Copper Corp. (TSX:DNT)(LMA:DNT)(PINKSHEETS:CCOXF) (“Candente Copper”
and/or the “Company” ) is pleased to announce, subject to regulatory
approval, that it has agreed to carry out a non-brokered private placement (the
“Private Placement”) to raise gross proceeds of approximately
Cdn$1,000,000.
The placement will consist of approximately 6,666,667 units (the
“Units”) at a price of $0.15 for gross proceeds of approximately
$1,000,000 dollars. Each Unit will consist of one common share of stock and one
half share purchase warrant. Each full warrant will be exercisable for one
additional share of the Company’s common stock for two years at a conversion
price of $0.25. Shares will be subject to a mandatory 4 month hold period.
Joanne Freeze, President and CEO of the Company, and other Insiders are
to subscribe for a portion of the Private Placement which in total will be for
less than 25 per cent of Candente Copper’s market capitalization. For the above
participation, the Company is relying upon the valuation and minority
shareholder approval requirements under Multilateral Instrument 61-101
Protection of Minority Security Holders in Special Transactions for the
Insider’s participation in the placement.
Placement. Funds will be used for ongoing ESIA and Metallurgical studies and
for general corporate purposes.
acquisition, exploration and development of mineral properties. The company is
currently focused on its 100% owned Cañariaco project, which includes the
Feasibility stage Cañariaco Norte deposit as well as the Cañariaco Sur deposit
and Quebrada Verde prospect, located within the western Cordillera of the
Peruvian Andes in the Department of Lambayeque in Northern Peru.
At Cañariaco Norte 7.5 billion pounds of copper have been delineated in
a Measured and Indicated* resource of 752.4 million tonnes grading 0.49% copper
equivalent**. An Inferred Resource of 157.7 million tonnes at 0.44% copper
equivalent has also been delineated in the Cañariaco Norte deposit.
the Cañariaco Sur deposit. Future drilling is planned for additional step-out
drilling at Cañariaco Sur as well as first phase drilling on the Quebrada Verde
target. Drilling permits are in place for much of the drilling proposed for
Cañariaco Sur and Candente Copper has applied to MINEM for a modification to
its current drilling permit so that additional drilling could be conducted on
potential extension areas to Cañariaco Sur and on the Quebrada Verde target.
projects in Peru. One of these, the Arikepay copper-gold porphyry, is being
explored under a joint venture agreement with Zahena S.A.C. who is funding up
to USD$5 million (M) in exploration expenditures and USD$4M in payments within
4 years.
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.
*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. **Copper
equivalent grade including gold and silver, metal recoveries (copper 90%, 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.
not limited to comments regarding the timing and content of upcoming work
programs, geoloical 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
stategments. Candente Copper relies upon litigation protection for
forward-looking statements.
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.
NR-060
Walter Spagnuolo
Manager, Investor Relations
mobile: +1 (604) 306-8477 or
local: + 1 (604) 689-1957 ext 3
Candente Copper Corp.
Nataly Reategui
Investor Relations, Peru
(511) 715-2001 ext 107
Candente Copper Corp.
www.candentecopper.com
