Candorado Operating Company Ltd.

Candorado Operating Company Ltd.

July 19, 2007 09:00 ET

Candorado Samples 3.8% Copper, 9.89 G/T Gold on Deer Lake and 1.1% Copper, 2.3% Zinc on Friendly Lake in Central British Columbia

KELOWNA, BRITISH COLUMBIA--(Marketwire - July 19, 2007) - Candorado Operating Company Ltd. (the "Company") (TSX VENTURE:CDO) (FRANKFURT:HQU) (BERLIN:HQU) is pleased to announce it has commenced exploration on the recently optioned (April 30, 2007) Deer and Friendly Lake properties.

The Deer and Friendly Lake properties are located approximately 100 km north of Kamloops, BC. The properties, covering 43 and 72 square kilometers respectively, are accessible via Highway 24 between Little Fort and 100 Mile House. Numerous logging roads provide excellent access. The properties are situated along the Quesnel Trough, a northwest trending belt of volcanic, sedimentary and plutonic rocks. This prolific geologic belt hosts many economically important mineral deposits including the currently producing Mount Polley mine as well as other deposits such as the former Copper Mountain and Afton-Ajax mines as well as the Mount Milligan. Recent exploration has led to the discovery of alkalic copper-gold porphyry deposits at GWR's Lac La Hache property and Serengeti's Kwanika property north of Mount Milligan.

As part of the 2007 exploration program the recently completed Bonaparte airborne survey data specific to these properties was analyzed by Mr. Rob Shives of GamX Inc. Mr. Shives is a highly experienced geologist/geophysicist who from 1998 to April 2007 was Head of the Radiation Geophysics Section, Mineral Resources Division of the Geological Survey of Canada. His experience includes emphasis on the application of magnetic and gamma-ray spectrometric techniques in the search for a variety of gold, base metal and uranium deposits.

In June 2007 Mr. Shives identified and field examined specific exploration targets on both properties. Five specific targets were identified on the Deer Lake property four of which are currently being soil sampled and prospected. Some of the identified targets coincide with areas where historic stream sampling yielded highly anomalous amounts of gold and in some cases angular visible gold. On the fifth target a very detailed ground magnetic survey was completed over part of a strong airborne magnetic anomaly encompassing an area where past work identified copper-gold bearing magnetite skarn mineralization. Sampling of a 35 cm boulder of this material by Mr. Shives returned 3.8% copper, 9.89 g/t gold and 25 g/t silver. Historic samples of similar material in the area have returned up to 14.9 g/t gold. The newly acquired magnetic data combined with historic geochemical and geophysical work will allow for drill testing by late summer.

Field examination of one of several airborne anomalies on the Friendly Lake property resulted in the discovery of a new copper-zinc showing ("SG"). While examining the site of a 2004 rock sample (1.4 g/t Au, 76.8 g/t Ag) within an airborne anomaly, chalcopyrite and sphalerite mineralization were discovered in float and bedrock along a logging road for over 50 metres. A bedrock grab sample (Shives) of altered Nicola volcanic rock near the contact of a syenitic intrusion contains 1.1% copper, 25 g/t silver and 2.3% zinc. Follow-up geochemical sampling and a ground magnetic survey are underway to determine the exploration potential of this new mineral occurrence.

About Candorado

Candorado is one of British Columbia's largest mineral rights land holder with its copper/gold porphyry targets within the Quesnel Trough in Central British Columbia. Further properties include the Serb Creek molybdenum deposit, the Eldorado property next to BC Metal's Red Chris copper porphyry deposit and the Pitt Island VMS prospect all located in Northern British Columbia.

Exploration on the Deer and Friendly Lake properties is being conducted under the supervision of W. Gruenwald, P. Geo, of Geoquest Consulting Ltd. a qualified person as defined by National Instrument 43-101.

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
    (250) 979-2590
    (250) 860-2957