Candente Copper Corp.
TSX : DNT
BVLAC : DNT

Candente Copper Corp.

January 27, 2011 09:00 ET

Candente Copper Increases Previously Announced Bought Deal to $26 Million

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 27, 2011) -

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION TO THE UNITED STATES

Candente Copper Corp. (TSX:DNT)(BVLAC:DNT) ("Candente" or the "Company") is pleased to announce that it has amended the terms of the previously announced bought deal financing to increase the size of the offering from $20,090,000 to $26,240,000. Candente has entered into an amendment agreement with a syndicate of underwriters led by Dundee Securities Corporation and Scotia Capital Inc., as lead underwriters on behalf of a syndicate of underwriters including Raymond James Ltd., Wellington West Capital Markets Inc. and Stonecap Securities Inc. (collectively the "Underwriters"), whereby the Underwriters have agreed to purchase, on a bought deal basis, 12,800,000 common shares (the "Shares") of Candente at a purchase price of $2.05 per Share (the "Amended Offering").

In addition, Candente has amended the term of the option granted to the Underwriters whereby they may now purchase up to an additional 1,920,000 Shares (representing 15% of the Amended Offering). Such option is exercisable at any time up to 48 hours prior to the closing of the Amended Offering. If the over-allotment option is exercised in full, the aggregate gross proceeds raised of the Amended Offering will be $30,176,000.

The Amended Offering is expected to close on or about February 17, 2011 and is subject to the approval of the Toronto Stock Exchange. The Shares issued under the Amended Offering will be subject to a hold period in Canada which will run until the day that is four months and one day after the date of the closing of the Amended Offering.

The net proceeds of the Amended Offering will be used for the advancement of the Cañariaco Norte copper project, exploration, and general corporate purposes.

About Candente Copper Corp.

Candente Copper Corp. is a TSX and BVL listed mining company focused on exploration and development of base metal mining projects in Peru and Latin America. Candente Copper's flagship project is the 100% owned Cañariaco Norte copper project located in northern Peru's prolific mining district.

The Pre-Feasibility Progress Report recently completed on Cañariaco Norte by AMEC Americas Ltd concludes that with a projected annual production of 262 million pounds of copper, 39,000 ounces of gold, and 911,000 ounces of silver over a mine life of 22 years, the Cañariaco Norte project has an after tax Net Present Value of US$960M, and after tax Internal Rate of Return of 17.7% using a long term copper price reverting to US$2.25/lb and a discount rate of 8%. The key parameters of the Pre-Feasibility Progress Report are set out in Candente Copper's news release dated January 18, 2011 (New Release 014).

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 of 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

Contact Information

  • Candente Copper Corp.
    John Foulkes
    VP Corporate Development
    mobile: +1 (604) 614-2999 or local: + 1 (604) 689-1957 ext 2
    or toll free: 1 (877) 689-1964 ext 2
    info@candentecopper.com
    or
    Candente Copper Corp.
    Walter Spagnuolo
    Manager, Investor Relations
    mobile: +1 (604) 306-8477 or local: + 1 (604) 689-1957 ext 3
    or
    Candente Copper Corp.
    Nataly Reategui
    Investor Relations, Peru
    (511) 715-2001 ext 107
    (511) 717-1233 (FAX)
    nreategui@candente.com
    www.candente.com