VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 1, 2012) - Candente Copper Corp. (DNT.TO)(CCOXF)(DNT.TO) ("the Company") advises that a meeting of the members of the Comunidad Campesina San Juan De Kanaris ("the Community") was held on Sunday September 30th, and that a vote was held concerning mining in the region. According to media reports in Peru, the Community voted against mining in San Juan de Kanaris.
The Company's Peruvian counsel has advised that this meeting was not convened according to the established rules of rural community law in Peru, and as a result the vote is not legally binding. Meetings regarding land access for mineral exploration and mining must follow a clearly defined legal protocol. We have been advised that the meeting on September 30th did not follow this protocol.
The community general assembly held on July 8th, 2012, where the Community voted in favour of granting surface access to the Company for resumption of exploration and feasibility drilling at Canariaco (see Candente Copper News Release 037 dated July 9th, 2012), was convened according to Peruvian law and has been previously confirmed as legally binding by the Ministry of Energy and Mines of Peru ("the Ministry").
The Company plans to mobilize for drilling as soon as the remaining formal documentation is received from the Ministry. The Company will continue to communicate with the various members of the community, as we do on a continual basis, as we move forward with the Canariaco Norte copper project.
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 I. Waller, P.Eng., President