Candente Copper Completes Financing for Pre-Feasibility and Exploration
May 14 2010 - 4:00AM
Marketwired
Candente Copper Corp. (TSX: DNT)(BVL: DNT)(WKN: GW4) ("the
Company") is pleased to report that the Company's shareholders have
approved the final portion of the C$6,227,969M financing announced
March 9th, 2010. The proceeds of this financing will allow the
Company to complete a Pre-Feasibility Study on the Canariaco Norte
copper project in Peru, and conduct exploration on the Canariaco
Sur and Quebrada Verde copper projects, as well as a number of
Candente Copper's other exploration targets throughout Peru.
All resolutions presented to the Company's shareholders at the
annual general meeting of the Company held on May 13th, 2010 were
approved, including the exercise of 4,856,187 special warrants that
formed part of the C$6,227,969 private placement.
Shareholders present at the meeting authorized the issuance of
up to 7,526,879 common shares in the capital of the Company upon
the exercise of the special warrants and the brokers'/finders'
warrants issued as part of the private placement. A total of 99.19%
of the eligible shares that were voted at the meeting were in
favour of the issuance of the special warrants.
About Candente Copper
Candente Copper's flagship project is the 100% owned feasibility
stage Canariaco Norte copper project located in northern Peru's
prolific mining district. The Canariaco Norte deposit contains 622
million tonnes of Measured and Indicated resource grading 0.51%
copper equivalent, and 128 million tonnes of Inferred Resource at
0.46% copper equivalent.
A 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.
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 the full Feasibility Study expected
6 months thereafter. Exploration on the Canariaco Sur and Quebrada
Verde copper projects, as well as a number of Candente Copper's
exploration targets throughout Peru is also planned for 2010.
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 213 holes
drilled since 2004. 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-006
Contacts: Candente Copper Corp. John Foulkes - VP Corporate
Development VP Corporate Development mobile: +1 (604) 614-2999 or
local: +1 (604) 689-1957 ext 2 toll free: 1 (877) 689-1964 ext 2
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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