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Gold/Mining/Energy : Candente Resource Corp - DNT.V
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To: Al Collard who wrote (5)5/22/2002 1:55:39 PM
From: Al Collard   of 26
 
Candente buys Newfoundland properties; closes financing

Wed 22 May 2002

News Release

Ms. Joanne Freeze reports

CANDENTE ACQUIRES TEN ADDITIONAL GOLD PROPERTIES IN CENTRAL N ...
Candente Resource has acquired 10 additional properties in central
Newfoundland where Barrick and other companies are exploring the Botwood
basin for mineralization similar to that of the Carlin trend of Nevada.
These properties have been acquired on the recommendation of Larry Kornze,
who recently retired as exploration manager for Barrick and was involved
with discovery of over 40 million ounces of gold in the Carlin trend of
Nevada. Candente's new properties cover gold showings, gold and barium
geochemical anomalies, rock types and structural controls all considered
favourable for hosting Carlin-style or other bulk-tonnage-style-gold
mineralization.
The properties comprise a total of 734 claims, which were staked after
making an agreement with local prospectors, Kevin Keats and Allan Keats of
A.S.K. Prospecting and Guiding Inc. (A.S.K.). Staking of the claims was
financed by Candente. A.S.K. will receive 200,000 common shares in the
company and a 0.75-per-cent net smelter royalty on the properties as well
as additional shares in the company based upon the development progress of
each property. The net smelter royalties may be reduced to 0.25 per cent
with the company making certain payments. The Keats have over 30 years of
experience in central Newfoundland, with several companies including
Noranda and have discovered several significant gold showings in the region
including Candente's Linear property.
The company has closed the private placement reported in Stockwatch April
24, 2002, and revised on May 11, 2002. A total of 2.85 million units was
sold to raise total proceeds of $997,500. All securities will be subject to
a four-month hold period expiring Sept. 17, 2002. The funds will be used
for general working capital and exploration programs on the company's gold
properties in Newfoundland and Peru.
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