VANCOUVER, BRITISH
COLUMBIA--(Marketwire - March 31, 2009) - Candente Resource Corp. (TSX:DNT)(BVLAC:DNT)(WKN:GW4)
("Candente" or the "Company") announces financial
results for the fiscal year ended December 31, 2008. All amounts in
this release are in U.S. dollars unless otherwise stated.
The Company posted a net loss of $5,031,651 or $0.07 per share in 2008,
compared to a loss of $3,423,928 or $0.05 per share in 2007. The
Company's major general and administrative expenses in 2008 were
stock-based compensation of $1,889,692, foreign exchange expense of
$1,123,133 and management and office salaries and benefits of $839,777.
Mineral property expenditures were $15,557,857 in 2008, including
$13,274,475 on the Canariaco property. At December 31, 2008, the Company's
mineral properties expenditures totalled $40,918,819.
The Company completed a private placement of 7,940,000 units at a price
of Cdn$1.50 per unit for gross proceeds of Cdn$11,910,000
($11,755,996). Each unit consisted of one common share and a one half
share purchase warrant, each full warrant exercisable at a price of
Cdn$2.00 to purchase one additional common share to June 26, 2010. Agents' warrants to
purchase 394,449 common shares of the Company at a price of Cdn$1.75
per share, having a fair value of $162,757, were issued as part of the
private placement. Total share issue costs were $860,007, resulting in
net proceeds of $10,895,989. The share purchase warrants were assigned
a fair value of $1,420,195.
At December 31, 2008, the Company had outstanding 81 million common
shares, 7.9 million stock options and 4.9 million share purchase
warrants, for a fully-diluted amount of 93.8 million common shares.
At December 31, 2008, the Company had working capital of $1,556,633
including cash and cash equivalents of $3,448,322.
Given the financial uncertainty caused by the global economic crisis
and the ongoing effect on both commodity prices and liquidity in
capital markets, the Company has curtailed exploration activities to
preserve capital. The Company has also significantly reduced staff in
Peru and in Canada and taken steps to minimize operating costs. Despite
the current economic challenges, the Company is continuing to actively
assess options to facilitate resumption of exploration and development
activities.
For a detailed analysis of the above financial results, refer to the
2008 Consolidated Financial Statements and Management's Discussion and
Analysis available on the Company's website at www.candente.com
and at www.sedar.com.
About Candente Resource Corp.
Candente is a diversified exploration and development company with
copper, gold, silver, and zinc projects in Peru and Mexico. Candente's
Management Team and Board of Directors are senior mining industry
executives with a track record in the discovery and development of
copper, gold and silver deposits. Candente subscribes to principles,
which ensure that exploration and development activities are consistent
with best practice and beneficial to the local communities.
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 which 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 reserves.
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