Candorado Operating Company Ltd.

Candorado Operating Company Ltd.

March 10, 2010 13:49 ET

Candorado Closes $100,000 Non-Brokered Private Placement and Proceeds With Work Programs

KELOWNA, BRITISH COLUMBIA--(Marketwire - March 10, 2010) - Candorado Operating Company Ltd. (the ''Company") (TSX VENTURE:CDO)(FRANKFURT:HQU)(BERLIN:HQU) is pleased to announce it has received TSX Venture Exchange ("TSX-VE") final approval on February 16, 2010, for a non brokered private placement of 2,000,000 units at a price of $0.05 per unit for total proceeds of $100,000.

Each unit consists of one common share plus one warrant entitling the investors to purchase one common share for a period of 24 months at a price of $0.10 per share.

The proceeds of the private placement will be used to fund the Company's ongoing exploration programs on its British Columbia properties and working capital.

In accordance with securities legislation currently in effect, the Shares, the Warrants and the Warrant Shares will be subject to a "hold period" of four months plus one day from closing expiring on June 17, 2010.

Work Programs
Candorado is pleased to announce completion of a comprehensive review of its mining tenures. Candorado will be advancing four key projects this year. The Man-Prime, Eldorado, Murphy Lake copper-gold alkalic porphyry targets in British Columbia and the Quebec lithium project are targets for the Company's immediate focus. The Company's recently enhanced expert board and its geological consultants are preparing work programs. Data compilation and geophysical interpretations are proceeding, with fieldwork to follow. The Company has held in excess of 1 million acres of holdings. Two additional projects, Bluff Lake and Summer properties have been optioned as qualifying transactions to other junior mining companies to continue their immediate development. The Company will continue to consider joint venture possibilities on projects outside of its core focus. The following will provide summaries of the core projects and further detail and historical data are available on the Company's website ( Over the coming weeks the Company will be providing further detail and specifics on the individual projects as work programs proceed (develop).

The Man-Prime
The Man-Prime property is one of the Company's most advanced properties with extensive geophysical, geochemical and drill work has indicated the necessity for further detailed work programs to continue to develop the potential of this project.

The Eldorado Property
The Company now holds more than 4500 hectares of mineral tenures comprised of 4 properties within or directly adjoining Imperial Metals' Red Chris property. Of most interest to the Company are our tenures to the northeast of the current Red Chris pit design. This property has recorded a few shallow drill holes by Esso Resources in the 1970s that have shown copper-gold mineralization. Candorado is seeking further interpretation on existing IP data on the property and is planning its spring 2010 work programs. Previous conducted geophysical work supports its merit as having potential for mineralized intrusion. The Company has received a show of interest from several parties.

The Murphy Lake Property
This property is one of the Company's more advanced exploration assets. Work in 2008 has added to the database and its location bordering Fjordland's Woodjam South property supports further exploration.

The Quebec Lithium Project
In mid 2009 Candorado entered into an option agreement with a private party to acquire a 100% interest in the Lake La Motte South, Lake La Motte East, Landrienne South, La Corne Valor East and La Corne Valor West properties, located in Quebec. The areas of the properties are favorable geological settings for lithium deposits. Candorado's acquisition of lithium properties in Quebec were supported by historic sampling and drilling on the property that yielded indications of reasonable lithium grades and MineralFields has participated in the Company's flow-through financing to complete Phase 1 of the development of this project.

About Candorado
Candorado is a B.C. based mineral exploration company with extensive mineral tenures in central, northern and southern British Columbia, and lithium properties in Quebec.


Kirk Reed, President/CEO

The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this Release.

Contact Information

  • Candorado Operating Company Ltd.
    Kirk Reed
    (250) 768-7767
    (250) 768-0020 (FAX)