Candente Resource Corp.
TSX : DNT

Candente Resource Corp.

April 03, 2006 17:28 ET

Candente Resource Corp.-Results for the Fiscal Year Ending December 31st, 2005

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 3, 2006) - Candente Resource Corp. (TSX:DNT) is pleased to announce its annual results for the year ended December 31, 2005. All amounts in this release are in U.S. dollars unless otherwise stated.

The Net Loss for 2005 totaled ($1,426,952), or ($0.04) per share compared to a loss of ($1,556,932), or ($0.04) per share in 2004. The Loss for the fourth quarter totaled ($473,098) or ($0.01) per share compared to ($717,926), or ($0.02) per share for the same period in 2004. As at December 31, 2005.

During the fourth quarter the Company received $200,000 in exploration advances from its option agreement with Gallipoli Mining. These funds were used to partially fund the Phase I drill program on the Alto Dorado property that was carried out in early 2006.

In addition a continuation of the Phase II drill program was completed on the Canariaco property during the fourth quarter.

Outstanding Share Data

At March 22, 2006 the Company had 43,924,378 common shares outstanding.

The Company had 5,496,000 stock options outstanding as of March 22, 2006, of which 4,014,438 have vested and 3,034,038 were "in the money" and potentially exercisable to generate Cdn$1,715,945 in additional funding. During 2006 120,000 shares were issued on the exercise of stock options at Cdn$0.33 and Cdn$0.70 per option. In addition the company cancelled 45,000 stock options in February 2006. No warrants have been exercised since November 1, 2005.

Subsequent to December 31, 2005, the company issued Gallipoli Mining 320,000 warrants, which are exercisable at Cdn$0.90 upon the holder electing to proceed from Stage I to Stage II exploration pursuant to the Alto Dorado Property Option Agreement dated December 7, 2005. The 320,000 warrants are exercisable for a period of 60 (sixty) days starting from the date that all results from the Stage I exploration program have been released to the public and must be exercised prior to commencement of Stage II exploration. The Company also issued Gallipoli Mining 215,000 warrants, which are exercisable at Cdn$1.35 upon the holder electing to proceed from Stage II to Stage III exploration pursuant to the Alto Dorado Property Option Agreement dated December 7, 2005. The 215,000 warrants are exercisable for a period of 60 (sixty) days starting from the date that all results from the Stage II exploration program have been released to the public and must be exercised prior to commencement of Stage III exploration.

Candente is a diversified copper and gold exploration company focused on increasing shareholder value through discovery. Candente has an advanced exploration stage leachable copper project, Canariaco, and several other gold, copper and silver projects in Peru. Candente subscribes to principles which ensure that its exploration and development activities are beneficial to the local communities.

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
    (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