Candente Copper Corp (DNT)

[Frank Pembleton]

Candente Expands Gold Target in Northern Peru
Wednesday October 30, 6:44 pm ET
DNT:TSX-V


VANCOUVER, Oct. 30 /PRNewswire-FirstCall/ - Candente Resource Corp. ("Candente") (DNT: TSX Venture:) is very pleased to announce the Company was the successful bidder in an auction for a high sulphidation gold target in Northern Peru. Candente and Barrick Gold were the only participants in the auction having applied for overlapping areas on the same day September 2nd, 2002.
The target is located half-way between the Yanacocha and Pierina Mines, 36 km south-southeast of the Alto Chicama property, where Barrick Gold recently announced a new discovery in excess of 7 million ounces of gold. Gold grades of up to 1 to 3 grams per tonne occur in vuggy silica breccia and alunite fragments over an area one kilometre long and 150 metres wide in the new target area, the Toril Zone. The Toril breccia material is very similar to the host rocks of the Pierina and Yanacocha Mines in Peru. The presence of the breccia indicates the potential for a buried body of gold mineralization.

In addition to the gold bearing vuggy silica breccia, anomalous gold, mercury and other elements typical of high sulphidation environments occur in soils over an area 1.4 km (0.84 miles) by 1.65 km (1 mile). The hosts rocks are the same Tertiary Calipuy volcaniclastic rocks that host the major low cost ($40 to $120 per ounce) gold mines in Peru.

The Toril Zone is subject to Candente's Option to Purchase Agreement with Hecla Mining on the Alto Dorado Property. The Toril Zone was originally held and explored as part the Alto Dorado Property by Hecla and is within an area of mutual interest. Candente has the right to earn 100% interest subject to a 2.5% NSR with a buyout of 1.5% of Hecla's NSR for US$1.5 million. Candente's obligations are: to pay annual vigencia fees of US$10,000, fund and carry out applications for all exploration permits and to share any future third party option/joint venture payments received by Candente as to 25% to Hecla in the first year, 20% in the second, 15% in the third and 10% in the fourth. All payments will be applied to the NSR buyout. Hecla's exploration on the property included extensive mapping, geochemical sampling, trenching, road building and limited diamond drilling. Expenditures by Hecla were in excess of US$500,000. All of the data has been delivered to Candente.

The Toril Zone was part of the area under auction on October 22nd as described in News Release No. 59 dated October 10th, 2002. Candente won the auction on October 22nd and paid the Peruvian government US$50,227 for 100% interest in the Toril Zone.

Candente is a junior exploration company focused on the acquisition, exploration and development of world-class gold and copper projects in Peru and Eastern Canada. Management has a track record of gold discoveries, extensive experience in Peru and internationally. Candente's common shares are traded on the TSX Venture Exchange under the trading symbol DNT.

On another matter, Candente's management invites you to meet Joanne C. Freeze, President & CEO and other Company personnel at the following conferences: CIM St John's, Newfoundland, Oct. 31st to Nov. 2nd; New Orleans Investment Conference, Nov. 7-10 in New Orleans, LA; and International Investment Conference, Dec.1st-2nd in San Francisco, CA.
http://biz.yahoo.com/prnews/021030/va270_1.html