Candente Copper Corp. (TSX:DNT)(PINKSHEETS:CCOXF)(LMA:DNT)
("Candente Copper" or "the Company") is pleased to report that the
Government of Peru through Development for the districts of
Kanaris, Incahuasi and Salas, Ferrenafe Province, Lambayeque
Region, has committed to an investment of more than 140,000,000
(One hundred forty million) Peruvian Soles (approximately US$56
Million). These funds will be directed to projects, which address
health, education, sanitation, energy, homes, transport,
agriculture, and other needs.
This is an increase from the 100,000,000 (100 million) soles
originally committed for investment in development at the second
Roundtable meeting in February this year.
Roundtable meetings which were initiated by the National
Dialogue Office of the Presidency of the Council of Ministers
("PCM") and the Ministry of Energy and Mines ("MINEM") in January
2013 (see NR 044 January 23, 2013) are held monthly and include
Regional and local governments, community leaders and other
institutions.
Participants
1. Coffee Producers Association Community Kanaris
2. Kanaris Defense Front Association
3. Special Committee of Landholders - San Juan de Kanaris
4. Board of Irrigation Users Motupe
5. Rural Community of the District of Incahuasi
6. Regional Government of Lambayeque
7. District Municipalities of Incahuasi, Salas and Kanaris
8. Canariaco Copper Peru S.A. subsidiary of Candente Copper Corp.
9. Association of Engineers of Lambayeque
10. Association of Economists of Lambayeque
11. Presidency of the Council of Ministers - (PCM)
12. Ministry of Energy and Mines - (MEM)
13. Ministry of Environment - (MINAM)
14. Ministry of Health - (MINSA)
15. Ministry of Transport and Communications
16. Ministry of Economy and Finance - (MEF)
17. Ministry of Culture
18. National Water Authority - (ANA - MINAG)
Two subcommittees, of the Roundtable have been formed to
address:
1. Social Development
2. Mining and Environment
Candente is very pleased to have been invited by Ministerial
Resolution No. 034-2013-PCM to participate in both
sub-committees.
Sub-Committee - Development Plans
The Development subcommittee reviews projects proposed by the
three participating municipalities which are according to their
citizens needs. Participating ministries also resent their existing
programs of intervention in the province, and what their respective
ministries could bring to Kanaris to support development.
During the fourth Roundtable meeting on April 6, 2013, a matrix
of 49 projects was approved. Projects approved to date include:
health centres, water reservoirs, irrigation systems, roads,
drinking water, communication, improvement of education
infrastructure, electrification and others.
Peruvian laws require a strict process by which experts must put
together technical files and present the proposed projects. Within
its Social Responsibility policy and practices, Candente Copper,
has offered to support the Development Plans with both the
evaluation and funding of experts to prepare the technical files
and present the projects which the Central Government will be
funding. This is a key role due to the importance of these projects
and the level of professionals and funds that will be necessary to
develop them.
Sub-Committee - Mining and Environment
The Mining and Environment sub-committee is tasked with
explaining to citizens how the environment is being and will be
protected by responsible mining practices.
The Ministry of Energy and Mines, conducts informative workshops
on current mining and environmental procedures throughout the local
community as well as other areas of direct influence of the
Canariaco project.
The National Water Authority (ANA), has provided detailed
technical information to the community on the exploration
activities at Canariaco with respect to water and shown that the
there are no discharges and that the water is unchanged from its
natural quality and quantity thus ruling out the possibility of
contamination in rivers and tributaries of the area by the
Company's activities.
During the third meeting, Candente Copper requested the
implementation of a monitoring committee of water quality as a
collaboration among the Peruvian government (through their
agencies), the mining company, and participation of community
members in the district. This is to allow continuous monitoring and
transparency of water quality of the Canariaco River basin. This
monitoring committee will allow interested parties to verify the
reliability and transparency of the results, in terms of quality
and quantity of groundwater.
Also on the agenda of the recent Roundtable meetings were
presentations regarding the two community meetings held in 2012,
one on July 8 and another on September 30 both of which were called
to vote on the Company's activities in the area. In the July 8
meeting the Company was granted surface access for three years to
conduct exploration activities including drilling whereas in the
September 30 meeting the stated result was to oppose mining. The
two parties in charge of these meetings were requested to explain
the validity of such meetings and to provide all legal documents
for such. The July 8 team was prepared and ready to present its
information at both the third and fourth meetings, however, the
September 30 group chose not to present its documentation at the
third meeting and not to attend the fourth meeting, therefor this
item has been postponed until the next meeting.
Government officials have commented that they consider the
Roundtable and Sub-committee meetings have been very productive as
they have allowed the concerns and needs of the population of
Kanaris to be heard. In addition excellent progress has been made
in the sub-committees and there have been productive proposals by
the Executive and the Regional Government of Lambayeque
(GRL)(i).
(i) Press releases published on the websites of PCM and
MINEM.
PCM. News Release on the results of the third Round Table in
Huacapampa, March 2nd 2013.
http://www.pcm.gob.pe/noticias/ana-descarta-contaminacion-en-kanaris/
PCM. News Release on the results of the fourth round table in
Kanaris, April 6th 2013
http://www.pcm.gob.pe/noticias/mas-de-s-140-millones-invertira-ejecutivo-en-kanaris/
MINEM. News Release on the results of the fourth round table in
Kanaris, April 6th, 2013
http://www.minem.gob.pe/descripcion.php?idSector=1&idTitular=5384
About Candente Copper
Candente Copper's flagship project is the 100% owned, 7.5
billion pound, Feasibility stage Canariaco Norte Copper Project
located in northern Peru's prolific mining district. The Canariaco
Norte deposit contains a Measured and Indicated resource of 752.4
million tonnes grading 0.49% copper equivalent(ii), and an Inferred
Resource of 157.7 million tonnes at 0.44% copper
equivalent(ii).
Sean Waller, P.Eng., President and Joanne C. Freeze, P.Geo.,
CEO, are the Qualified Persons as defined by National Instrument
43-101 for the projects discussed above. They have reviewed and
approved the contents of this release.
(ii) The 'Measured and Indicated Resource' listed above consists
of Measured Resources of 338.1Mt at 0.48% Cu, 0.08 g/t Au, and
2.0/t Ag (0.52% CuEq), plus Indicated Resources of 414.3Mt at 0.43%
Cu, 0.06 g/t Au, and 1.8 g/t Ag (o.46% CuEq). All resources quoted
in this release are based on a 0.30% copper cut-off grade and 229
drill holes completed to March 2008. Copper equivalent(ii) grade
including gold and silver, metal recoveries (gold 55%; silver 50%)
and smelter returns (copper 96.5%: gold 93%; silver 90%) applied.
Copper grade equivalent calculation: CuEq% =(Cu % + ((Au grade x Au
price x Au recovery x Au smelter return%)+(Ag grade x Ag price x Ag
recovery x Ag smelter return%))/(22.0462 x Cu price x 31.0135 g/t x
Cu recovery x Cu smelter return%). The metal prices used are:
copper US$2.50/lb, gold US$1,035/oz and silver US$17.25/oz.
This news release may contain forward-looking statements
including but not limited to comments regarding the timing and
content of upcoming work programs, geological interpretations,
receipt of property titles, potential mineral recovery processes,
etc. Forward-looking statements address future events and
conditions and therefore involve inherent risks and uncertainties.
Actual results may differ materially from those currently
anticipated in such statements. Candente relies upon litigation
protection for forward-looking statements.
CAUTIONARY NOTE TO U.S. INVESTORS
We advise U.S. investors that this news release uses terms that
are not recognized by the United States Securities and Exchange
Commission ("SEC"), including "mineral resources", "measured
resources", "indicated resources" and "inferred resources". The
estimation of measured and indicated resources involves greater
uncertainty as to their existence and economic feasibility than the
estimation of proven and probable reserves. U.S. investors are
cautioned not to assume that mineral resources in these categories
will be converted to reserves. The estimation of inferred resources
involves far greater uncertainty as to their existence and economic
viability than the estimation of other categories of resources.
U.S. investors are cautioned not to assume that estimates of
inferred mineral resources exist, are economically mineable, or
will be upgraded into measured or indicated mineral resources. U.S.
investors are cautioned not to assume that mineral resources in any
of these categories will be converted into reserves.
On behalf of the Board of Candente Copper Corp.
Sean Waller, P.Eng., President and Director
NR-048
Contacts: Candente Copper Corp. Walter Spagnuolo Manager,
Investor Relations mobile: +1 (604) 306-8477 local: + 1 (604)
689-1957 ext 3info@candentecopper.com Candente Copper Corp. Nataly
Reategui Investor Relations, Peru (511) 715-2001 ext
107nreategui@candente.com www.candentecopper.com
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