Candente Copper Completes Private Placement
May 23 2014 - 4:00AM
Marketwired
Candente Copper Completes Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 23, 2014) -
Candente Copper Corp. (TSX:DNT)(PINKSHEETS:CCOXF)(LMA:DNT)
("Candente Copper" and/or the "Company") is pleased to announce
that it has completed its previously announced non-brokered private
placement (the "Private Placement") (see the Company's news
releases dated May 1 and 15, 2014) for total gross proceeds of
$1,369,727.40.
Candente Copper has issued 9,131,516 units (the "Units") at a
price of $0.15 each. Each Unit is comprised of one common share of
the Company and one half of a share purchase warrant, with each
whole warrant (a "Warrant") exercisable to purchase one additional
common share of the Company at a price of $0.25 until May 22,
2016.
Joanne C. Freeze, CEO of Candente Copper, Sean Waller, President
of Candente Copper, have subscribed for 333,333 and 210,000 Units,
respectively.
Finders were paid finder's fees comprised of $60,478.20 in cash
and were issued 403,188 share purchase warrants (having the same
terms as the Warrants) in connection with the Private
Placement.
Net proceeds from the Private Placement will be used for ongoing
Environmental and Social Impact Assessment activities and for
general corporate purposes.
About Candente Copper
Candente Copper is a mineral exploration company engaged in the
acquisition, exploration and development of mineral properties. The
company is currently focused on its 100% owned Cañariaco project,
which includes the Feasibility stage Cañariaco Norte deposit as
well as the Cañariaco Sur deposit and Quebrada Verde prospect,
located within the western Cordillera of the Peruvian Andes in the
Department of Lambayeque in Northern Peru.
At Cañariaco Norte 7.5 billion pounds of copper have been
delineated in a Measured and Indicated* resource of 752.4 million
tonnes grading 0.49% copper equivalent**. An Inferred Resource of
157.7 million tonnes at 0.44% copper equivalent has also been
delineated in the Cañariaco Norte deposit.
A highly successful Phase I drilling program was carried out in
2013 on the Cañariaco Sur deposit. Future drilling is planned for
additional step-out drilling at Cañariaco Sur as well as first
phase drilling on the Quebrada Verde target. Drilling permits are
in place for much of the drilling proposed for Cañariaco Sur and
Candente Copper has applied to MINEM for a modification to its
current drilling permit so that additional drilling could be
conducted on potential extension areas to Cañariaco Sur and on the
Quebrada Verde target.
In addition, Candente Copper holds several other base metal
exploration projects in Peru. One of these, the Arikepay
copper-gold porphyry, is being explored under a joint venture
agreement with Zahena S.A.C. who is funding up to USD$5 million (M)
in exploration expenditures and USD$4M in payments within 4
years.
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. *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 end of
2008. **Copper equivalent grade including gold and silver, metal
recoveries (copper 90%, 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.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
INFORMATION
This news release may contain forward-looking information
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 information addresses future events and
conditions and therefore involve inherent risks and uncertainties.
Actual results may differ materially from those currently
anticipated in such 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.
Joanne C. Freeze P.Geo., CEO, Director
NR-062
Candente Copper
Corp.info@candentecopper.comwww.candentecopper.comCandente 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.com
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