Candente Copper Corp.
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BVLAC : DNT

Candente Copper Corp.

December 07, 2010 04:01 ET

Candente Explores New Copper-Gold Project in Southern Peru

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 7, 2010) - Candente Copper Corp. (TSX:DNT)(BVLAC:DNT)(WKN:GW4) ("Candente Copper") is pleased to report that highly anomalous copper, gold and molybdenum geochemical results have been returned from strongly altered and leached rock samples collected on their 100% owned Arikepay porphyry property in southern Peru. Permitting for drilling at Arikepay is under application while detailed mapping and additional sampling is underway.

Anomalous values ranging from 100 to 1,460 ppm copper, 50 ppb to 2,560 ppb (2.5 g/t) gold, and 0.5 ppm to 143 ppm molybdenum (see tables below) have been found to occur in altered and leached volcanic and intrusive rocks from the project.

"The anomalous copper values returned from the leached capping at Arikepay are typical of the upper levels of porphyry copper deposits in other parts of the Andes such as Peru, Chile and Argentina," commented Michael Thicke, P.Geo., VP Exploration of Candente Copper. "The addition of gold, and the apparent zoning of the system with an anomalous molybdenum core flanked by stronger copper and gold values, further add to Arikepay's exploration potential."

Mr. Thicke joined Candente Copper as VP Exploration in July, 2010. He is a recognized expert on porphyry copper systems and has over 30 years of global exploration experience, most recently as a senior member of BHP Billiton's Global Porphyry Exploration group.

The anomalous gold and copper values found at Arikepay are associated with jarosite-goetite stockwork, veins, and disseminations occurring within argillic-phyllic altered rocks. Anomalous molybdenum values are associated with pervasive hematite in zones of silicification, with quartz stockwork zones occurring locally within altered areas. Propylitic alteration occurs south and southwest of the phyllic and silicic alteration, and is characterized by epidote-chlorite-magnetite in stockwork, veins, and matrix-fill in andesitic volcanic rocks.

The phyllic and silicic alteration, which is poorly exposed, covers an area approximately 700 metres north-south by 900 metres east-west, and remains open to the northwest for over 2,000 additional metres and to the northeast for approximately 500 metres under recent sand and gravel cover.

The Arikepay property covers two claim blocks totalling 1,800 and 2,200 hectares each, and is road accessible 109 kilometres from the city of Arequipa. The property is located 45 kilometres south of Freeport-McMoRan's Cerro Verde copper-molybdenum mine.

Prior to Candente's ownership of Arikepay, a major mining company drilled four closely spaced reverse circulation drill holes on the property. There is no geological or assay data available to Candente for this drilling but it is understood to have been carried out in the 1990's. Candente's exploration team believes that the property remains highly under-explored, as the previous drilling only tested a very small area. The copper and gold anomalies reported herein by Candente Copper remain untested by drilling.

Initial sampling by Candente Copper at Arikepay was carried out during a preliminary evaluation program of eight Peruvian porphyry copper properties held by Candente Copper, lead by Mr. Thicke and Senior Geologist Ing. Enrique Bernuy. Drill targets are also being developed on the other seven properties and will be discussed in future new releases.

Tables of Results

DISTRIBUTION of VALUES  
No. of Samples Sample Type Cu (ppm )
3 Panel 1000 - 1460  
9 Panel 500 - 999  
11 Panel 300 - 499  
19 Panel 100 - 299  
34 Panel < 100  
    Au (ppb )
4 Panel 500 - 1500  
9 Panel 100 - 499  
14 Panel 50 - 99  
49 Panel < 50  
    Mo (ppm )
7 Panel 50 - 143  
23 Panel 20 - 49  
12 Panel 5 - 19  
34 Panel < 5  
       
   
HIGHER VALUES  
Sample Type Dimensions (m ) Cu (ppm )
Panel 2.0 x 0.7   1460  
Panel 2.0 x 1.5   1330  
Panel 1.1 x 0.7   1,080  
      Au (ppb )
Panel 2.0 x 0.6   2560  
Panel 1.5 x 0.4   925  
Panel 1.1 x 1.0   866  
Panel 2.0 x 0.6   570  
      Mo (ppm )
Panel 2.4 x 0.4   143  
Panel 1.6 x 0.4   90  
Canal 3.1 x 0.2   79  
Canal 3.1 x 0.3   74  
Canal 2.3 x 0.15   58  

About Candente Copper

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 Pre-Feasibility Stage Cañariaco Norte Copper Project located in northern Peru's prolific mining district.
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Michael J. Thicke, P.Geo., VP Exploration 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 visited the property and 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.

Sean Waller, P. Eng., President & Director

NR-012

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
    www.candente.com