Historic Resources on the El Oro Gold-Silver Project

 

VANCOUVER, BC - Candente Resource Corp. (TSX: DNT.TO)(BVLAC: DNT)(WKN:GW4) ("the Company") and Candente Gold Corp. ("Candente Gold") are pleased to provide more detail on historic resources on the El Oro gold and silver project in Mexico as well as an outline of an exploration and development program planned for the El Oro project.

The El Oro mines operated almost continuously over a period of approximately 40 years from the late 1890's until 1937. Thereafter mining operations continued at a significantly reduced rate by an employee cooperative until 1957. Based on historic records, estimates of past gold-silver production range up to 20 million gold equivalent ounces. Candente Gold personnel have reviewed the extensive historic El Oro documentation and substantiated the historic production of 8 million ounces of gold equivalent from the San Rafael and Verde veins alone. Historic mining operations from the Spanish era have taken place intermittently on a number of additional parallel vein structures including the Borda and Corona veins, however gold-silver production on these veins was only poorly documented and cannot be verified. Historic and non-43-101 compliant estimate indicating that a mineral resource containing approximately 760,000 ounces of gold and 9,750,000 ounces of silver in 6.89 million tonnes grading 3.44 grams per tonne (gpt) gold and 44 gpt silver was reported by Luismin (subsidiary of Goldcorp) in 1992. This mineral resource lies within and adjacent to the old workings of the San Rafael vein and according to Luismin documentation represents only 40% of the San Rafael workings. Taking into consideration all of the known San Rafael workings, Luismin estimated a total remaining resource of 17 million tonnes of 3 to 4 gpt gold and 40 to 60 gpt silver (non NI 43-101 compliant) which may contain in excess of 1.7 million ounces of gold equivalent. Candente Gold cautions that this is an historical estimate and although it is based on extensive historical records including 16,800 samples and 2,400 mine plan maps, a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and as such the historical estimate should not be relied upon. Drilling by Minera CCM S.A., now held by Candente Gold Corp., in 2007 on the four main veins at El Oro intersected mineralized vein structures below the historical workings demonstrating that the veins and precious metal mineralization continues to depth. Recent petrographic work including fluid inclusion analyses on vein material collected from 2007 drill intersections within three of the four main veins indicates the sample positions are high in an epithermal gold-silver system (above the system's boiling point) which indicates excellent potential for additional gold-silver ore shoots below past production levels. Previous work by Placer Dome on the El Oro property indicated the potential for high grade ore shoots containing in excess of 1 million gold equivalent ounces in the San Rafael vein below the historic workings, and formed the basis for Placer Dome's previous interest in the property (2003-2004). Mining at El Oro took place over an average vertical range of only 250 metres. Several similar vein systems in Mexico are mineralized over 400 metres vertically and some are mineralized over 600 to 900 metres vertically.

An exploration and development program is planned, pending approval of the proposed Plan of Arrangement ("the Arrangement") and a financing in Candente Gold Corp.

The company’s address 905 West Pender Street, Vancouver, BC V6C 1L6, (604) 689-1957, fax: (604) 685-1946.