titled "Cañariaco Project, Lambayeque Department, Peru, NI 43- 101 Technical Report on Pre-feasibility Study Progress Report" for further information.
On behalf of the Board of Candente Copper Corp.
"Joanne C. Freeze" P.Geo.
For further information please contact:
Manager, Investor Relations
mobile: +1 (604) 306-8477
local: + 1 (604) 689-1957 ext 3
Investor Relations, Peru
tel.: (511) 715-2001 ext 107