Candente Resource Corp.: Preliminary Assessment and Economic Evaluation Nearing Completion and Drilling Recommenced at Canariaco Norte, Peru
Tuesday June 6, 5:00 am ET
ca.us.biz.yahoo.com
VANCOVUER, BRITISH COLUMBIA--(CCNMatthews - June 6, 2006) - Candente Resource Corp. (TSX:DNT - News) is pleased to report that a Preliminary Assessment and Economic Evaluation on the Canariaco Norte deposit in northern Peru is nearing completion and diamond drilling has recommenced on the deposit.
Candente has retained Merit Consultants International Inc. (Merit) to conduct the Preliminary Assessment and Economic Evaluation of an open pit SX-EW copper operation at Canariaco Norte. It will illustrate the estimated constructions costs and potential Net Present Values (NPV) after tax Internal Rates of Return (IRR) and Cash Flow analyses for various copper prices. The report will give the potential economics, not only for the Starter Zone (100 Million tonnes (Mt)), but also for the larger inferred resource of 489 Mt, as defined to date. Principal contributors to this report are Jay Collins, P. Eng. (Merit), Joe Rokosh, P. Eng. (Merit) and James McCrea, P. Geo. (independent 43-101 Report). Other work and reports from Knight Piesold and James Currie, P. Eng. (Candente Director) were also used. This report will be released as soon as it is received.
The current phase of drilling will comprise a minimum of 3500 m and will focus on expanding the lateral extent to the existing resource of 489 million tonnes grading 0.45 % copper (4.8 billion pounds of copper) and will help to define the starter zone of 100 million tonnes grading 0.52% copper (1.1 billion pounds of copper). The starter zone is near surface and highly leachable (82% chalcocite-copper oxide) which should allow faster payback of capital expenditures.
In addition to the leachability, Canariaco Norte has many other features which should make it a low cost copper producer: road access, low elevations (2660 to 3150 m), availability of water, electricity, infrastructure, ports and a sparsely populated area with a local labour force readily available and favourable to exploration and development.
The 43-101 report as well as maps and sections are available both on Sedar and on our website at: candente.com.
Michael J. Casselman, M.Sc., P.Geo. General Manager Exploration, Director, Robert van Egmond, P.Geo., Senior Geologist, and Joanne C. Freeze, P.Geo., President and CEO, are the Qualified Persons as defined by NI 43-101 for the project discussed above and Joanne Freeze has read and approved the contents of this release.
Candente is a diversified copper and gold exploration company focused on increasing shareholder value through discovery. In addition to Canariaco, Candente has several other gold, copper and silver projects in Peru. Candente subscribes to principles which ensure that its exploration and development activities are beneficial to the local communities.
Joanne Freeze, P. Geo., President & CEO
Release No. 168
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.
Contact:
Kelly Gray
Candente Resource Corp.
(604) 689-1957 or Toll Free: 1-877-689-1964
Evelyn Cox
Candente Resource Corp.
(604) 689-1957 or Toll Free: 1-877-689-1964
info@candente.com
www.candente.com
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Source: Candente Resource Corp. |
