Compania Minera Zahena Options Candente's Arikepay Copper Gold Porphyry Project
December 12 2013 - 4:00AM
Marketwired
Compania Minera Zahena Options Candente's Arikepay Copper Gold
Porphyry Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 12, 2013) -
Candente Copper Corp. (TSX:DNT)(LMA:DNT)(PINKSHEETS:CCOXF)
("Candente Copper" and/or the "Company ) is pleased to announce
that Compañia Minera Zahena S.A.C. (Zahena), has entered into an
Option Agreement (the "Agreement") with Cobriza Metals Peru
("Cobriza") for its Arikepay copper-gold porphyry project, located
in southern Peru. Cobriza is a wholly owned subsidiary of Candente
Copper.
"We are very pleased to have a partner with the technical
experience and strong financials of Zahena to advance exploration
at Arikepay," commented Mike Thicke, P.Geo., Candente's Vice
President of Exploration. "Partnering with Zahena to advance the
Arikepay project is the first step in a new strategy of Candente to
increase shareholder value by expanding our exposure to various
projects." The Arikepay copper-gold porphyry system was an entirely
new porphyry discovery by the Cobriza-Candente geological team,
which generated a high level of interest from a number of mining
companies.
Zahena can earn a 75% interest in Arikepay by making USD$5
million (M) in exploration expenditures and USD$4M in payments to
Cobriza Metals Peru within 4 years (the "First Option"). A
USD$50,000 payment on signing the Agreement and 3,000m of drilling
within 12 months of receiving all drilling permits are firm
commitments.
Upon completion of the First Option, Zahena can earn an
additional 25% interest, by completing a bankable feasibility study
and by paying Cobriza USD$10M within 5 years of earning its initial
75% interest (the "Second Option"). The completion of the Second
Option would result in Zahena earning 100% interest in Arikepay
subject to a 2% Net Smelter Return ("NSR") to Cobriza.
Zahena would retain the right to purchase 1% of the NSR for
USD$5M at any time up to 60 days from the start of commercial
production, leaving Cobriza with a 1% NSR. A final payment of
USD$5M would be made to Cobriza 60 days from the start of
commercial production or within 4 years of completion of the
bankable feasibility study, whichever happens first.
Cobriza drilled 14 wide spaced reverse circulation holes at
Arikepay in 2012 and defined a mineralized porphyry system that
measures at least 2,200 meters (m) by 700m-1,200m and continues to
a depth of at least 300m (maximum drill machine capacity). Within
the mineralized porphyry system is an area of significant copper,
gold and silver mineralization that measures at least 1,200m by
800m and extends to a depth of at least 300m. At least two thirds
of the mineralized porphyry system is covered by recent gravel
cover deposits. Highlights of the 2012 drilling include:
- 142m of 0.51% Cu Eq* in hole RC-12-ARI-006
- 186m of 0.43% Cu Eq* in hole RC-12-ARI-011
- 292m of 0.39% Cu Eq* in hole RC-12-ARI-002
- 170m of 0.31% Cu Eq* in hole RC-12-ARI-013
- 146m of 0.31% Cu Eq* in hole RC-12-ARI-003
- 80m of 0.35% Cu Eq* in hole RC-12-ARI-005
Based on the results of the initial drilling program Candente
Management believes there is significant potential to identify
additional mineralization both laterally and at depth.
About Candente Copper
Candente Copper is a mineral exploration company engaged in the
acquisition, exploration and development of mineral properties.
Candente Copper is currently focused on the exploration and
development of its Cañariaco Norte copper project and the Cañariaco
Sur and Quebrada Verde prospects located within the western
Cordillera of the Peruvian Andes in the Cañaris District, Province
of Ferreñafe, Department of Lambayeque in Northern Peru.
Michael J. Thicke, P.Geo., VP Exploration and Director, is
the Qualified Person as defined by National Instrument 43-101 for
the project discussed above. He has reviewed and approved the
contents of this release.
* Copper equivalent (Cu Eq) grades include gold and silver
values based on 100% metal recoveries and the following metal price
assumptions: US$1,200 per troy ounce gold, US$20 per troy ounce
silver, and US$2.50 per pound copper.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
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 Copper relies upon
litigation protection for forward-looking statements.
On behalf of the Board of Candente Copper Corp.
Joanne C. Freeze, P.Geo., CEO, Director & Chair
NR-057
Candente Copper Corp.Walter SpagnuoloManager, Investor
RelationsMobile: +1 (604) 306-8477Local: +1 (604) 689-1957 ext
3Candente Copper Corp.Nataly ReateguiInvestor Relations, Peru(511)
715-2001 ext 107nreategui@candente.comCandente Copper
Corp.info@candentecopper.comwww.candentecopper.com
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