Vancouver, British Columbia, June 28, 2010. Candente Copper Corp.
(TSX:DNT) ("Candente Copper") is very pleased to announce that the
contract for the Pre-Feasibility Study on the Ca�ariaco Norte Copper
Project has been awarded to AMEC Americas Ltd ("AMEC") of Vancouver.
Under the guidance of AMEC, various trade-off studies are already
underway to define project development options which have the potential
to significantly improve the project's economics.
"The global fundamentals for copper continue to be very strong, and
there is a lack of new large scale copper projects under development.
Ca�ariaco Norte is a compelling, large scale copper project that is
well positioned to be one of the next generation of Peruvian copper
mines," said Sean Waller, P.Eng., President of Candente Copper.
"Completion of the Pre-Feasibility Study will take Ca�ariaco Norte to a
very important next step of development."
Update on Ca�ariaco Norte Copper Project Pre-Feasibility Study
Candente Copper has awarded AMEC the contract for the completion of a
comprehensive Pre-Feasibility Study for the Ca�ariaco Norte Copper
Project. The scope of services includes mine, process, tailings, and
infrastructure design plus capital and operating costs estimates. In
addition, the scope of work will include the completion of an NI 43-101
Candente management is extremely pleased to be working with AMEC on the
continuing development of Ca�ariaco Norte. AMEC is recognized as one
of the leading international mine engineering and construction firms,
and their current expertise in large scale mining projects will be a
real benefit to Ca�ariaco Norte. The pre-feasibility schedule calls
for completion of the Pre-Feasibility Study in the fourth quarter of
The proposed new port of Eten, near Chiclayo in northern Peru, has been
chosen by Candente Copper for a new concentrate load-out facility, and
Ausenco Sandwell has been contracted to develop the preliminary design
and cost. Ausenco Sandwell has extensive experience with copper
concentrate terminals in South America.
Eten is only 170 kms from the Ca�ariaco Norte mine site, whereas the
port of Salaverry, which was used in the December 2008 Ca�ariaco Norte
Preliminary Economic Assessment ("PEA"), is 420 kms from the mine site.
The reduced distance will provide a very significant reduction in
transport costs over the life of the mine.
Metallurgical evaluation work resumed in March 2010, and the
feasibility level metallurgical test work program resumed in June at
SGS Lakefield Research in Santiago, Chile. This test work will
determine the process options, projected metal recoveries, and other
metallurgical parameters required to finalize the Ca�ariaco Norte
process flow sheet which will be used for both the Pre-Feasibility and
As part of the metallurgical assessment program, CESL Limited, a
subsidiary of Teck Resources Limited, recently completed a preliminary
level study to assess the applicability of its hydrometallurgical
technology to treat the Ca�ariaco Norte copper concentrate and produce
LME grade A copper cathode on-site. The study concluded that this
technology is suited to the Ca�ariaco Norte copper deposit and that it
has the potential to significantly improve the project. AMEC is
currently assessing various process options in addition to the CESL
A geotechnical drilling program in the Ca�ariaco Norte pit area is
scheduled to start in Q3 2010. This program will provide the
geotechnical data required to complete the pre-feasibility level design
of the Ca�ariaco Norte pit. It is anticipated that the additional data
will permit optimization of the pit wall slopes with the potential to
improve the mine plan grade, particularly during the early years of
production, which would have a significant positive effect on cash
In addition, AMEC (Peru) S.A. is conducting the Environmental and
Social Impact Assessment (ESIA) which is a key aspect of the Ca�ariaco
Norte project development, and was the first major project activity to
resume in 2010. The current schedule calls for the completion of the
ESIA in July of 2011. AMEC E&E's strong international reputation and
their extensive experience in Peru were the key criteria in the
original ESIA contract award to AMEC Peru.
Exploration targets including Ca�ariaco Sur, Quebrada Verde and other
copper prospects in Peru are currently under evaluation for
prioritizing drill targets to be tested in 2010. Permitting for
drilling is underway.
About Candente Copper
Candente Copper's flagship project is the 100% owned, 7.7 billion
pound, feasibility stage Ca�ariaco Norte Copper Project located in
northern Peru's prolific mining district. The Ca�ariaco Norte deposit
contains a Measured and Indicated resource of 622 million tonnes
grading 0.52% copper equivalent, and an Inferred Resource of 128
million tonnes at 0.47% copper equivalent*.
A positive Preliminary Economic Assessment was completed on the
Ca�ariaco Norte Copper Project by SRK Consulting in late 2008, which
shows robust economics at both current and consensus long term copper
prices. Since this report was published, a number of factors have been
identified which have the potential to significantly improve the
Sean Waller, P.Eng., President and Joanne C. Freeze, P.Geo., CEO, are
the Qualified Persons as defined by National Instrument 43-101 for the
projects discussed above. They have reviewed and approved the contents
of this release. All resources quoted in this release are based on a
0.30% copper cut-off grade and 60,580 metres drilled in 213 holes to
March 2008. *The 'Measured and Indicated Resource' listed above
consists of Measured Resources of 237Mt at 0.51% Cu, 0.08 g/t Au, and
1.94 g/t Ag, plus Indicated Resources of 385Mt at 0.45% Cu, 0.07 g/t
Au, and 1.76 g/t Ag. The 'Inferred Resource' listed above consists of
128Mt at 0.43% Cu, 0.06 g/t Au, and 1.64 g/t Ag. All copper equivalent
grades quoted in this release are based on US$1.90 per pound copper,
US$600 per troy ounce gold, US$10 per troy ounce silver, and 100% metal
This news release may contain forward-looking statements including but
not limited to comments regarding the timing and content of upcoming
work programs, geological interpretations, receipt of property titles,
potential mineral recovery processes, etc. Forward-looking statements
address future events and conditions and therefore involve inherent
risks and uncertainties. Actual results may differ materially from
those currently anticipated in such statements. Candente relies upon
litigation protection for forward-looking statements.
CAUTIONARY NOTE TO U.S. INVESTORS
We advise U.S. investors that this news release uses terms that are not
recognized by the United States Securities and Exchange Commission
("SEC"), including "mineral resources", "measured resources",
"indicated resources" and "inferred resources". The estimation of
measured and indicated resources involves greater uncertainty as to
their existence and economic feasibility than the estimation of proven
and probable reserves. U.S. investors are cautioned not to assume that
mineral resources in these categories will be converted to reserves.
The estimation of inferred resources involves far greater uncertainty
as to their existence and economic viability than the estimation of
other categories of resources. U.S. investors are cautioned not to
assume that estimates of inferred mineral resources exist, are
economically mineable, or will be upgraded into measured or indicated
mineral resources. U.S. investors are cautioned not to assume that
mineral resources in any of these categories will be converted into
On behalf of the Board of Candente Copper Corp.
"Sean Waller" P.Eng.
President & Director
For further information please contact:
VP Corporate Development
mobile: +1 (604) 614-2999
local: + 1 (604) 689-1957 ext 2
toll free: 1 (877) 689-1964 ext 2
Manager, Investor Relations
mobile: +1 (604) 306-8477
local: + 1 (604) 689-1957 ext 3
toll free: 1 (877) 689-1964 ext 3
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