Candorado Operating Company Ltd.
TSX VENTURE : CDO

Candorado Operating Company Ltd.

May 30, 2005 18:06 ET

Candorado Operating Company Ltd.: Drilling to Commence on Lucky Ship Molybdenum Property

KELOWNA, BRITISH COLUMBIA--(CCNMatthews - May 30, 2005) - Candorado Operating Company Ltd., (TSX VENTURE:CDO) announces it's optionee, New Cantech Ventures Inc., has signed a diamond drill contract for 3,000 metres (10,000 feet) to drill approximately 60 drill holes on the Lucky Ship Molybdenum property near Houston, B.C. Drilling will commence approximately June 15, 2005. A detailed I.P. geophysical survey will also be undertaken.

New Cantech has now earned a 50% interest in the option on the Lucky Ship property from Candorado Operating Company Limited.

The property was subject to 10,662 metres of diamond drilling by Amax Exploration Inc. in the 1960's.

A summary for Amax by T.J.R. Godfrey in 1967 on the Lucky Ship MoS2 project reported in the following assay composites:



Table 1. Significant drill hole intersections, Lucky Ship Property
------------------------------------------------------------------------
Length of Elevation of Depth Below
------------------------------------------------------------------------
Drill Hole Intersection Average Intersection Surface
------------------------------------------------------------------------
m ft MoS2 (%) m ft m ft
------------------------------------------------------------------------
Main Molybdenite Zone
------------------------------------------------------------------------
Northern Part LS-65-08 33.5 110.0 0.22 1027.2 3370 88.4 290
------------------------------------------------------------------------
LS-65-09 67.1 220.0 0.14 1039.4 3410 88.4 290
------------------------------------------------------------------------
Northwestern
Part LS-64-02 51.8 170.0 0.19 890.0 2920 216.4 710
------------------------------------------------------------------------
LS-64-01 36.6 120.0 0.29 832.1 2730 256.0 840
------------------------------------------------------------------------
LS-65-14(a) 48.8 160.0 0.16 792.5 2600 307.8 1010
------------------------------------------------------------------------
LS-65-16(a) 85.3 280.0 0.08 670.6 2200 457.2 1500
------------------------------------------------------------------------
Western Part LS-65-10 36.6 120.0 0.27 1021.1 3350 106.7 350
------------------------------------------------------------------------
LS-65-06 79.2 260.0 0.14 841.2 2760 268.2 880
------------------------------------------------------------------------
LS-65-12(a) 79.2 260.0 0.16 707.1 2320 374.9 1230
------------------------------------------------------------------------
Southwestern
Part LS-65-11 128.0 420.0 0.13 978.4 3210 106.7 350
------------------------------------------------------------------------
LS-64-03(a)125.0 410.0 0.11 823.0 2700 256.0 840
------------------------------------------------------------------------
LS-65-07(a) 64.0 210.0 0.22 813.8 2670 228.6 750
------------------------------------------------------------------------
LS-65-15(a) 15.2 50.0 0.15 795.5 2610 259.1 850
------------------------------------------------------------------------
Southern Part LS-65-15(a) 36.6 120.0 0.16 929.6 3050 91.4 300
------------------------------------------------------------------------
LS-64-01 60.2 197.5 0.12 999.7 3280 30.5 100
------------------------------------------------------------------------
LS-64-03(a) 55.8 183.0 0.12 999.7 3280 21.3 70
------------------------------------------------------------------------
LS-65-07(a) 27.4 90.0 0.14 not not
reported reported
------------------------------------------------------------------------
Southeastern
Part LS-65-12(a) 54.9 180.0 0.16 951.0 3120 61.0 200
------------------------------------------------------------------------
LS-65-14(a) 39.6 130.0 0.25 1008.9 3310 21.3 70
------------------------------------------------------------------------
LS-65-16(a) 61.0 200.0 0.19 877.8 2880 121.9 400
------------------------------------------------------------------------
Northeastern
Part LS-65-17 61.0 200.0 0.17 1011.9 3320 33.5 110
------------------------------------------------------------------------
LS-64-04 12.2 40.0 0.11 1024.1 3360 51.8 170
------------------------------------------------------------------------
Southern Lobe
------------------------------------------------------------------------
LS-66-18 18.3 60.0 0.13 not not
reported reported
------------------------------------------------------------------------
North Showing
------------------------------------------------------------------------
LS-65-05 15.2 50.0 0.14 914.4 3000 335.4 1100
------------------------------------------------------------------------

Notes: This table is adapted from Table I of: Godfrey (1967), Lucky Ship
MoS2 Project
------------------------------------------------------------------------
(a) denotes a drill hole with multiple intersections from
different areas of the Main Molybdenite Zone
------------------------------------------------------------------------


Canamax Resources Inc., the successor company to Amax, reported a "historical drill-inferred resource estimate" of approximately 18 million tonnes (20 million tons) grading 0.163 percent MoS2 to a depth of 300 metres in a prospectus filed in 1983.

The historical resource does not use the categories stipulated in National Instrument 43-101. The Company advises that it has not done the work necessary to verify this classification of the mineral resource. The Company is not treating the historical resource estimate as a National Instrument 43-101 defined resource or reserve verified by a qualified person and the historical resource estimate should not be relied upon. The Company is not aware of any more recent estimates or data available to the Company.

The current program is designed to outline a resource compliant with National Policy 43-101 and to define a near-surface portion of the mineralized zone amenable to open-pit mining.

An application to extract a 10,000 tonne bulk sample is under application with the British Columbia Department of Energy and Mines.

Dr. R.H. McMillan is New Cantech's designated "qualified person" under National Policy 43-101 has reviewed and approved the Technical information contained within this release. Dr. McMillan will supervise the current program.



On Behalf of the Board of Directors
Signed
"Kirk Reed"
Kirk Reed
Director, Candorado Operating Company Ltd.


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