VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 10, 2012) - Candente Copper Corp. (DNT.TO)(CCOXF)(DNT.TO) ("Candente Copper" and/or the "Company") wishes to provide an update on the status of the Cañariaco Norte project.
Community Status and Activity
The Company has been in direct communication with all relevant government authorities regarding the illegal activities that occurred last week and has their full support. Police have been assigned to the area to provide security for local residents and to assist in limiting illegal activities. Following the peaceful resolution of the temporary road blockage and detainment of several AMEC employees on December 4th, 2012, an additional protest took place on December 6th in the area of the Cañariaco Norte camp. Limited fire damage to forest and a few small buildings was incurred but there are no reports of any serious bodily harm to anyone.
Candente Copper wants to highlight that the Company's Community Relations and Sustainable Projects teams of 10 personnel who spend an average of 20 days a month in the field, living in rented communal households within the communities of Magampampa in the high zone, Cañaris, in the middle zone and Huacapampa in the low zone, for the last year and a half, have excellent relations with community members.
Candente Copper's mandate is to ensure the safety of our employees, consultants and community members and to continue promoting dialogue and due process within the law at all levels as we continue the development of the Cañariaco Norte project. The National Dialogue Office of the Presidency of the Council of Ministers "PCM" has agreed to manage a constructive dialogue between representatives of the various stakeholders in the Cañariaco Project to ensure that the exploration phase of the project moves forward in a transparent and inclusive manner. One of the main items to discuss will be the sustainable development projects underway and the committees required to manage the 1.5 million soles committed by the Company (in the surface access agreement - see below) for projects over the next three years.
The Company also wishes to advise that there have been a number of reports in the digital and National media that are entirely inaccurate and misleading, with some reports including photos of protests from other areas and events in Peru, and head counts of the protestors changing and inconsistent across sources and news articles.
Project Site Activities
In June of this year Candente Copper started ramping up site activities and local employment levels at Cañariaco Norte after concluding an agreement with local community leaders on May 6, 2012 (see DNT NR 036 dated June 22, 2012). Employment of local personnel was increased further after the July 8th, 2012 Community vote (see DNT NR 037 dated July 9, 2012) whereby the Company was granted a three year agreement for surface access for exploration drilling. Current employment at the Cañariaco Norte project site totals approximately 150 people primarily from local hamlets working on a number of site activities in preparation for drilling. Activities include upgrading the site access road, improvements to the camp and reforestation. Candente Copper also has 10 specialists and support personnel of various professional backgrounds working within the Community of San Juan de Cañaris on Sustainable Development Programs and Community Relations. As part of Candente Copper's field activities, company offices have been established in three of the larger and more central hamlets within the District of San Juan Bautista de Cañaris. AMEC Peru SA ("AMEC") personnel have been active in the project area and surrounding region conducting baseline flora, fauna, hydrology and social campaigns throughout the area as part of the comprehensive Environmental Impact Assessment required for project development. Until the December 4th road blockage, all activities in the community and project areas had been conducted without incident. The Company believes that to this point our general acceptance in the area is due in large part to our ongoing commitment to community engagement and development.
About Candente Copper
Candente Copper's flagship project is the 100% owned, 7.5 billion pound, Feasibility stage Cañariaco Norte Copper Project located in northern Peru's prolific mining district. The Cañariaco Norte deposit contains a Measured and Indicated resource of 752.4 million tonnes grading 0.49% copper equivalent, and an Inferred Resource of 157.7 million tonnes at 0.44% copper equivalent.
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.
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