Drilling Permit Received For Canariaco Property

 

VANCOUVER, BC - Candente Copper Corp. has received the drilling permit for the Canariaco Property from the Ministry of Energy and Mines of Peru. "We are very pleased to receive this drilling permit, and although the time for approval was longer than anticipated, it is indicative of both a thorough review and the importance that the Ministry places on these applications," stated Sean Waller, President.

This drilling permit is required for drilling to complete the Canariaco Norte feasibility study, and for exploration drilling on the Canariaco Sur copper-gold porphyry system, and the Quebrada Verde copper-gold porphyry target.  The Company will now immediately apply for the water permit, which can only be applied for once a drilling permit has been issued.   The DGAAM granting the drilling permit and the National Water Authority (Autoridad Nacional del Agua - ANA) granting water permits are both Central Government entities. In addition to the two Central Government permits, the Company requires an access agreement from the surface rights owner, which is the Community of Kauaris.

 The Company has made a proposal to the the Community of Kauaris for a three year surface access rights agreement. Under Peruvian Community Law, such an agreement can only be accepted during a General Assembly meeting of the Community of Kauaris. The Company is confident that such a General Assembly will be held soon, and looks forward to the resumption of drilling on the property. The Canariaco Norte feasibility study drilling will include a total of 47 holes (approximately 11,000 metres) planned in the proposed pit and project areas. This drilling will include geotechnical drilling required for the design of the open-pit, waste rock storage area, process plant site, tailings containment structures, plus ancillary facilities and infrastructure. Metallurgical holes will be drilled to provide samples required to complete the metallurgical assessment, and limited resource infill drilling will be completed to define lithological controls in certain portions of the Canariaco Norte deposit. The exploration drilling program includes 10 drill holes planned on the Canariaco Sur porphyry system and 5 holes on the Quebrada Verde target.  An additional 5 holes have been budgeted for Quebrada Verde, depending upon the results of the first 5 holes. Canariaco Sur is a mineralized copper-gold porphyry system that has had five holes drilled previously, with assays including 176.2 metres of 0.41% copper, 0.12g/t gold and 1.6 g/t silver in hole CS08-002, and 100.0 metres of 0.41% copper, 0.17g/t gold and 1.6 g/t silver in hole CS08-001 (see Candente Resource Corp. NR 256 Feb. 26th, 2009). Based on these results, Canariaco Sur clearly offers exceptional potential to expand the porphyry system. Drilling on Canariaco Sur is a priority, as the proximity of this porphyry system to the Canariaco Norte deposit means it has the potential to add significant value to the Canariaco project if an economic deposit is defined. Quebrada Verde is an early stage target close to Canariaco Sur, with copper-gold mineralization typical of porphyry type deposits exposed in outcrop identified by the Company's previous surface work.