Candente Gold Secures Upside Potential on El Oro Property

• Published in: Marketwire
• Format: Trade Publication Article
• Language: English
• Published: Toronto Intrado Digital Media Canada Inc 01.10.2009

Candente Resource Corp. (TSX:DNT)(BVLAC:DNT)(WKN:GW4) ("Candente Resource") and Candente Gold Corp. ("Candente Gold") advise that Candente Gold has re-negotiated the terms of its Option agreement with Luismin, S.A. de C.V., ("Luismin") a subsidiary of Goldcorp Inc. for the El Oro gold-silver property in Mexico. Candente Gold's indirect right to earn a majority interest in the property has been revised to relinquish Luismin's back-in right for the Historic Mining Area, where a minimum of 8 million ounces of gold and 250 million ounces of silver has been produced predominantly from two veins. Luismin retains the right to back-in to a 70% interest in the outlying Exploration Area (See maps at http://www.candente.com/i/misc/Claims-colour-background.jpg and presentation at http://www.candente.com/i/pdf/2009-09-10-GoldPresentation.pdf). In 1993, Luismin, estimated a non-NI-43-101 compliant historic resource of 762,000 oz gold and 9.7 million oz silver, contained in vein remnants, back-fill and pillars lying along only 40% of the known length of the San Rafael vein. This potential resource comprises 6.89 M tonnes grading 3.44 gpt gold & 44 gpt silver and is part of a larger global resource reported by Luismin as 1.7 M oz gold and 38 M oz silver remnant lying along the whole of the old San Rafael workings. This historic resource requires verification and Candente intends to conduct confirmatory drilling and underground sampling, starting with bulk sampling of a higher grade portion that is estimated to contain 100,000 ounces gold and 1,000,000 ounces silver in 738,000 tonnes grading 4.11 gpt gold and 44 gpt silver. Candente Gold is a new company formed under a Plan of Arrangement. Candente Gold, through its Mexican subsidiary, Minera CCM S.A., acquired the right to earn a 70% interest in the El Oro gold-silver property in Mexico from Candente Resource and Canaco Resource Inc. who held the option. Candente Resource has also agreed to transfer its portfolio of gold and silver properties in Peru to Candente Gold. The Toronto Stock Exchange ("TSX") has granted Candente Gold conditional approval to list its common shares on the TSX subject to the completion of a financing.