Candente Copper Appoints CFO
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/16/12 -- Candente Copper Corp. (TSX: DNT)(PINKSHEETS: CCOXF)(BVL: DNT) ("Candente Copper") is very pleased to announce the appointment of Mr. Anthony Pitirri, C.A. as Chief Financial Officer. Candente Copper is also pleased to announce that Sean Waller, President and Director, has been named as the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") incoming President Elect, and will serve as the CIM's President in 2014.
Anthony Pitirri Appointed as Candente Copper CFO
Joanne Freeze comments, "Mr. Pitirri brings to us expertise in mine finance and operations in various parts of the world. We now have excellent expertise in all aspects of mining from discovery through engineering and into operations."
Mr. Pitirri has extensive experience in the mining and renewable energy sectors, particularly in the financing and development of mining and energy projects in Latin America and Africa. His expertise also extends to international tax structuring, corporate and project financing, public company reporting, the design and implementation of project and financial controls, and the development and auditing of IT systems for natural resource companies.
Mr. Pitirri holds and has held senior management positions with CuCo Resources Limited, Ram Power Corp., Polaris Geothermal Inc., and Polaris Energy Nicaragua S.A. Mr. Pitirri has also held a management position at BDO Dunwoody LLP, providing accounting and advisory services to public companies in the natural resource sectors.
Mr. Pitirri received a Bachelor of Commerce Degree from York University in Toronto, Ontario, Canada in 2000, and has been a member of the Institute of the Chartered Accounts of Canada since 2004.
"I am very excited to have the opportunity to be involved with the development of Canariaco Norte," commented Mr. Pitirri. "The progress made by Candente Copper to date on the project's development has been impressive, and I look forward to being part of the team as we advance through the feasibility study and into development."
Mr. Pitirri succeeds Ms. Aurora Davidson, who has served as Chief Financial Officer of Candente Copper since 2008. Joanne C. Freeze, Chairman and CEO of Candente Copper, states, "On behalf of the board of directors and management team, I would like to thank Aurora for her contributions to the growth and development of the Company. She has been an invaluable member of our senior management team and we all wish her the best in her future endeavors."
Sean Waller Appointed as CIM President Elect
Candente Copper is also pleased to announce that Sean Waller, P. Eng., Candente Copper President and Director, has been appointed Incoming President Elect by the Canadian Institute of Mining, Metallurgy and Petroleum, will become President Elect in 2013, and then serve as President of the CIM in 2014. Mr. Waller has previously served on the CIM National Executive Council, and is a past Vice President for District 6 (British Columbia and Yukon). Mr. Waller's role with the CIM is part time and voluntary - he will continue with his primary role as President and Director of Candente Copper throughout his tenure at the CIM.
The Canadian Institute of Mining, Metallurgy and Petroleum, founded in 1898, is the leading technical society of professionals in the Canadian minerals, metals, materials and energy industries. The CIM's 13,000 national members are drawn from every major region of the country, with the national membership augmented by thousands of local members in dozens of coast-to-coast branches. The CIM members work in industry, government and academia, and are dedicated to the discovery, production, and economics of Canada's minerals, metals, materials, and energy resources.
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.
Joanne C. Freeze, P.Geo., CEO, Director & Chair
VP Corporate Development
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Manager, Investor Relations
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