Candente Intersects Additional Higher Grade Copper at the Canariaco Norte Copper Project in Northern Peru
Thursday August 17, 5:00 am ET
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VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 17, 2006) - Candente Resource Corp. (TSX:DNT - News; "Candente") is pleased to report that another drill hole has intersected the higher grade core at Canariaco Norte Copper Project in Northern Peru. Results have been received for an additional three holes and all have significant Cu intersections. Hole 43 is of particular importance because it adds to the higher grade core (News Release No. 173 August 10th, 2006). Hole 06-043 intersected 49 meters (m) of 0.87% Cu within 125m averaging 0.60% Cu.
The other two holes were drilled outside of the surface expression of the inferred resource of 489 million tonnes (MT) grading 0.45% Cu (4.8 billion lbs Cu) and therefore show an extension to the size of the total deposit.
The Phase III drilling program has been expanded from 17 to 20 drill holes, of which 18 have now been completed and results have been received for 9 holes. Of the 20 Phase III holes, 13 were drilled outside of the existing 489 MT estimated to date.
A Preliminary Assessment and Economic Evaluation (PAEE) on the Canariaco Norte deposit in Northern Peru was completed by Merit Consultants International Inc. (Merit) on June 26th, 2006. Payback on Capital Expenditures is estimated to be 5 years at $1.25 Cu, 3 years at $1.50 and 1 year at $3.00 Cu. Using a price of $2.00 per lb copper and an 8% discount rate, Merit estimated the following:
- Total cash flow of approximately US$1.9 Billion
- Annual cash flow of an average US$76 M over the 25 year life of mine
Phase III Drill Results
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Interval Copper
Hole No. From (m) To (m) Metres Feet Grade (%)
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06-043 0 28 28 92 Leach Cap
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includes 28 77 49 161 0.87
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includes 28 127 99 325 0.68
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includes 28 153 125 410 0.60
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(i) End of Hole
The resource estimate that was used for the PAEE is classified as an Inferred Mineral Resource, consistent with the CIM definitions referred to in NI 43-101. Mineral resources, which are not mineral reserves, have not demonstrated economic viability. Candente is not aware of any environmental, permitting, legal, title, taxation, socio-political, marketing or other issues which may materially affect its estimate of mineral resources.
Complete results, maps, cross-sections and all reports can be viewed at: candente.com.
Sampling and analytical procedures conform to NI 43-101 standards and are detailed in a previous Candente news release dated September 16, 2004. All samples were submitted to Actlabs in Lima, Peru. Michael J. Casselman, M.Sc., P.Geo. General Manager Exploration and 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 exploration company with copper, gold, silver, and zinc projects in Peru and Mexico. 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. 175
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. |
