Candorado Operating Company Ltd.
TSX VENTURE : CDO

Candorado Operating Company Ltd.

December 15, 2006 17:20 ET

Candorado Operating Company Ltd.: Closes $600,000 Non Brokered Private Placement

KELOWNA, BRITISH COLUMBIA--(CCNMatthews - Dec. 15, 2006) - Candorado Operating Company Ltd. (TSX VENTURE:CDO) (the "Company"):

The Company is pleased to announce it has received TSX Venture Exchange ("TSX-VE") for a non brokered private placement of 2,307,688 units at a price of $0.26 per unit for total proceeds of $600,000. Each unit consists 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 paid a 4% cash finders fee to Limited Market Dealer Inc. and granted options equal to 9% of the purchased units. Each option is 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.

In accordance with securities legislation currently in effect, the Shares, the Warrants and the Warrant Shares will be subject to a "hold period" of four months plus one day from closing expiring on April 9, 2007.

"We are pleased to be entering into this relationship with MineralFields Group" said Rene Bernard, President and CEO. "This is an important milestone in the growth of Candorado and we look forward to working with MineralFields Group as we develop our holdings in the British Columbia regions".

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