Candente Copper Corp.: Canariaco Norte Pre-Feasibility Study Update
November 29 2010 - 7:00AM
Marketwired
Candente Copper Corp. (TSX: DNT)(BVLAC: DNT) ("Candente") is
pleased to provide a progress update on the Canariaco Norte Copper
Project Pre-Feasibility Study being prepared by AMEC Americas
Limited ("AMEC"). The processing rate for the project has now been
increased to 95,000 tonnes per day ("tpd"). Completion of a
Pre-Feasibility Progress Report is scheduled for January 2011.
The increase to 95,000 tpd is the second increase in processing
rate achieved during the Pre-Feasibility level design of the
Canariaco Norte project. The processing rate has now increased by
26% from the 75,000 tpd rate proposed in the Preliminary Economic
Assessment completed in 2008. This latest increase is a result of
the significant increase in the mineral resource estimate completed
by AMEC and reported by Candente on November 1, 2010 (see Candente
Copper NR 010).
Importantly, this increase in production rate will incur minimal
additional capital costs to the project, as the primary crushing
and grinding circuits will remain essentially unchanged from the
previous 85,000 tpd circuit. This is based on recently completed
metallurgical test work which confirmed that target copper recovery
can be achieved at a coarser final grind prior to the copper
flotation stage, thereby allowing the increased processing rate.
This increase in processing rate will result in higher levels of
annual copper, gold, and silver production. The resulting increase
in metal production totals are still under assessment, pending
completion of the mine design.
The increase in processing rate requires development of a new
95,000 tpd mine plan and revisions to several aspects of the
project engineering. Given this change in scope, a Pre-Feasibility
Progress Report is scheduled for January 2011. The Pre-Feasibility
Progress Report will include project costing and financial analysis
with estimated cash flows, IRRs, and NPVs based on the proposed
scope of development.
"We continue to be extremely pleased with the progress of the
Canariaco Norte Pre-Feasibility program, and firmly believe the
Pre-Feasibility Progress Report will demonstrate significant
improvements to the scope of project development," commented Sean
Waller, P.Eng., President of Candente Copper.
About Candente Copper
Candente Copper's flagship project is the 100% owned, 7.5
billion pound, Pre-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 752.4
million tonnes grading 0.49% copper equivalent(i), and an Inferred
Resource of 157.7 million tonnes at 0.44% 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.
(i)The 'Measured and Indicated Resource' listed above consists
of Measured Resources of 338.1Mt at 0.48% Cu , 0.08 g/t Au, and
2.0/t Ag (0.52% Cu Eq.), plus Indicated Resources of 414.3Mt at
0.43% Cu, 0.06 g/t Au, and 1.8 g/t Ag (o.46% Cu Eq.). All resources
quoted in this release are based on a 0.30% copper cut-off grade
and 229 drill holes completed to March 2008. (i)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%). The metal prices
used are: copper US$2.50/lb, gold US$1,035/oz and silver
US$17.25/oz.
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-011
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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