In accordance with the Agreement, Plan B has the right to earn a 60% interest in the Don Gregorio property in Peru from Candente Copper's wholly owned subsidiary, Cobriza Metals Corp. ("Cobriza") by making payments totaling USD$500,000 to the Company and completing 10,000 metres("m") of drilling within 3 years of receiving government drilling permits.
To date, the Company has received payments totaling USD$50,000. A further USD$50,000 is due 90 days after signing the Agreement. One-half of the aforementioned payments are to be used to fund Candente Copper team's work in community engagement and agreements. The Company is to also receive USD$100,000 on or before 30 days of receipt of drill permits for the first phase drill program, a further USD$100,000 within 30 days of completing the first phase drill program (5,000 m) and the final USD$200,000 within 60 days of completing the second phase (an additional 5,000 m).
"Candente has always considered the Don Gregorio as a very high quality exploration target, given the success of previous drilling in identifying significant copper and gold mineralization in a porphyry setting. We are very pleased to now have Plan B bring its expertise and commitment to further exploration at Don Gregorio.", commented Joanne Freeze, P.Geo., Candente Copper's CEO."
Candente Copper acquired Don Gregorio from the Peruvian government in a competitive auction in 2008. Don Gregorio covers a mineralized (Cu-Au) porphyry system previously drilled by other parties in 1977 and 1995. A total of 1,642 metres ("m") were drilled to date in 12 holes. Eight of these holes were drilled to depths of 107 m or less and only two holes reached depths to approximately 260 m. Mineral intercepts from the historic drilling include 153.3m of 0.394% Cu with 0.18 g/t Au. A total of 930 surface samples were collected from the 1970's to 2011 and include:
- 20m of 1.23% Cu and 0.26 g/t Au
- 9m at 1.13% Cu and 0.90 g/t Au
- 3m at 1.36% Cu and 0.84 g/t Au
Candente Copper is a mineral exploration company engaged in 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.
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
VP Finance, Director
Plan B Minerals Corporation
Ph: 604 644 6940
Joanne C. Freeze, P.Geo., CEO, and Michael Thicke, P.Geo., VP Exploration, 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.
This news release may contain forward-looking statements including but not limited to comments regarding 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 Copper relies upon litigation protection for forward-looking statements.