Candente Resource Corp.
TSX : DNT

Candente Resource Corp.

March 29, 2006 19:37 ET

Candente Resource Corp.: Financing Expanded and First Tranche Completed with Sprott Asset Management and Top Gold Funds

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 29, 2006) -

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

Candente Resource Corp. (TSX:DNT) ("Candente") is pleased to announce, further to the Company's news release dated March 27th, 2006 regarding a non-brokered Private Placement, Candente has closed the first tranche of the Private Placement for a total of 3,588,242 units representing gross proceeds of Cdn$3,050,005.70. In addition, Candente has agreed to increase the Private Placement to a total of 5,121,242 units for gross proceeds of Cdn$4,353,055.70 at $0.85 per unit. Each unit will consist of one share and one half-share purchase warrant. One whole non-transferable share purchase warrant permits the holder to purchase one share of the Company at a price of $1.25 per share for a period of twelve months following closing. The shares issued in this placement will be subject a four-month hold period.

The majority of the financing is with Funds controlled by Sprott Asset Management Inc. of Toronto and Top Gold of Zurich. Candente will pay MaxCapital Markets Ltd. of Toronto, a finder's fee of 7% in cash and 7% in warrants and to Brighton Capital Corp. of Los Angeles a finder's fee of 6% in cash and 6% in warrants only from independent placees introduced to Candente by each of them.

The net proceeds of the private placement will be used for funding exploration and development activities on the Company's mineral properties and for general corporate purposes.

Candente's most advanced mineral project is Canariaco, a copper deposit in Northern Peru with a significant leachable portion and several other features which indicate it could be a low cost copper producer. An engineering scoping study is underway to assist Candente in evaluating the potential economics of a copper heap leach, SX-EW operation at Canariaco.

Candente has several other gold and silver exploration projects also in Peru.

Candente is focused on increasing shareholder value through mineral discovery. Candente subscribes to principles which ensure that its exploration and development activities are beneficial to the local communities.

ON BEHALF OF THE BOARD OF DIRECTORS

Joanne Freeze, P. Geo., President & CEO

Candente Resource Corp.

Release No. 158

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the united states or to U.S. persons unless registered under the U.S. Securities Act and the applicable state securities laws or an exemption from such registration is available.

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.


Contact Information

  • Candente Resource Corp.
    Joanne Freeze
    President & CEO
    (604) 689-1957 or Toll Free: 1-877-689-1964
    or
    Candente Resource Corp.
    Evelyn Cox
    (604) 689-1957 or Toll Free: 1-877-689-1964
    info@candente.com
    www.candente.com