Candente Copper Corp. (TSX: DNT)(BVLAC: DNT)(WKN: GW4) ("Candente
Copper") is very pleased to announce that the contract for the
Pre-Feasibility Study on the Canariaco Norte Copper Project has
been awarded to AMEC Americas Ltd. ("AMEC") of Vancouver. Under the
guidance of AMEC, various trade-off studies are already underway to
define project development options which have the potential to
significantly improve the project's economics.
"The global fundamentals for copper continue to be very strong,
and there is a lack of new large scale copper projects under
development. Canariaco Norte is a compelling, large scale copper
project that is well positioned to be one of the next generation of
Peruvian copper mines," said Sean Waller, P.Eng., President of
Candente Copper. "Completion of the Pre-Feasibility Study will take
Canariaco Norte to a very important next step of development."
Update on Canariaco Norte Copper Project Pre-Feasibility
Study
Candente Copper has awarded AMEC the contract for the completion
of a comprehensive Pre-Feasibility Study for the Canariaco Norte
Copper Project. The scope of services includes mine, process,
tailings, and infrastructure design plus capital and operating
costs estimates. In addition, the scope of work will include the
completion of an NI 43-101 Technical Report.
Candente management is extremely pleased to be working with AMEC
on the continuing development of Canariaco Norte. AMEC is
recognized as one of the leading international mine engineering and
construction firms, and their current expertise in large scale
mining projects will be a real benefit to Canariaco Norte. The
pre-feasibility schedule calls for completion of the
Pre-Feasibility Study in the fourth quarter of 2010.
The proposed new port of Eten, near Chiclayo in northern Peru,
has been chosen by Candente Copper for a new concentrate load-out
facility, and Ausenco Sandwell has been contracted to develop the
preliminary design and cost. Ausenco Sandwell has extensive
experience with copper concentrate terminals in South America.
Eten is only 170 kms from the Canariaco Norte mine site, whereas
the port of Salaverry, which was used in the December 2008
Canariaco Norte Preliminary Economic Assessment ("PEA"), is 420 kms
from the mine site. The reduced distance will provide a very
significant reduction in transport costs over the life of the
mine.
Metallurgical evaluation work resumed in March 2010, and the
feasibility level metallurgical test work program resumed in June
at SGS Lakefield Research in Santiago, Chile. This test work will
determine the process options, projected metal recoveries, and
other metallurgical parameters required to finalize the Canariaco
Norte process flow sheet which will be used for both the
Pre-Feasibility and Feasibility Studies.
As part of the metallurgical assessment program, CESL Limited, a
subsidiary of Teck Resources Limited, recently completed a
preliminary level study to assess the applicability of its
hydrometallurgical technology to treat the Canariaco Norte copper
concentrate and produce LME grade A copper cathode on-site. The
study concluded that this technology is suited to the Canariaco
Norte copper deposit and that it has the potential to significantly
improve the project. AMEC is currently assessing various process
options in addition to the CESL process.
A geotechnical drilling program in the Canariaco Norte pit area
is scheduled to start in Q3 2010. 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 mine plan grade, particularly
during the early years of production, which would have a
significant positive effect on cash flow.
In addition, AMEC (Peru) S.A. is conducting the Environmental
and Social Impact Assessment (ESIA) which is a key aspect of the
Canariaco Norte project development, and was the first major
project activity to resume in 2010. The current schedule calls for
the completion of the ESIA in July of 2011. AMEC E&E's strong
international reputation and their extensive experience in Peru
were the key criteria in the original ESIA contract award to AMEC
Peru.
Exploration targets including Canariaco Sur, Quebrada Verde and
other copper prospects in Peru are currently under evaluation for
prioritizing drill targets to be tested in 2010. Permitting for
drilling is underway.
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 a Measured and Indicated resource of 622
million tonnes grading 0.52% copper equivalent, and an Inferred
Resource of 128 million tonnes at 0.47% copper equivalent(i).
A positive Preliminary Economic Assessment was completed on the
Canariaco Norte Copper Project by SRK Consulting 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 60,580 metres
drilled in 213 holes to March 2008. (i) The 'Measured and Indicated
Resource' listed above consists of Measured Resources of 237Mt at
0.51% Cu, 0.08 g/t Au, and 1.94 g/t Ag, plus Indicated Resources of
385Mt at 0.45% Cu, 0.07 g/t Au, and 1.76 g/t Ag. The 'Inferred
Resource' listed above consists of 128Mt at 0.43% Cu, 0.06 g/t Au,
and 1.64 g/t Ag. 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-007
Contacts: Candente Copper Corp. John Foulkes, VP Corporate
Development mobile: +1 (604) 614-2999 or local: + 1 (604) 689-1957
ext 2 toll free: 1 (877) 689-1964 ext 2 info@candentecopper.com
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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