Candente Copper Corp.: Canariaco Norte Status Update
10 Dicembre 2012 - 10:00AM
Marketwired
Candente Copper Corp. (TSX:DNT)(PINKSHEETS:CCOXF)(LMA:DNT)
("Candente Copper" and/or the "Company") wishes to provide an
update on the status of the Canariaco Norte project.
Community Status and Activity
The Company has been in direct communication with all relevant
government authorities regarding the illegal activities that
occurred last week and has their full support. Police have been
assigned to the area to provide security for local residents and to
assist in limiting illegal activities. Following the peaceful
resolution of the temporary road blockage and detainment of several
AMEC employees on December 4th, 2012, an additional protest took
place on December 6th in the area of the Canariaco Norte camp.
Limited fire damage to forest and a few small buildings was
incurred but there are no reports of any serious bodily harm to
anyone.
Candente Copper wants to highlight that the Company's Community
Relations and Sustainable Projects teams of 10 personnel who spend
an average of 20 days a month in the field, living in rented
communal households within the communities of Magampampa in the
high zone, Canaris, in the middle zone and Huacapampa in the low
zone, for the last year and a half, have excellent relations with
community members.
Candente Copper's mandate is to ensure the safety of our
employees, consultants and community members and to continue
promoting dialogue and due process within the law at all levels as
we continue the development of the Canariaco Norte project. The
National Dialogue Office of the Presidency of the Council of
Ministers "PCM" has agreed to manage a constructive dialogue
between representatives of the various stakeholders in the
Canariaco Project to ensure that the exploration phase of the
project moves forward in a transparent and inclusive manner. One of
the main items to discuss will be the sustainable development
projects underway and the committees required to manage the 1.5
million soles committed by the Company (in the surface access
agreement - see below) for projects over the next three years.
The Company also wishes to advise that there have been a number
of reports in the digital and National media that are entirely
inaccurate and misleading, with some reports including photos of
protests from other areas and events in Peru, and head counts of
the protestors changing and inconsistent across sources and news
articles.
Project Site Activities
In June of this year Candente Copper started ramping up site
activities and local employment levels at Canariaco Norte after
concluding an agreement with local community leaders on May 6, 2012
(see DNT NR 036 dated June 22, 2012). Employment of local personnel
was increased further after the July 8th, 2012 Community vote (see
DNT NR 037 dated July 9, 2012) whereby the Company was granted a
three year agreement for surface access for exploration drilling.
Current employment at the Canariaco Norte project site totals
approximately 150 people primarily from local hamlets working on a
number of site activities in preparation for drilling. Activities
include upgrading the site access road, improvements to the camp
and reforestation. Candente Copper also has 10 specialists and
support personnel of various professional backgrounds working
within the Community of San Juan de Canaris on Sustainable
Development Programs and Community Relations. As part of Candente
Copper's field activities, company offices have been established in
three of the larger and more central hamlets within the District of
San Juan Bautista de Canaris. AMEC Peru SA ("AMEC") personnel have
been active in the project area and surrounding region conducting
baseline flora, fauna, hydrology and social campaigns throughout
the area as part of the comprehensive Environmental Impact
Assessment required for project development. Until the December 4th
road blockage, all activities in the community and project areas
had been conducted without incident. The Company believes that to
this point our general acceptance in the area is due in large part
to our ongoing commitment to community engagement and
development.
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, and an Inferred
Resource of 157.7 million tonnes at 0.44% copper equivalent.
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.
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 C. Freeze, P.Geo., CEO, Director & Chair
NR-042
Contacts: Candente Copper Corp. Walter Spagnuolo Manager,
Investor Relations mobile: +1 (604) 306-8477 local: + 1 (604)
689-1957 ext 3info@candentecopper.com Candente Copper Corp. Nataly
Reategui Investor Relations, Peru (511) 715-2001 ext
107nreategui@candente.com www.candentecopper.com
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