Candorado Operating Company Ltd.

Candorado Operating Company Ltd.

November 24, 2006 09:20 ET

Candorado Operating Company Ltd. Exercises Options on the Serb Creek Molybdenum and Pitt Island Properties

KELOWNA, BRITISH COLUMBIA--(CCNMatthews - Nov. 24, 2006) - Candorado Operating Company Ltd. (TSX VENTURE:CDO)

Serb Creek:

The Company has elected to exercise its options early and will make payments of $50,000 and issue 300,000 shares to the vendors of the Serb Creek Molybdenum deposit to earn a 100% interest subject to a 2% net smelter return.

The Serb Creek property is approximately 6,400 hectares in size and located 15 kilometres to the West of Blue Pearl Mining Ltd.'s "Davidson" molybdenum deposit. The Minfile states a historic resource of 41.15 million tonnes at a grade of 0.08 MoS2 for the Serb Creek deposit. The reader should be cautioned that the historic reserve does not conform to National Instrument 43-101 requirements for reporting purposes; as such the Company is not treating these historic estimates as current reserves or resources. These estimates should not be relied upon until they have been verified by further due diligence and by the Company's "Qualified Person".

Pitt Island:

The Company will issue 150,000 shares to the vendor of the Pitt Island VMS property to have earned 100% interest in the property subject to a 2% net smelter return.

Exploration since 1980 has delineated a massive sulphide deposit the Pyrite Creek prospect. The semi-massive to massive, tabular, steeply-dipping, concordant pyrite-chalcopyrite-sphalerite-pyrrhotite-barite-galena body averages about 1 to 1.5 metres thick, and extends along strike for at least 1,800 metres and at least 500 metres down dip in places.

A 1995 drill program by Inco has encountered the massive sulphide zone in nine drill holes.

The Pyrite Creek prospect is within a 10 km long zone where prospecting has discovered significant base metal values. A 2005 field program has returned values of 2.23 percent copper, 5.27 percent zinc, 0.96 percent zinc, 0.53 gram per tonne gold and 66 grams per ton silver over 4.4 metres.

The Parallel B zone, 1.5 km to the east, has base metal enriched horizons associated with airborne geophysical anomalies.

Management is of the opinion that historic high prices for copper, zinc and molybdenum and a renewed interest in exploration in British Columbia make these properties prime targets for possible joint ventures. Candorado has recently announced the acquisition of the 50% interest from its joint venture partner in a large claim block in Central British Columbia and will now own 100% interest in more than 2,000 sq km of exploration properties in British Columbia and an option or joint venture interest in 5 additional exploration projects totaling over 50,000 hectares in size.

Rene Bernard, Chairman

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

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of the information contained herein.

Contact Information

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