Candente Copper Corp. (TSX: DNT)(BVLAC: DNT)(WKN: GW4) ("Candente
Copper") is pleased to announce that feasibility studies have
resumed on their Canariaco Norte copper project, and preparation
for exploration of their Canariaco Sur, Quebrada Verde and other
Peruvian copper projects has begun.
Canariaco Norte Copper project
Candente Copper has now resumed feasibility studies on the
Canariaco Norte copper project. A Pre-Feasibility Study is slated
for completion in Q4 2010, with a final Feasibility Study expected
approximately 6 months thereafter.
"We are extremely pleased to resume the development program for
the Canariaco Norte copper project. It is a compelling, large scale
copper project in a country with a well established mining industry
that we believe will be one of the next generation of Peruvian
copper mines," said Sean Waller, P.Eng., President of Candente
Copper. "Completion of the Pre-Feasibility and Feasibility Studies
will be major milestones in this development of Canariaco
Norte."
The selection process for an internationally recognized
engineering firm to complete the Pre-Feasibility Study on Canariaco
Norte is underway, with contract award anticipated by mid-April
2010.
A geotechnical drilling program in the Canariaco Norte pit area
will start in late April following the end of the rainy season.
This program will provide the geotechnical data required to
complete the pre-feasibility level design of the Canariaco Norte
pit. It is anticipated that the additional data will permit
optimization of the pit wall slopes with the potential to improve
the open pit mine plan grade, particularly during the early years
of production.
The feasibility level metallurgical test work will resume
shortly at SGS Lakefield Research in Santiago, Chile. This test
work will determine the projected metal recoveries and other
metallurgical parameters required to finalize the Canariaco Norte
process flow sheet. When SRK completed the Preliminary Economic
Assessment in 2008 the feasibility level metallurgical test work
was already more than 50% complete.
As part of the metallurgical assessment program, Candente Copper
recently contracted CESL Limited, a subsidiary of Teck Resources
Limited, to assess the applicability of their hydrometallurgical
technology to treat the Canariaco Norte copper concentrate and
produce LME grade A copper cathode on-site. This technology has the
potential to significantly improve the Canariaco Norte copper
project.
The Canariaco Norte Pre-Feasibility Study will also evaluate the
potential impact of a proposed new deep water port at Eten, Peru,
130 kms from Canariaco Norte. Use of this proposed port has the
potential to reduce transportation costs substantially
(approx.C$170 million) over the life of the Canariaco Norte mine
when compared to the SRK 2008 Preliminary Economic Assessment
report, which modelled trucking copper concentrate 420 kms to the
operating port of Salaverry, Peru.
In addition, AMEC (Peru) S.A. has now resumed the Environmental
& Social Impact Assessment (ESIA) on the Canariaco Norte copper
project area.
Canariaco Sur & Quebrada Verde Copper Projects
Evaluation drilling on the Canariaco Sur copper porphyry, 1.5
kms SW of the centre of the Canariaco Norte copper deposit, is also
planned to commence in May 2010. Exploration to define drill
targets on the Quebrada Verde zone 1.5 kms further to the southwest
is also planned for 2010.
Two discovery holes drilled into the Canariaco Sur target in
2008 intersected extensive sections of copper mineralization,
including 83 metres grading 0.55% copper equivalent within a larger
176 metre intersection grading 0.48% copper equivalent. These
holes, when combined with highly anomalous soil geochemistry and
geophysics indicate that Canariaco Norte, Canariaco Sur and
Quebrada Verde together comprise an extensive copper-gold porphyry
complex covering a minimum length of five kilometres and an average
width of two kilometres.
"The discovery of a second porphyry copper deposit and the
excellent potential for the discovery of a third in such close
proximity to the Canariaco Norte copper deposit could significantly
add to the scope and economics of the Canariaco project development
through shared infrastructure and facilities." states Mr. Waller.
"A significant amount of our exploration effort will be focussed on
the evaluation of these targets."
Other Copper Exploration Targets
Candente Copper holds a number of earlier stage copper and base
metal properties in Peru. Evaluation, prioritization and drill
target selection on these properties has also begun and exploration
drilling is planned for select targets in 2010.
About Candente Copper
Candente Copper's flagship project is the 100% owned, 7.7
billion pound feasibility stage Canariaco Norte copper project
located in northern Peru's prolific mining district. The Canariaco
Norte deposit contains 102 million tonnes in a high grade,
near-surface resource shell at 0.61% copper equivalent, 622 million
tonnes of Measured and Indicated resource grading 0.52% copper
equivalent, and 128 million tonnes of Inferred Resource at 0.47%
copper equivalent(i).
A positive Preliminary Economic Assessment was completed on the
Canariaco Norte copper project in late 2008, which shows robust
economics at both current and consensus long term copper prices.
Since this report was published, a number of factors have been
identified which have the potential to significantly improve the
project's economics.
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. All resources quoted in this
release are based on a 0.30% copper cut-off grade and 72,189 metres
drilled in 249 holes since 2004. (i)All copper equivalent grades
quoted in this release are based on US$1.90 per pound copper,
US$600 per troy ounce gold, US$10 per troy ounce silver, and 100%
metal recoveries.
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.
Sean Waller, P.Eng., President & Director
NR 005
Contacts: Candente Copper Corp. Walter Spagnuolo, Manager,
Investor Relations Mobile: +1 (604) 306-8477 or Local: +1 (604)
689-1957 ext 3 Toll Free: 1 (877) 689-1964 ext 3
info@candentecopper.com www.candente.com
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