Candente over stakes same areas as Barrick in Peru DNT:TSX-V
VANCOUVER, Oct. 11 /PRNewswire-FirstCall/ - Candente Resource Corp. ("Candente") (DNT: TSX Venture:) is pleased to announce that the Company has been advised by the Peruvian government that Barrick Gold ("Barrick") and Candente have over staked on four claim block applications in Peru covering 3200 hectares (7900 acres). Candente has the option of reaching an agreement with Barrick or competing against Barrick in auctions on October 22nd and 23rd to determine title to these areas. In three of the locations, Barrick and Candente were the only parties to apply for the ground as soon as it came open; in the fourth area an individual also filed an application the same day.
The auction situation only arises in Peru when an area has come open due to an older concession lapsing. In this case, the government publishes the date that the area is available for staking in the local newspaper and all parties staking on the first half of the specified day are considered equal. The equal parties have the option of reaching an agreement or competing in an open forum auction held by the government.
All four of the claims were staked to cover high sulphidation gold targets. Two of the overlapped claims are contiguous with the Alto Dorado property recently optioned from Hecla Mining and described below. The other two claims are in the South of Peru in the Department of Puno where Anglo Gold has also made a new high sulphidation gold discovery. The southern two claims are at the centre of a large claim block held by Buenaventura, co-owners of the Yanacocha Mine.
The Alto Dorado property hosts both high sulphidation and porphyry gold targets similar to those found at the Pierina and Yanacocha high sulfidation mines in Peru. The property is located half-way between the Yanacocha and Pierina deposits, 36 km south-southeast of the Alto Chicama property, where Barrick Gold recently announced a new discovery of in excess of 7 million ounces of gold. High sulfidation targets have been identified both on surface and in drill holes and comprise typical vuggy silica with gold grades from 0.5 to 3.6 grams per tonne (gpt). The main alteration zone recognizable in satellite photographs covers 7 x 2.5 Km. Anomalous levels of gold in soils occur over an area 8 x 2 Km and range from 40 to 979 ppb with several samples in the 500 ppb (0.5 gpt) range.
The above-mentioned developments help to confirm Candente's decision to pursue the recently signed agreement with Hecla Mining Company on the Alto Dorado property and other acquisitions in Peru.
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 would like to invite you to come and meet Joanne C. Freeze, President & CEO and other Company personnel at the following conferences: Chicago Natural Resource and Technology Exhibition and Conference, Oct. 26 in Chicago, IL; CIM Conference Oct. 31 to Nov. 2 in St John's, Newfoundland; New Orleans Investment Conference, Nov. 7-10 in New Orleans, LA; and International Investment Conference, Dec.1/2 in San Francisco, CA http://biz.yahoo.com/prnews/021011/va192_1.html
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