Candente Copper Provides an Update on the Canariaco Norte Pre-Feasibility Study
July 22 2010 - 4:00AM
Marketwired
Candente Copper Corp. (TSX: DNT)(BVL: DNT)(WKN: GW4) ("Candente
Copper") is pleased to provide a progress update on the Canariaco
Norte Copper Project Pre-Feasibility Study. A number of significant
improvements to the project have already been identified and
selected for inclusion in the Pre-Feasibility Study, including an
increase in production rate from 75,000 to 85,000 tonnes per day,
the identification of a process for the reduction of arsenic in the
concentrate to non-penalty levels, and the initiation of
discussions to use a proposed new port near Eten as a shared
concentrate shipping facility.
Under the guidance of AMEC Americas Ltd ("AMEC"), various
trade-off studies have been undertaken. Two key studies are now
complete, and technical development options have been selected
which are expected to significantly improve the project
economics.
The first study assessed various process plant capacities and,
based on the results, the production rate will be increased to
85,000 tonnes per day. This is a 13% increase over the 75,000
tonnes per day plant capacity specified in the 2008 SRK Preliminary
Economic Assessment ("PEA"), and is estimated to result in a
corresponding increase in annual copper production. The increase in
plant throughput will be achieved by optimizing the PEA grinding
circuit design, including increasing the size of the secondary ball
mills and increasing the projected plant availability by 2%, which
reflects current industry experience. The impact on the capital
cost of the grinding circuit due to these changes is expected to be
minimal as the sizes of the primary crusher and Semi-Autogenous
Grinding ("SAG") mill remain unchanged from what was specified in
the PEA.
In the second study, AMEC has assessed the various processing
technologies currently available to reduce the content of arsenic
in the copper concentrate to non-penalty levels, and they have
proposed utilizing a concentrate roasting process offered by
Outotec Oyj ("Outotec") of Finland. This process technology is
currently being supplied by Outotec to CODELCO for a similar
application at its new Ministro Hales mine in northern Chile. As
part of the current metallurgical test work, samples of Canariaco
Norte flotation concentrate will be submitted to Outotec for
testing to confirm the applicability of their process to the
concentrate.
As previously reported in Candente Copper news release 007, a
proposed new port site near the port of Eten has been selected by
Candente Copper for a copper concentrate load-out facility. Eten is
only 240 kms from the Canariaco Norte mine site, whereas the port
of Salaverry, which was used in the Canariaco Norte PEA, is 420 kms
from the mine site. The reduced distance will significantly reduce
life-of-mine concentrate transport costs.
The new port near Eten has been proposed by Lumina Copper SAC
("Lumina") for development of a concentrate loadout facility for
its El Galeno copper project in Northern Peru. Very significant
positive benefits to both projects are anticipated by the
development of a shared loadout facility, and Candente Copper and
Lumina have initiated discussions regarding the potential of a
shared-use facility.
"We are very pleased with the progress to date, as we have made
several very significant improvements to the scope of project
development, and we anticipate additional improvements as we
continue to develop the Canariaco Norte project through the
Pre-Feasibility Study," commented Sean Waller, P.Eng., President of
Candente Copper.
The Canariaco Norte Copper Project Pre-Feasibility Study is
scheduled for completion in the fourth quarter of 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 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).
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-009
Contacts: Candente Copper Corp. John Foulkes VP Corporate
Development mobile: +1 (604) 614-2999 or local: + 1 (604) 689-1957
ext 2 or 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
www.candente.com
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