Candente Copper Expands the Cañariaco Copper Property
30 March 2022 - 10:00PM
Candente Copper Corp. (TSX:DNT, BVL:DNT, US:CCOUF) ("Candente
Copper” or “the Company") is pleased to announce that the Company
has acquired additional mineral concessions which provide a
considerable expansion to the current land position for the
Cañariaco copper project located in Northern Peru.
In 2019, the Cañariaco property held by the
Company comprised of 5 mineral concessions covering 4,290 hectares.
This has now been increased to 15 mineral concessions covering
10,190 hectares. Three of the mineral concessions were acquired
directly by subsidiaries of the Company in 2020 and 2021 and seven
were acquired from Fortescue Peru SA on March 8, 2022. Fortescue
Peru S.A. acquired these claims in late January 2020.
The new mineral rights expand the Cañariaco
property to the west, northwest, north, northeast and to the
south.
With the financing by Lind (Candente Copper NR
147 dated March 23, 2022) underway, the Company is now completing
its review of the recently completed 2022 Preliminary Economic
Assessment (the “2022 PEA”) by Ausenco and moving forward to issue
Requests for Proposals for both the Definitive Feasibility Study
and the Detailed Environmental Impact Assessment (“EIA”) Study both
to advance Cañariaco Norte. Drilling permit applications are also
being prepared for further drilling at Cañariaco Sur and initial
drilling at Quebrada Verde.
“We are very pleased with what is a considerable
expansion of our land position with adjacent concessions to further
explore and to provide additional ground around our key deposit
areas whilst moving towards a Definitive Feasibility Study for
Cañariaco Norte,” stated Joanne C. Freeze, Company President and
CEO.
The recently acquired concessions are identified in the map
found on the Company website here.
About Candente Copper
The Company’s flagship project is Cañariaco,
within which Cañariaco Norte, is the 10th largest late-stage copper
resource in the world and 6th highest in grade (RFC Ambrian,
December 2021 and Haywood, December 2021). In addition to Cañariaco
Norte, the Cañariaco Project, includes the Cañariaco Sur deposit
and Quebrada Verde prospect, all within a 4km NE-SW trend in
northern Peru’s prolific mining district.
The Company is very pleased to now have
Cañariaco Norte included in 4 research reports that compare various
global copper projects. RFC Ambrian: Cañariaco
Norte in top 10 of 23 projects with potential to involve third
party M&A (December 2021); Haywood: Cañariaco
Norte is one of 18 assets selected as likely to be considered by
majors looking to acquire (December 2021); Deutsche
Bank: Cañariaco Norte identified as one of 3 projects
required to meet the upcoming copper supply-demand gap (February
2021); Goldman Sachs: Cañariaco Norte identified
with incentive copper price in the lowest quartile of the top 84
copper projects worldwide (October 2018).
Joanne Freeze, P.Geo., President, CEO, Director
is the Qualified Person as defined by National Instrument 43-101
for the projects discussed above. She has reviewed and approved the
contents of this release.
This press release contains forward-looking
information within the meaning of Canadian securities laws
(“forward-looking statements”). Forward-looking statements are
typically identified by words such as: believe, expect, anticipate,
intend, estimate, plans, postulate and similar expressions, or are
those, which, by their nature, refer to future events. All
statements that are not statements of historical fact are
forward-looking statements. These forward-looking statements are
made as of the date of this press release. Although the Company
believes the forward-looking statements in this press release are
reasonable, it can give no assurance that the expectations and
assumptions in such statements will prove to be correct. The
Company cautions investors that any forward-looking statements by
the Company are not guarantees of future results or performance,
and are subject to risks, uncertainties, assumptions and other
factors which could cause events or outcomes to differ materially
from those expressed or implied by such forward-looking statements.
Such factors and assumptions include, among others, variations in
market conditions; the nature, quality and quantity of any mineral
deposits that may be located; metal prices; other prices and costs;
currency exchange rates; the Company’s ability to obtain any
necessary permits, consents or authorizations required for its
activities; the Company’s ability to access further funding and
produce minerals from its properties successfully or profitably, to
continue its projected growth, or to be fully able to implement its
business strategies. In addition, there are known and unknown risk
factors which could cause our actual results, performance or
achievements to differ materially from any future results,
performance or achievements expressed or implied by the
forward-looking statements.Known risk factors include risks
associated with exploration and project development; the need for
additional financing; the calculation of mineral resources;
operational risks associated with mining and mineral processing;
fluctuations in metal prices; title matters; government regulation;
obtaining and renewing necessary licenses and permits;
environmental liability and insurance; reliance on key personnel;
local community opposition; currency fluctuations; labour disputes;
competition; dilution; the volatility of our common share price and
volume; future sales of shares by existing shareholders; and other
risk factors described in the Company’s annual information form and
other filings with Canadian securities regulators, which may be
viewed at www.sedar.com. Although we have attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements. We are under no obligation to update or
alter any forward-looking statements except as required under
applicable securities laws.CAUTIONARY NOTE TO U.S. INVESTORSWe
advise U.S. investors that this news release uses terms defined in
the 2014 edition of the Canadian Institute of Mining, Metallurgy
and Petroleum (CIM) “CIM Definition Standards on Mineral Resources
and Mineral Reserves”, as incorporated by reference in Canadian
National Instrument 43-101 “Standards of Disclosure for Mineral
Projects”, for reporting of mineral resource estimates. These
Canadian standards, including NI 43-101, differ from the
requirements of the United States Securities and Exchange
Commission (SEC) as set forth in the mining disclosure rules under
Regulation S-K 1300. Regulation S-K 1300 uses the same terminology
for mineral resources, but the definitions are not identical to NI
43-101 and CIM Definition Standards. Regulation S-K 1300 uses the
term “initial assessment” for an evaluation of potential project
economics based on mineral resources. This study type has some
similarities to a Preliminary Economic Assessment, but the
definition and content requirements of an initial assessment are
not identical to the definition and content requirements for a PEA
under NI 43-101.
On behalf of the Board of Candente
Copper Corp.
“Joanne C. Freeze” P.Geo., President, CEO and
Director
For further information please contact:Jonathan
PatersonJonathan.Paterson@HarborAccessllc.com+1 475 455
9401
info@candentecopper.comwww.candentecopper.com
NR-148
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