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.
Community
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 mentioned above.
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.
Joanne C. Freeze, P.Geo., CEO and Director
NR-044
Contacts: Candente Copper Corp.info@candentecopper.com
www.candentecopper.com Candente Copper Corp. Walter Spagnuolo
Manager, Investor Relations mobile: +1 (604) 306-8477 local: + 1
(604) 689-1957 ext 3 Candente Copper Corp. Nataly Reategui Investor
Relations, Peru (511) 715-2001 ext 107nreategui@candente.com
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