Candorado Operating Company Ltd.
TSX VENTURE : CDO

Candorado Operating Company Ltd.

November 28, 2006 14:04 ET

Candorado Arranges $600,000 Non Brokered Private Placement

KELOWNA, BRITISH COLUMBIA--(CCNMatthews - Nov. 28, 2006) - Candorado Operating Company Ltd. (the "Company") (TSX VENTURE:CDO):

The Company is pleased to announce that it has arranged a non brokered private placement for 2,307,692 units ("Units") at a price of $0.26 per Unit for total proceeds of $600,000. Each Unit will consist of one "flow-through" common share plus one warrant entitling the investor to purchase one non "flow-through" common share for a period of 24 months at a price of $0.50 per share. The investors are through MineralFields Group (a division of Pathway Asset Management). The Company advises it did not proceed with the previously announced financing on September 21, 2006 which has been subsequently cancelled. The Company further confirms there are no insiders participating in the private placement.

Limited Market Dealer Inc. will receive a 4% cash finder's fee as well as options equal to 9% of the purchased Units. Each option will be exercisable for two years at a price of $0.26 for one Unit with the same terms as above.

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

The private placement is subject to TSX-Venture Exchange approval and in accordance with the securities legislation currently in effect, the shares will be subject to a "hold period" of four months and a day from the date of issuance and closing.

About MineralFields

MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar limited partnerships to investors throughout the world. Information about MineralFields Group is available at www.mineralfields.com.

About Candorado

Candorado Operating Company is one of British Columbia's largest mineral rights land holder with its properties in Central British Columbia, the "Serb Creek" molybdenum deposit, the "Eldorado" property next to BC Metals' "Red Cris" copper porphyry deposit and the Pitt Island "VMS" prospect all located in Northern British Columbia.

Rene Bernard, Chairman

ON BEHALF OF THE BOARD OF DIRECTORS of Candorado Operating Company Ltd.

Cautionary Statement on Forward-Looking Information

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 or accuracy of this news release.

Contact Information

  • Candorado Operating Company Ltd.
    Rene Bernard
    Chairman
    (250) 860-2950
    (250) 860-2957 (FAX)
    or
    Candorado Operating Company Ltd.
    Suite 208 - 478 Bernard Avenue
    Kelowna, British Columbia, Canada, V1Y 6N7
    Website: www.candorado.com