Candente Copper Updates Community Agreement Status
April 30 2012 - 4:00AM
Marketwired
Candente Copper Corp. (TSX:DNT)(LMA:DNT)(PINKSHEETS:CCOXF) ("the
Company ") provides the following update on the status of the
Company obtaining a surface rights access agreement for the
Canariaco Project in Peru.
The Company has made a proposal to the surface rights holders,
the Community of Kanaris (the "Community"), for a three year
surface access rights agreement during which it plans to have an
Environmental and Social Impact Assessment ("ESIA"), Feasibility
Studies and further exploration of the Canariaco Property
completed.
Under Community Law in Peru, such an agreement can only be
accepted during a General Assembly meeting of the Community. For
reasons not disclosed, the President of the Community, Cristobal
Barrios, has to date failed to call for a General Assembly meeting
to vote upon the approval of the proposed surface rights agreement.
On April 2nd, 2012 a petition signed by over 1,000 Community
members (representing more than 30% of the registered voters in the
Community) was delivered to Mr. Barrios by a Judge. The petition
demanded that Mr. Barrios, by April 14th, 2012 either choose a date
and call the General Assembly meeting to vote upon the approval of
the surface rights access agreement with the Company or the Judge
would have the right to call the General Assembly meeting directly.
On April 15th, 2012 a meeting was held by Mr. Barrios (the Company
was not invited) during which he informed the Community that he was
choosing to ignore the petition demanding the calling of a General
Assembly meeting. Instead Mr. Barrios called for a different kind
of meeting to be held on July 15th, 2012, which he called a
"Consulta Popular" ("Consulta"). It has been reported that a Judge
advised the Community during the meeting that the President was
blatantly ignoring Community Law and their right to a democratic
process, and in doing so his proposed Consulta was illegally called
for and has no legal basis.
In addition to the illegal manner in which the Consulta was
called for, Peruvian legal counsel advises that there is no legal
framework within Peruvian Community Law, Peruvian Federal Law nor
Peruvian Mining regulations for calling such a Consulta
meeting.
The Consulta as called for by Mr. Barrios is not the new
Consulta Previa procedure, which has recently come into effect in
Peru and is meant to ensure that Indigenous communities are well
informed of all the various aspects of mining projects in their
communities. Consulta Previa must be called for by the Peruvian
Regional or Central Government and will likely (the specific
regulations are not in place yet) be called once the Environmental
and Social Impact ("ESIA") and Feasibility Studies are completed
and an acceptable Mine Plan has been proposed. The Canariaco
Project is currently in the exploration, Feasibility Study and ESIA
preparation stage.
The Company has also been informed that various members of the
Community have asked the Peruvian Defensoria del Pueblo (Ombudsmen)
to review the situation and advise, given that more than 1,000
people have formally requested the General Assembly meeting to be
called to vote upon the approval of the proposed surface rights
access agreement with the Company and the Consulta called for by
Mr. Barrios has not been legally called for.
The Company understands that the Judge will now be calling the
General Assembly meeting directly and that Community members are
taking legal actions to stop Mr. Barrios' illegal Consulta from
taking place.
The Company appreciates the Community's demand to follow
appropriate legal protocol and looks forward to a timely resolution
of this issue.
About Candente Copper
Candente Copper's flagship project is the 100% owned, 7.5
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 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 information
including but not limited to comments regarding the timing and
completion of ESIA and feasibility studies. Forward-looking
information addresses future events and conditions and therefore
involves inherent risks and uncertainties. Actual results may
differ materially from those currently anticipated in such forward
looking information. The Company relies upon litigation protection
for forward-looking information.
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-032
Contacts: Candente Copper Corp. John Foulkes, VP Corporate
Development local: + 1 (604) 689-1957 ext 2 toll free: 1 (877)
689-1964 ext 2 mobile: +1 (604) 614-2999info@candentecopper.com /
www.candente.com Candente Copper Corp. Walter Spagnuolo, Manager,
Investor Relations mobile: +1 (604) 306-8477 local: + 1 (604)
689-1957 ext 3
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