Candorado Operating Company Ltd.

Candorado Operating Company Ltd.

November 30, 2007 09:00 ET

Candorado Operating Company Ltd Signs Option Agreement on the Rayfield River Copper Porphyry Property With Callinan Mines Ltd. A 4,000-Metre Drill Program Is to Commence Immediately.

KELOWNA, BRITISH COLUMBIA--(Marketwire - Nov. 30, 2007) - Candorado Operating Company Ltd. (the "Company") (TSX VENTURE:CDO) (FRANKFURT:HQU) (BERLIN:HQU) is pleased to announce that it has entered into an option agreement with Callinan Mines Ltd, whereby Callinan Mines has the right to earn a 60% interest in the property by making a one time cash payment of $50,000, issue a total of 100,000 shares of the company to Candorado, and spend $600,000 in exploration expenses on the property by December 31, 2008. The agreement is subject to an underlying 2% NSR to the original owner.

The Rayfield River property is located in the Southern Cariboo region of British Columbia 20 km east of 70 Mile House. The property is situated within the Upper Triassic to Lower Jurassic Nicola Group, which forms part of the Quesnel Trough, a volcanic and sedimentary arc sequence affected by Upper Triassic to Jurassic intrusions.

The property lies in a window through extensive Miocene plateau basalts, which blanket much of the region. Visible copper mineralization on the surface is widespread and is mainly malachite occurring in feldspar veinlets, on fractures and as disseminations replacing mafic minerals, and minor chalcopyrite and bornite as disseminations.

The property has been explored by Cominco Ltd in the 1960s, Amax Exploration from 1968-1970, and Brenda Mines Ltd in 1989. Several shallow diamond drill holes have been drilled on the property. All showed anomalous copper mineralization with one of the drill holes ending in greater than 0.2% copper.

In 2006 the property was covered by a detailed, 200 metre line-spaced gamma ray spectrometric and magnetic total field airborne survey. Several targets were selected for prospecting and geochemical sampling in 2007. Mr. Robert Shives, a recognized expert in the interpretation of airborne gamma ray-magnetic surveys and consultant to Candorado has been encouraged by the size and similarity of the geophysical targets on the Rayfield River property to patterns over other major porphyry systems elsewhere within the Quesnel Trough.

The 2007 drill program is designed to test several targets to a depth of greater than 400 metres.

About Candorado

Candorado is a B.C. based mineral exploration Company with large mineral rights holdings in Central, Northern and Southern British Columbia. The Company is in the midst of several exploration projects involving geochemical and geophysical programs as well as drill testing high priority targets and will report on results as soon as they are available.

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

Rene Bernard, Chairman

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.
    Daniel Gallagher
    (250) 979-2590
    (250) 860-2957