Candente Copper Updates Drilling at Canariaco
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/23/13 -- Candente
Copper Corp. (TSX:DNT)(PINKSHEETS:CCOXF)(LMA:DNT) ("Candente Copper"
or "the Company") is pleased to report on progress of exploration and
feasibility drilling on the Canariaco property.
One drill is working on Canariaco Norte focusing on metallurgical and
geotechnical work. Three metallurgical holes have now been completed
to depths of 201, 303 and 253 metres, respectively, and a fourth
metallurgical hole is in progress. A second drill is working on
exploration targets at Canariaco Sur and the first hole (CS-12-003)
has been completed to a depth of 528 metres. Drilling has commenced
on the second hole (CS-13-004).
Drill hole CS-12-003 was targeted to test a strong induced
polarization ("IP") chargeability anomaly from a previous partially
complete geophysical survey, thought to represent the pyrite halo of
a porphyry deposit. A second IP survey was recently completed which
expanded on the previous survey to cover the entire Canariaco Sur
prospect area. Interpretation of the new and expanded IP survey and
observations made from hole CS-12-003 indicates the pyrite halo is
situated a further 300 metres to 400 metres to the west. Moderate to
strong potassic and phyllic alteration has mostly obliterated
volcanic and various porphyritic intrusive rock textures. Locally
strong quartz-sulphide stockwork veining is also associated with
potassic and phyllic alteration. Samples for drill hole CS-12-003
have been sent to ALS Chemex labs in Lima, Peru for ICP and assay
analyses which will be reported once received.
Approximately 11,000 metres of feasibility drilling are planned for
Canariaco Norte and approximately 4,000 metres of exploration
drilling are planned for Canariaco Sur. Local employment to support
the drilling and other project site activities is carried out on a
rotational basis and over 260 villagers have now qualified for the
130 daily positions.
Working Table for Development for the District of Kanaris
The Company is also very pleased to report that a Working Table for
Development for the District of Kanaris was installed by The National
Dialogue Office of the Presidency of the Council of Ministers ("PCM")
and the Ministry of Energy and Mines ("MINEM") in Chicalyo on
Saturday January 19, 2013. The installation was conducted in a
private meeting involving representatives of the Regional Government
of Lambayeque, Representatives of the communities of Kanaris and
Tupac Amaru, the Municipality of Ferrenafe and Kanaris, the National
Water Authority, Ministry of Agriculture, Ministry of Development and
Social Inclusion, as well as several institutions and professional
associations. Following the meeting, the agreements that have been
reached to ensure the development of this district, which is the
poorest and least developed region of Lambayeque, will be announced.
During the meeting, it was highlighted that one of the goals of the
development board is to foster dialogue, and seek understanding
between the Company and the District of Kanaris with respect to the
Canariaco mining project. Both the Company and members from the
Community have demonstrated that they support this. This is
considered a great opportunity to raise not only the understanding of
the mining project but also the opportunities for development of the
district and the country.
Officials also commented that that there is a relationship between
some protests in Kanaris and current anti-mining sectors seeking to
prevent investments in Peru, but in Kanaris many people are not in
agreement with this attitude, they prefer to converse and have
dialogue. The presence of leaders from the two communities in the
District of Kanaris at the Working Table demonstrates this.
The fact that there is no previous mining experience in Lambayeque,
has likely lead to a mistrust from a number of residents so MINEM is
planning to carry out workshops on Responsible Mining in the
community. The Department of Lambayeque and the District of San Juan
de Kanaris do not currently receive the Mining tax ("Canon"), and
therefore the development of Canariaco is considered a great
opportunity for Lambayeque.
On January 20 and 21, 2013 a few roads providing access to the
Canariaco project were blocked by some of the local villagers and
other villagers also gathered near the Canariaco Camp to protest the
exploration and feasibility work at Canariaco. These activities were
carried out by approximately 150 people in total and have been
peaceful. The roads were cleared and most of the protestors had
departed the area by January 22. Company officials are in
communication with the villagers and National Police are present at
the Canariaco site.
These actions are understood to be in response to the establishment
of the Working Table for Development for the District of Kanaris
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
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 and Director
Candente Copper Corp.
Candente Copper Corp.
Manager, Investor Relations
mobile: +1 (604) 306-8477
local: + 1 (604) 689-1957 ext 3
Candente Copper Corp.
Investor Relations, Peru
(511) 715-2001 ext 107
Press spacebar to pause and continue. Press esc to stop.