Candorado Operating Company Ltd.
TSX VENTURE : CDO
FRANKFURT : HQU
BERLIN : HQU

Candorado Operating Company Ltd.

December 22, 2006 09:00 ET

Candorado Operating Company Ltd. Options Murphy Lake Claims

KELOWNA, BRITISH COLUMBIA--(CCNMatthews - Dec. 22, 2006) - Candorado Operating Company Ltd. (the "Company") (TSX VENTURE:CDO) (FWB:HQU) (BERLIN:HQU)

The Company is pleased to announce that it has entered into an option agreement with Beeston Enterprises Ltd. ("Beeston") enabling Beeston to acquire up to a 60% interest in the three mineral concessions collectively forming part of the Company's Murphy Lake property (the "Property"). Beeston will be required to make a cash payment of $50,000 and must incur $450,000 in exploration expenditures over a two year period in order to acquire a 60% interest. In the event that Beeston acquires an interest in the Property, Beeston and the Company have further agreed, at the request of either party, to negotiate a joint venture agreement for further exploration and development of the Claims.

The Property is located within the geological Quesnel Terrane, which hosts the Mount Polley, Mount Milligan and Lorraine alkalic copper-gold deposits to the north and the Rayfield River, Afton-Ajax and Copper Mountain to the south. The Property borders, on the north, GWR Resources' Lac La Hache property.

In these deposits, potassium and magnetite alteration are commonly used as exploration vectors for copper-gold mineralization. Hence an airborne radiometric and magnetic geophysical survey was recently completed over the Property in partnership with the Geological Survey of Canada and Geoscience BC. Although the final interpretation is not yet available, a preliminary review shows several potassium anomalies, which may be indicative of potassium alteration.

On the Property, south of Bluff Lake, fracture controlled potassic alteration and copper mineralization have been noted. Other copper showings exist elsewhere on the Property.

Previous explorers in the area have delineated areas of anomalous copper in soils on the Property. No significant amount of drilling has been done on the Property.

William Gilmour, P.Geo., a Qualified Person as defined by National Instrument 43-101, has reviewed the technical information contained in this news release.

About Candorado

Candorado 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 the BC Metal's Red Chris copper porphyry deposit and the Pitt Island VMS prospect all located in Northern British Columbia. Management is actively seeking joint venture partners for its mineral land holdings as an excellent way to further develop these properties to their potential while reserving its treasury for new acquisitions and property exploration.

Rene Bernard, Chairman

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

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 and accuracy of this 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