Candente Copper Provides Clarifications on Recent Community Consulta in Peru
02 Ottobre 2012 - 4:09PM
Marketwired
Candente Copper Corp. (TSX:DNT)(PINKSHEETS:CCOXF)(BVL:DNT) ("the
Company") advises that further details have been provided to the
Company regarding a meeting of some the members of the Comunidad
Campesina San Juan De Kanaris ("the Community") which was held on
Sunday September 30th.
The meeting held on September 30th was called a Consulta by
secret vote "consulta" and was called for unilaterally by Senor
Cristobal Barrios, President of the Community, following a
judicially called for General Assembly ("GA") held on July 8th. The
July 8th GA was called for by a judge due to a petition by over
1,000 citizens because the President refused to call for the
legally required GA. The GA complied with all formaities of
Peruvian law and has been previously confirmed as legally binding
by the Ministry of Energy and Mines of Peru ("MEM").
During the July 8th GA the Community voted in favour of granting
surface access to the Company for resumption of exploration and
feasibility drilling at Canariaco for a period of three years (see
Candente Copper News Release 037 dated July 9th, 2012), and was
followed by a formal agreement which was notarized on July 23, 2012
with the signatures of the three legal representatives elected by
the community to complete this agreement as well as the Company
such that both parties now have acquired rights and obligations
which must be respected.
The consulta was held by secret vote at three separate locations
simultaneously, neither of which are allowed by Peruvian Community
Law and it was carried out without any state representatives or
NGOs whom could guarantee transparency and respect for the
citizens' democratic right to vote freely.
During the voting process, the President was moving about the
Community using propaganda to promote his proposal, and issuing a
special card to his supporters only. Without the special card a
Community member was not allowed to vote. It has been reported by
community members that only approximetly 650 people were allowed to
vote.
The Company's Peruvian counsel has advised that this meeting
should be considered an opinion of some but can not be interpreted
to be the opinion of the community as a whole and is not legally
binding.
The Company will continue to conduct and strengthen our ongoing
sustainable development programs and Community Relations activites
with the various members of the community, as we move forward with
the Canariaco Norte copper project. The Company plans to mobilize
for drilling as soon as the remaining formal documentation is
received from the Ministry.
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.
Sean I. Waller, P.Eng., President
NR-039
Contacts: 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 Walter Spagnuolo Manager, Investor
Relations mobile: +1 (604) 306-8477 local: + 1 (604) 689-1957 ext 3
www.candente.com
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