Community Announces Positive Vote for Canariaco Surface Access
July 09 2012 - 4:00AM
Marketwired
Candente Copper Corp. (TSX:DNT)(PINKSHEETS:CDOXF)(LMA:DNT)
("Candente Copper" or "the Company") is pleased to announce that on
Sunday July 8th, 2012, the Comunidad Campesina San Juan De Kanaris
(the "Community") announced that it voted in favour of granting
surface access to the Company for resumption of exploration and
feasibility drilling at Canariaco.
The Company previously agreed to terms with the Community on May
6th, 2012 which granted the Company access for all exploration
activities except drilling. The resumption of exploration drilling
was contingent upon a Community vote on the Company's proposal for
surface access, and such a vote could only take place in a General
Assembly, which was convened by the Community on July 8, 2012 for
this purpose (see Candente Copper News Release 036 dated June 22nd,
2012). This Community approval for surface access is for a term of
three years.
"We are obviously very pleased with the positive decision made
by the Community yesterday, and the Company looks forward to
working with the Community to continue exploration and feasibility
drilling at Canariaco, as well as the ongoing Social and
Sustainable Development programs," said Joanne Freeze, CEO. "This
is certainly a very big step forward for both the Company and the
Community, as it is an affirmation of the positive relationship
that we have strived to develop since Candente Copper started work
at Canariaco in 2004." The agreement provides the basis for
continuing the Company's Social and Sustainable Development
programs with the Community, and the opportunity to complete the
field work required as part of the feasibility study for Canariaco
Norte.
The Company will immediately advise its drilling contractor to
prepare its crews and equipment so that mobilization can take place
as soon as the Water Permit for drilling is received from the
National Water Authority (Autoridad Nacional del Agua - ANA). A
property wide geophysical survey, environmental baseline data
collection, and work on the access road are currently underway.
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 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.
Joanne Freeze, P.Geo., CEO and Director
NR-037
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) 614-2999 Candente Copper Corp.
Walter Spagnuolo Manager, Investor Relations Mobile: +1 (604)
306-8477 or Local: +1 (604) 689-1957 ext 3info@candentecopper.com
www.candente.com
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