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Gold/Mining/Energy : A to Z Junior Mining Research Site -- Ignore unavailable to you. Want to Upgrade?

To: Elizabeth Andrews who wrote (641)	7/13/2002 3:22:50 PM
From: marcos	Respond to of 5423

Supportive-sounding financing for Candente, two millions shares somewhat above market at .60, no warrants, no flow-through tax advantage, just non-brokered shares for cash money ..... i've never gotten many shares but this remains one of my top favourites ... of course Perú is not the most local-friendly place to explore lately [witness man.to and imr.v troubles], but even so, i'm impressed by management [JF is solid calm expertise imho, also with peruano Fredy Juanqui on board they may be in a better position in P than others] and the support they get from people like Tice, the sounds of the newfie play at Botwood, the fact that there's not so many shares out yet and it appears to be a serious outfit that will be with us for a while ' Candente to raise $1.2-million privately Candente Resource Corp DNT Shares issued 15,401,286 Jul 10 2002 close $ 0.53 Wednesday July 10 2002 News Release Ms. Joanne Freeze reports FINANCING FOR GOLD EXPLORATION Subject to regulatory consent, Candente has agreed to a non-brokered private placement to raise a total of $1.2-million by issuing two million shares at 60 cents. The financing will not include warrants nor flow-through tax credits. The funds will be used for general working capital and exploration of the company's gold properties in Peru. Flow-through funds totalling $896,500 from previously announced financings will finance exploration on the company's recent acquisitions in central Newfoundland. Exploration in Peru is currently focused on two gold properties, the Luna property in central Peru, and the El Tigre property in northern Peru. The Luna property in central Peru has recently been expanded by entering into an option to purchase a 100-per-cent interest in the Viky claim on the northwest border of the property. This claim covers a low sulphidation epithermal quartz vein where gold grades are as high as 84.6 grams per tonne (gpt) (2.7 ounces per ton). A limited amount of gold production has been carried out on this claim by previous owners. The Viky zone occurs approximately one kilometre northeasterly of the Blanquitos gold zone (six gpt over 10 by five metres) and is believed to be related to it. These low sulphidation gold zones crosscut and postdate the iron oxide copper-gold zones. Under the option-to-purchase agreement, Candente will pay the current owners $52,500 (U.S.) for 51-per-cent interest and an additional $97,500 (U.S.) for the additional 49-per-cent interest over a period of five years. Advancements in confirming the presence of a diatreme source to gold mineralization on the El Tigre property have been made by a recent study of data, rock and drill core samples by Josh Coder, MSc, and Larry Kornze, PEng. The diatreme or field of diatremes are believed to be in excess of two kilometres in diameter and show evidence of several mineralizing events by the presence of multiple breccias and gold-bearing quartz veins and silicification. Well-known examples of diatreme-hosted gold deposits include Rosia Montana (in excess of 10 million ounces of gold) held by Gabriel Resources and Cripple Creek, Colo., which is currently in operation under Anglogold. Further geological mapping and geophysical surveys are planned at El Tigre to assist in delineating drill targets. WARNING: The company relies upon litigation protection for "forward-looking" statements. (c) Copyright 2002 Canjex Publishing Ltd. stockwatch.com '