|By Marketwired .||
|May 1, 2014 04:48 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/01/14 -- Candente 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.
The Company may pay finder's fees in connection with the Private Placement. Funds will be used for ongoing ESIA and Metallurgical studies and for general corporate purposes.
About Candente Copper
Candente Copper is a mineral exploration company engaged in the acquisition, exploration and development of mineral properties. The company is currently focused on its 100% owned Canariaco project, which includes the Feasibility stage Canariaco Norte deposit as well as the Canariaco Sur deposit and Quebrada Verde prospect, located within the western Cordillera of the Peruvian Andes in the Department of Lambayeque in Northern Peru.
At Canariaco Norte 7.5 billion pounds of copper have been delineated in a Measured and Indicated(i) resource of 752.4 million tonnes grading 0.49% copper equivalent(ii). An Inferred Resource of 157.7 million tonnes at 0.44% copper equivalent has also been delineated in the Canariaco Norte deposit.
A highly successful Phase I drilling program was carried out in 2013 on the Canariaco Sur deposit. Future drilling is planned for additional step-out drilling at Canariaco Sur as well as first phase drilling on the Quebrada Verde target. Drilling permits are in place for much of the drilling proposed for Canariaco 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 Canariaco Sur and on the Quebrada Verde target.
In addition, Candente Copper holds several other base metal exploration 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.
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. (ii)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.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This news release may contain forward-looking statements including but 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.
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
Candente Copper Corp.
Manager, Investor Relations
mobile: +1 (604) 306-8477 or local: + 1 (604) 689-1957 ext 3
Candente Copper Corp.
Investor Relations, Peru
(511) 715-2001 ext 107
Candente Copper Corp.