Candente Copper Corp. (TSX: DNT)(PINK SHEETS: CDOUF)(BVLAC: DNT)
("Candente" or the "Company") is pleased to announce that all
recommendations presented by management were approved by
shareholders at the Company's Annual General and Special Meeting
held August 23, 2011 (the "Meeting").
Spin-out of Cobriza Metals Corp.
Shareholders approved the spin-out of the Company's copper and
lead-zinc exploration properties, as well as $6,000,000 into
Cobriza Metals Corp. ("Cobriza") by way of a plan of arrangement
(the "Arrangement"). The properties to be spun-out comprise all
claims held in Peru apart from the Canariaco Property (comprising
the Canariaco, Jehuamarca and Las Palmas claims, which cover the
Canariaco Norte deposit, and the Canariaco Sur and Quebrada Verde
areas).
The Arrangement remains subject to the approval of the Supreme
Court of British Columbia and of the Toronto Stock Exchange
("TSX"). A final order of the Supreme Court of British Columbia
approving the arrangement will be set down for hearing on August
25, 2011 at 9:45 am (Vancouver time) or as soon thereafter as
counsel may be heard.
A further News Release will be made to advise shareholders in
advance of the Arrangement becoming effective and the Company will
mail a letter of transmittal to shareholders shortly with respect
to the exchange of their current Candente Copper share certificates
for certificates representing one new share of the Company and 1/5
of one share in Cobriza for every old share held in the
Company.
New Directors
The Company is very pleased to welcome two new directors, George
Elliott and Wolfgang P.T. Nickel, to the Board of Directors of the
Company.
George Elliott
George Elliott has over 35 years of experience in legal affairs
and corporate finance throughout a variety of industries. As an
advisor to the AuRico Gold Board of Directors, Mr. Elliott was
instrumental in the reorganization of Gammon Gold through the name
change to AuRico previously this year. Prior to 2000, Mr. Elliott
was Senior Counsel at the law firm Gowling Lafleur Henderson (now
Gowlings). Since 2000 Mr. Elliott has held the roles of Chairman
and CEO for Titanium Corporation Inc., Executive Vice President of
MCAP Financial, which manages over $20 billion in mortgage
investments for Canadian financial institutions, CEO of Augen
Capital, and Chair of the Executive Committee of the PLM Group -
Canada's fourth largest commercial printer, which was acquired by
Transcontinental Printing for 250% of their market value.
George is currently also Chairman, CEO, and Director of Andor
Mining, and is a Director of Esperanza Resources Corp., Medworxx
Solutions Inc., and Urbana Corporation.
Wolfgang Nickel
Mr. Nickel is a metallurgical engineer with 35 yrs experience in
large scale copper and coal mining operations with Teck Resources
Limited and Cominco Ltd. Wolf recently retired from Teck after
eight years as President, General Manager of the Highland Valley
copper mine in BC which produces approximately 100,000 tonnes of
copper per year, and is the largest open pit mine in Canada as well
as one of the largest in the world.
During his tenure at Highland Valley Copper, Wolf led the
innovative team that succeeded in extending the life of the mine by
over 10 years (to 2020) by incorporating the Valley, Lornex and
Highmont resources into additional mineral reserves. The mine life
extension included the in-house engineering and construction
associated with relocating the Valley in-pit crushing and ore
conveying system to pit rim, increasing the ultimate dam height to
handle additional tailings storage, as well as replacing old mining
equipment with new and more productive units necessary for the
longer mine life.
Klaus Zeitler and Michael Casselman did not stand for
re-election at the Meeting but will remain as Technical Advisors to
the Company and continue to contribute to the success of the
Canariaco Copper Project. The Company wishes to thank Klaus and
Michael for their years of invaluable service to the Company.
Cobriza Metals Corp.
Michael Casselman will serve on the Board of Directors of
Cobriza with Michael Thicke (President), Joanne Freeze (Chair &
CEO), Sean Waller (VP), and Federico Oviedo.
Michael Thicke is an international porphyry expert, with over 30
years of global exploration experience, including extensive
experience in porphyry exploration in South America as District
Geologist for Rio Algom (now BHP Billiton) in Chile, where he was a
key member of the team that discovered the large scale Spence
porphyry copper deposit, which commenced production in 2006.
More recently, Mr. Thicke was a senior member of BHP Billiton's
Global Porphyry Exploration Group, leading teams for the
exploration and evaluation of porphyry copper deposits in North
America, Chile, Peru, Argentina, and Kazakhstan.
Mr. Thicke will serve as President of Cobriza, technical advisor
to Candente Copper, and resign his position as VP Exploration of
Candente Copper.
Federico Oviedo has been a key member of the Bolsa de Valores de
Lima S.A. (Lima Stock Exchange) since 1979, acting as its General
Counsel from 1990, and as its CEO from 2001 until June 2009. At the
BVL, among other projects, he promoted and developed the Junior
Market - Segmento de Capital de Riesgo (Venture Capital Segment) -
corporate government issues for the Peruvian markets and
internationalization and integration of the securities market.
Currently Mr. Oviedo is a consultant in corporate and capital
market issues and member of the board of BNB Valores Peru Solfin
Sociedad Agente de Bolsa S.A. (Peruvian brokerage house).
Cobriza will hold several early stage exploration properties in
Peru, which have demonstrated potential for hosting copper or
lead-zinc mineralization. The most advanced property, and that
which is forming the basis for the listing application with the
TSX, is the Don Gregorio property (previously called La Huaca) in
Northern Peru.
The Don Gregorio property covers 2,700 hectares and is situated
approximately 760 km north-northwest of Lima (Peru's capital) and
140 km north-northeast of the city of Chiclayo. Don Gregorio is
considered to be an under-explored porphyry copper-gold-moly
deposit that shows evidence of significant up-grading of Cu and
possibly Au by supergene processes. In addition, and possibly
peripheral to the main porphyry body, potential exists for skarn
mineralization associated with calcareous rocks.
Previous exploration by other companies indicates extensive
areas of anomalous copper geochemistry (with some gold and
molybdenum) on the Don Gregorio property. Twelve previous drill
holes (1,648m) intersected significant anomalous copper intervals.
One area of mineralized outcrop 29 meters long returned 20 meters
grading 1.23% copper and 0.26 g/t gold in one sample, and 9 meters
grading 1.13% copper and 0.90 g/t gold in another sample. Work to
date indicates that the mineralizing system has significant size
potential.
Drilling is planned for the Don Gregorio property following
completion of additional surface exploration work.
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 Canariaco Norte copper project located in
Northern Peru's prolific mining district.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and
forward-looking information (collectively, "forward-looking
statements") within the meaning of applicable Canadian and US
securities legislation. All statements, other than statements of
historical fact, included herein including, without limitation,
statements regarding the Arrangement, timing certain steps to be
taken with respect to the Arrangement, the expected completion of
the Arrangement, anticipated mineralization at the Don Gregorio
Project, and planned exploration work are forward-looking
statements. Although the Company believes that such statements are
reasonable, it can give no assurance that such expectations will
prove to be correct. Forward-looking statements are typically
identified by words such as: believe, expect, anticipate, intend,
estimate, postulate and similar expressions, or are those, which,
by their nature, refer to future events. The Company cautions
investors that any forward-looking statements by the Company are
not guarantees of future results, performance, or actions and that
actual results and actions may differ materially from those in
forward-looking statements as a result of various factors,
including, but not limited to, those risks and uncertainties
disclosed in the Company's Information Circular with respect to the
Meeting filed with certain securities commissions in Canada and
other information released by the Company and filed with the
appropriate regulatory agencies. All of the Company's Canadian
public disclosure filings may be accessed via www.sedar.com and
readers are urged to review these materials, including the
technical reports filed with respect to the Company's mineral
properties.
On behalf of the Board of Candente Copper Corp.
Joanne C. Freeze, P.Geo., CEO & Director
NR-026
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) 689-1954 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
Candente Copper Corp. Nataly Reategui Investor Relations, Peru
(511) 715-2001 ext 107 nreategui@candente.com www.candente.com
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