Community Sets Date for Assembly to Vote on Surface Access Proposal for Canariaco
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/22/12 -- Candente Copper Corp. (TSX: DNT)(PINKSHEETS: CCOXF)(LMA: DNT) ("Candente Copper" or "the Company") is pleased to announce that a General Assembly ("Asamblea General") has been called for July 8th, 2012 to provide the opportunity for registered voters of the Community of San Juan de Kanaris to vote on Candente's proposal for a three year surface access agreement for its Canariaco project.
Candente recently announced that it had received a drilling permit from the Ministry of Energy and Mines of Peru (Direccion General de Asuntos Ambientales Mineros - DGAAM) (see Candente Copper NR 034 dated May 31, 2012), however a surface access agreement is to be made with the community before drilling can start. The community meeting, known as a General Assembly, is the legal process for rural communities in Peru to vote on issues of importance to their communities.
Candente management has been anticipating this General Assembly for some time, and is very pleased that the Community of San Juan de Kanaris has now convoked the meeting. We believe our proposal for surface access will be very attractive to the community and, along with the sustainable development programs initiated by Candente in the area, clearly demonstrates Candente's commitment to the community.
The Company is also in the application process for a water permit for drilling from the National Water Authority (Autoridad Nacional del Agua - ANA).
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.
Sean Waller, P.Eng., President & Director
VP Corporate Development
local: + 1 (604) 689-1957 ext 2
toll free: 1 (877) 689-1964 ext 2
mobile: +1 (604) 614-2999
Manager, Investor Relations
mobile: +1 (604) 306-8477
local: + 1 (604) 689-1957 ext 3