VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 6, 2011) - Candente Copper Corp. (News - Market indicators)(PINK SHEETS:CDOUF)(BVLAC:DNT) ("Candente Copper") is very pleased to announce that Mr. Michael Thicke, M.Sc., P.Geo. has been appointed President of its recently formed subsidiary, to be named Cobriza Metals Corp. ("Cobriza Metals"). Cobriza Metals is proposed to be spun-out to the shareholders of Candente Copper through a Plan of Arrangement under the Business Corporations Act of British Columbia as announced May 17, 2011 (the "Proposed Arrangement"). See Candente Copper NR 023 May 17, 2011 for details.
Mr. Thicke, an international porphyry expert, has 30 years of global exploration experience, including extensive experience in porphyry exploration in South America as District Geologist for Rio Algom (now BHP Billiton) in Chile, where he was a key member of the team that discovered the large scale Spence porphyry copper deposit. This same team was awarded the prestigious Prospector of the Year Award by the PDAC for the discovery in 1998. The Spence mine commenced production in 2006.
More recently, Mr. Thicke was a senior member of BHP Billiton's Global Porphyry Exploration Group, leading teams for the exploration and evaluation of porphyry copper deposits in North America, Chile, Peru, Argentina, and Kazakhstan. He also spent two years living in Namibia managing exploration for Sedex zinc deposits in that country, and for sediment hosted copper deposits in Zambia.
"I joined Candente Copper Corp. as a Technical Advisor in January of 2010 and, after reviewing their portfolio of properties in Peru outside of the Cañariaco Norte deposit area, I was very pleased to join Candente Copper as Vice President of Exploration in July 2010," commented Mr. Thicke. "Work to date on all of our porphyry properties has identified a number of areas with significant potential, and we are currently advancing the highest priority targets towards drilling. Peru continues to offer exceptional opportunity for the discovery of major copper deposits, and I am looking forward to heading up Cobriza Metals."
"Candente Copper's primary focus is the Feasibility Study for Cañariaco Norte, and exploration drilling on the adjacent Cañariaco Sur and Quebrada Verde targets," commented Joanne Freeze, CEO of Candente Copper. "Strategically there are significant advantages to be gained, including maximizing shareholder value, by creating a separate fully funded public vehicle to pursue exploration and development of Candente's other Peruvian copper properties."
Joanne Freeze will act as CEO of Cobriza Metals and Sean Waller will act as VP and Director of Cobriza Metals. Ms. Freeze is CEO of Candente Copper and Mr. Waller is President of Candente Copper.
Proposed Arrangement Details
Pursuant to the Proposed Arrangement, Candente Copper plans to transfer 100% of its indirect interest in all of its Peruvian exploration properties, apart from the Cañariaco Property, which includes all Cañariaco and Jehuamarca claims. Candente Copper also intends to provide Cobriza Metals with approximately C$6 million in working capital.
Candente Copper intends to initially retain an equity interest of approximately 15% in Cobriza Metals, and distribute the remaining common shares it receives of Cobriza Metals to its current shareholders on a pro-rata basis; expected to be 1 share of Cobriza Metals for every 5 shares of Candente Copper held.
Cobriza Metals will seek to list its common shares on either the Toronto Stock Exchange ("TSX") or the TSX Venture ("TSX.V") and the Bolsa de Valores de Lima ("BVL ") stock exchanges.
The Proposed Arrangement remains conditional on the approval of final documentation by the Board of Directors of Candente Copper, the approval of the Proposed Arrangement and the listing of the shares of Cobriza Metals by the TSX or TSX.V (if applicable), the approval of the shareholders of Candente Copper, and the approval of the Supreme Court of British Columbia, among other things.
Annual General Meeting
The Annual General and Special Meeting of the shareholders of Candente Copper (the "Meeting") will be held on Thursday, August 4th, 2011 at 1:30 pm at the Terminal City Club, 837 West Hastings Street, Vancouver, British Columbia, Canada. At the Meeting shareholders will be asked, among other business, to approve the Proposed Arrangement.
About Candente Copper
Candente Copper Corp. is a TSX and BVL listed mining company focused on exploration and development of base metal mining projects in Peru and Latin America. Candente Copper's flagship project is the 100% owned Cañariaco copper project located in northern Peru's prolific mining district.
Forward-Looking Statements
Information in this news release may involve forward-looking statements or contain forward-looking information under applicable securities laws. Forward-looking statements or information are statements or information that relate to future events. In this context, forward-looking statements or information often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions.
Forward-looking statements or information relate to, among other things the timing and structure of proposed transactions and other information related to the Proposed Arrangement. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, actions or other future events, to be materially different from any future results, performance, actions or achievements expressed or implied by such forward-looking statements.
Such factors include, among others, the following risks: risks associated with project development; the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our common share price and volume; tax consequences to shareholders and other risks and uncertainties, including those described in the Risk Factors section in Candente Copper's most recently filed Annual Information Form for the financial year ended December 31, 2010 available at www.sedar.com.
Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that such statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by law. Investors are cautioned against undue reliance on forward-looking statements.
On behalf of the Board of Candente Copper Corp.
Sean Waller P.Eng., President & Director
NR-024
