Candorado Operating Company Ltd.
TSX VENTURE : CDO

Candorado Operating Company Ltd.

June 07, 2005 17:55 ET

Candorado Enters into Agreement to Sell its 'Lucky Ship' Molybdenum Option Interest to New Cantech Ventures Inc.

KELOWNA, BRITISH COLUMBIA--(CCNMatthews - June 7, 2005) - On November 5, 2004, Candorado Operating Company Ltd. (TSX VENTURE:CDO) announced that it had entered into an option agreement to acquire a 100% interest in the "Lucky Ship" property. The option calls for payments of $1,000,000.00 over six (6) years and for the vendor to retain a 2% NSR.

On March 3, 2005, Candorado Operating Company Ltd. entered into a joint venture with New Cantech Ventures on the "Lucky Ship" property: New Cantech was earning a 50% interest in the option to acquire the "Lucky Ship" property for the consideration of New Cantech assuming 50% of the remaining option payments and a $45,000.00 work commitment.

With New Cantech having earned its 50% interest by spending in excess of the $45,000.00 in work commitment required, Candorado Operating Company Ltd. has now entered into an agreement subject to the approval of the Vancouver Stock Exchange whereby New Cantech is acquiring the remaining 50% in Candorado's option interest in the "Lucky Ship" molybdenum deposit. The consideration is 2 million shares in the capital of New Cantech Ventures Inc.

Following the completion of the transaction, Candorado will own a 15.9% interest in New Cantech's share capital on a non-diluted basis and will therefore participate in the development of the "Lucky Ship" molybdenum deposit by New Cantech and in the prospects of other mineral exploration properties held by New Cantech.

This will free resources for Candorado to focus on the mineral exploration of its other gold, copper, zinc and silver properties in British Columbia and Ontario.



Rene Bernard
President and C.E.O.

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


Contact Information

  • Candorado Operating Company Ltd.
    Rene Bernard
    President and C.E.O.
    (250) 979-2590
    (250) 861-5751 (FAX)
    Website: www.candorado.com