Candente Copper Corp. (TSX: DNT)(BVLAC: DNT)(WKN: GW4) ("Candente
Copper") is extremely pleased to report that an updated Mineral
Resource Estimate recently completed for the Canariaco Norte copper
deposit in Peru has confirmed a substantial increase in the mineral
resources.
As part of the ongoing Pre-Feasibility Study of the Canariaco
Norte project, AMEC Americas Limited ("AMEC"), has re-modelled and
re-classified the Mineral Resource and issued an updated,
significantly larger Resource Estimate.
Highlights of the 0.30% copper cut-off Resource Estimate:
At the base case 0.30% copper cut-off grade, Canariaco Norte's
Measured and Indicated tonnage has increased by 21% and the
Measured and Indicated contained copper has increased by 16% from
the Mineral Resource Estimate released in September 2008 (see
Candente Resource news release dated September 18, 2008).
-- Measured and Indicated: 752.4 million tonnes ("Mt") grading 0.45% copper
containing 7.53 billion pounds of copper (0.52% copper equivalent(i);
0.49% copper equivalent with gold and silver recoveries applied(ii)).
-- Inferred: 157.7 Mt grading 0.41% copper containing 1.43 billion pounds
of copper (0.47% copper equivalent(i); 0.44% copper equivalent with gold
and silver recoveries applied(ii)).
To show sensitivity of the estimate to cut-off grade, a 0.20%
copper cut-off grade was also modelled. Using this cut-off grade,
Canariaco Norte's Measured and Indicated tonnage has increased by
22% and contained copper increased by 18% from the 2008 Mineral
Resource Estimate.
-- Measured and Indicated: 1.003 billion tonnes grading 0.40% copper
containing 8.94 billion pounds of copper (0.46% copper equivalent(i);
0.44% copper equivalent with gold and silver recoveries applied(ii)).
-- Inferred: 293.3 million tonnes grading 0.33% copper containing 2.16
billion pounds of copper (0.38% copper equivalent(i); 0.36% copper
equivalent with gold and silver recoveries applied(ii)).
"This updated mineral resource estimate will now be the basis
for the Canariaco Norte Pre-Feasibility Study currently underway,
and we anticipate that it will have a very positive effect on the
value of the Canariaco Norte deposit. This new development provides
further support to our conviction that Canariaco Norte will be one
of the next generation of Peruvian copper mines," commented Sean
Waller, P. Eng., President of Candente Copper.
Table 1 - Mineral Resource Estimate at the Base Case 0.30%
Copper Cut-off Grade
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Contained Metal
Resource tonnes Cu Cu Au Ag Copper Gold Silver
Classification (M) Eq(i) Eq(ii) Cu (g/t) (g/t) (B lbs) (M Ozs) (M Ozs)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Measured 338.1 0.55% 0.52% 0.48% 0.08 2.0 3.587 0.870 21.635
----------------------------------------------------------------------------
Indicated 414.3 0.49% 0.46% 0.43% 0.06 1.8 3.945 0.799 23.602
----------------------------------------------------------------------------
Measured+
Indicated 752.4 0.52% 0.49% 0.45% 0.07 1.9 7.533 1.669 45.237
----------------------------------------------------------------------------
Inferred 157.7 0.47% 0.44% 0.41% 0.06 1.8 1.434 0.304 8.932
----------------------------------------------------------------------------
Resource Sensitivity at Various Copper Cut-off Grades
AMEC developed volumetrics at cut-off grades of 0.20% Cu and
0.14% Cu as well as the base case 0.3% Cu. The copper cut-off grade
of 0.20% is based on operating cut-off grades of other comparable
copper mines in South America. AMEC has also calculated that the
marginal cut-off grade that allows for reasonable prospects of
economic extraction is 0.14% copper. The following table is
provided to demonstrate the sensitivity of the mineral resources to
variation in copper cut-off grades.
Table 2 - Mineral Resources at Various Copper Cut-off
Grades:
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Measured and Indicated Resource Summary
----------------------------------------------------------------------------
Contained Metal
Cu
cut- tonnes Cu Cu Au Ag Copper Gold Silver
off (M) Eq(i) Eq(ii) Cu (g/t) (g/t) (B lbs) (M Ozs) (M Ozs)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
0.30% 752.4 0.52% 0.49% 0.45% 0.07 1.9 7.533 1.669 45.237
----------------------------------------------------------------------------
0.20% 1003.0 0.46% 0.44% 0.40% 0.06 1.7 8.941 2.065 56.102
----------------------------------------------------------------------------
0.14% 1106.2 0.44% 0.41% 0.38% 0.06 1.7 9.332 2.052 61.665
----------------------------------------------------------------------------
Inferred Resource Summary
----------------------------------------------------------------------------
0.30% 157.7 0.47% 0.44% 0.41% 0.06 1.8 1.434 0.304 8.932
----------------------------------------------------------------------------
0.20% 293.3 0.38% 0.36% 0.33% 0.05 1.5 2.165 0.472 14.216
----------------------------------------------------------------------------
0.14% 419.4 0.32% 0.31% 0.28% 0.04 1.3 2.634 0.539 17.969
----------------------------------------------------------------------------
(i)Copper equivalent grade including gold and silver values and
based on 100% metal recoveries. Copper grade equivalent
calculation. Cu Eq% =(Cu % + ((Au grade x Au price)+(Ag grade x Ag
price))/(22.0462 x Cu price x 31.0135 g/t)
(ii)Copper equivalent grade including gold and silver, metal
recoveries (gold 55%; silver 50%) and smelter returns (copper
96.5%: gold 93%; silver 90%) applied. Copper grade equivalent
calculation: Cu Eq% =(Cu % + ((Au grade x Au price x Au recovery x
Au smelter return%)+(Ag grade x Ag price x Ag recovery x Ag smelter
return%))/(22.0462 x Cu price x 31.0135 g/t x Cu recovery x Cu
smelter return%)
This updated mineral resource estimate is based on 229 drill
holes and includes the results of 16 drill holes completed after
the previous estimate by SRK Consulting (Canada) Inc. in September
2008, as well as a review of the deposit lithology, alteration and
specific gravities. Metal prices used by AMEC for the updated
resource estimate are: copper US$2.50/lb, gold US$1,035/oz and
silver US$17.25/oz.
Mineral Resource Statement
The effective date of this mineral resource estimate is
September 10, 2010, which represents the cut-off date for the most
recent scientific and technical information used in the resource
estimate. The mineral resources reported herein have been estimated
using criteria consistent with the Canadian Institute of Mining and
Metallurgy ("CIM") Definition Standards (2005) and in conformity
with the CIM "Estimation of Mineral Resources and Mineral Reserves
Best Practice" (2003) guidelines. AMEC produced an updated resource
estimate for the Canariaco Norte deposit based on drilling
information and geological interpretation provided by Candente
Copper. AMEC undertook quality assurance and quality control
studies on the mineral resource data for the Canariaco Norte
project. AMEC concludes that the collar, assay and lithology data
are adequate to support resource estimation. The updated resource
model includes 16 additional drill holes completed subsequent to
the previous estimate conducted by SRK Consulting in September
2008. Resources in Table 2 are categorized and tabulated within a
constraining economic resource pit shell based on costs and prices
evaluated by AMEC.
The marginal economic Grade cut-off calculated at 0.14% Cu is
based on prices and costs reviewed by AMEC. The open pit mineral
constrained resource is reported at a cut-off grade of 0.30% copper
within a Lerch-Grossman resource pit shell optimized on copper,
gold and silver. Copper recoveries vary from 58.8% at a copper
grade of 0.10% to 93.1% recovery at a copper grade of 0.60%. Gold
and silver recoveries are: 55% and 50% respectively. The metal
prices used are: copper US$2.50/lb, gold US$1,035/oz and silver
US$17.25/oz. The contained metal figures shown are in situ. No
assurance can be given that the estimated quantities will be
produced. All figures have been rounded to reflect accuracy and to
comply with securities regulatory requirements. Summations within
the tables may not agree due to rounding.
David Thomas, P.Geo. is an employee of AMEC Americas Limited and
is a Qualified Person as defined by National Instrument 43-101. Mr.
Thomas is responsible for the mineral resources reported above and
he has reviewed and approved disclosure of these mineral
resources.
About Candente Copper
Candente Copper Corp is a TSX and BVL listed mining company
focused on exploration and development of base metal mining
projects in Peru and Latin America. Candente Copper's flagship
project is the 100% owned pre-feasibility stage Canariaco Norte
Copper Project located in northern Peru's prolific mining
district.
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.
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-010
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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