Anglogold to evaluate Candente's properties in Peru:Candente Resource Corp DNT
Shares issued 21,148,453 Feb 26 close $0.69
Wed 26 Feb 2003 News Release
Also (GIX)
Ms. Joanne Freeze of Candente reports
ANGLOGOLD TO EVALUATE CANDENTE GOLD PROPERTIES IN PERU
Candente Resource has signed a right-of-first-refusal (RFR) agreement with
Anglogold on 10 gold properties in Peru. One of the properties is held
jointly by Candente and Geologix Explorations.
Under the RFR, Anglogold has paid to Candente $10,000 (U.S.) and will
finance and carry out preliminary exploration programs on each of the 10
properties. Within a six-month period, if Candente intends to sell all or
any part of its interest in any of the properties, Anglogold has the right
to match any offer acceptable to Candente for 30 days after notice of such.
Anglogold will provide Candente with all information obtained from its work
on the properties. Candente's vice-president, exploration, Ing. Fredy
Huanqui, will make field visits with Anglogold's experts to ensure full
collaboration between the two companies with respect to exploration results
and ideas.
Nine of the gold properties are in southern Peru and one is in central
Peru. The southern Peru targets cover a total of 1,610 hectares. These
properties have all recently been acquired by Candente to cover
high-sulphidation gold targets, which have alteration systems and
geochemical signatures similar to bulk tonnage gold deposits found both in
Peru and other locations in the world. In addition to the gold, silver
targets have also been identified on some of these properties. Silver
grades in rock chip samples reach as high as 282 grams per tonne (8.7
ounces per ton).
One of the southern Peru properties, Millo, is held jointly by Candente and
Geologix and was won in an auction against Barrick Gold Corp. Geologix has
also agreed to the RFR agreement with Anglogold. The Millo property covers
a volcanic centre with an extensive hydrothermal alteration zone covering
three kilometres by four kilometres. Rocks exposed on the property show
characteristics of a high-sulphidation gold system with anomalous values of
mercury and gold and typical alteration products such as: massive to vuggy
silica, hydrothermal breccias, pervasive silicification and
quartz-alunite-dickite, argillic clays, and native sulphur and crystalline
barite.
The target located in central Peru, the Pamel property, lies within the
same Tertiary volcanic belt that hosts the Pierina and Yanacocha gold
deposits. Pamel was the first high-sulphidation target acquired by Candente
as a result of the company's initial regional exploration program carried
out in 1997. Hydrothermal alteration typical of a high-sulphidation
epithermal gold deposit covers a two-kilometre-by-four-kilometre area. In
addition, anomalous levels of gold, mercury, arsenic, antimony, bismuth and
barium occur in zoned patterns over a large portion of the hydrothermal
alteration zone.
On another matter, Candente's management would like to invite you to come
and meet Joanne C. Freeze, president and chief executive officer, and other
company personnel at the following conferences: Prospectors and Developers
Conference, March 9 to 12 in Toronto, Ont.; Chicago Natural Resource and
Technology Exhibition and Conference, April 12 in Chicago, Ill.; Cambridge
Montreal Investment Conference, April 12 and 13 in Montreal, Que.; and the
International Investment Conference, April 26 and 27 in Las Vegas, Nev.
WARNING: The company relies upon litigation protection for
"forward-looking" statements.
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