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A LARGE SCALE OPEN PIT COPPER PROJECT IN PERU


The Caņariaco Norte Copper Project proposed minesite
The Caņariaco Norte Copper Project proposed minesite
(click to enlarge)


March 11, 2011
Caņariaco Norte Copper Project
Pre-Feasibility Study Progress Report

(30Mb PDF)
January 18, 2011
NI 43-101 Technical Report for the Caņariaco Norte
Copper Project Pre-Feasibility Study Progress Report

(9Mb PDF)

Caņariaco Norte is a 100% owned feasibility-stage porphyry copper deposit within a prolific trend of producing mines and known deposits in northern Peru.

Since 2004, Candente Copper has drilled more than 72,000m in over 240 drill holes to define a 7.5B pounds Measured and Indicated, plus 1.4B pounds Inferred Porphyry Copper Deposit, with excellent expansion potential through two nearby, 100% owned porphyry targets.

In March 2011 the full Pre-Feasibility Study progress report was completed and returned exceptional economics, with an after-tax (restated in Nov 2011 following changes to the Peruvian mining taxation laws) Net Present Value of US$912M, an Internal Rate of Return of 17.2%, and a payback period of 4.4 years using the base case US$2.25 copper and an 8% discount rate.

A Feasibility Study was initiated on the Caņariaco Norte project in April 2011 and is well underway

Caņariaco Norte Copper Deposit location map
Caņariaco Norte Copper Deposit location map (click to enlarge)

A portion of the Caņariaco Norte Copper Deposit with selected drill holes collars superimposed
A portion of the Caņariaco Norte Copper Deposit with selected drill holes collars superimposed (click to enlarge)

Resources

The Caņariaco Norte Copper Deposit is a single, contiguous, open-pit mineable deposit containing:

  • Measured and Indicated Resources
    752.4 million tonnes grading 0.45% copper containing 7.533 billion pounds of copper
  • Inferred Resources
    157.7 million tonnes grading 0.41% copper containing 1.434 billion pounds of copper

Caņariaco Norte 0.30% Cutoff

Contained Metal

Resource
Classification

tonnes
(M)

Cu Eq*

Cu Eq**

Cu

Au
(g/t)

Ag
(g/t)

Copper
(B lbs)

Gold
(M Ozs)

Silver
(M Ozs)

Measured

338.1

0.55%

0.52%

0.48%

0.08

2.0

3.587

0.870

21.635

Indicated

414.3

0.49%

0.46%

0.43%

0.06

1.8

3.945

0.799

23.602

Measured+
Indicated

752.4

0.52%

0.49%

0.45%

0.07

1.9

7.533

1.669

45.237

Inferred

157.7

0.47%

0.44%

0.41%

0.06

1.8

1.434

0.304

8.932

Caņariaco Norte Mineral Resource Estimate at the Base Case 0.30% Copper Cut-off Grade
(refer to
DNT NR 010 for details)

Caņariaco Norte Mineral Resource Block Model with 22 and 33 year Pit Shell Outlines
Caņariaco Norte Mineral Resource Block Model with 22 and 33 year Pit Shell Outlines
(click to enlarge)

Pre-Feasibility Study Progress Report - Completed March 2011

  • NPV of US $912M and IRR of 17.2% (using US$2.25 copper and an 8% discount rate)
  • Payback of preproduction capital in 4.4 years (after-tax)
  • Copper Production of 262,000,000 pounds per year
  • Initial Mine life of 22 years+
  • Throughput rate of 95,000 tonnes per day
  • Operating costs of US$0.988 per pound of copper (including onsite/offsite costs, taxes and byproduct credits)
  • Minimal infrastructure required, excellent locations for all site facilities, close to existing highway (42km away) and power grid (57km away) & abundant water at site
  • Very strong community & regional support

Caņariaco Norte location and Regional Infrastructure
Caņariaco Norte location and Regional Infrastructure
(click to enlarge)

Caņariaco Sur - A New Cu Au Porphyry System!

Exploration drilling at Caņariaco Sur has confirmed the presence of a large copper-gold-silver porphyry system with long intercepts of economic type grades within open pittable depths.

The mineralization is open in three directions and at depth. Thirteen wide spaced holes(200-300 metres) have Cu/Au/Ag mineralization from surface to 500 meters depth.

These holes, along with five holes from previous drilling confirm the presence of a large system. Interestingly, based on the drilling completed to date at Sur, there is extremely low arsenic in the system.

Due to the close proximity of Sur to Caņariaco Norte(less than 2 kms) and the possibility to share use of facilities planned for Caņariaco Norte, management is confident that Sur has excellent potential to become a mineable deposit, thereby increasing the potential size and scope of the overall project.

Caņariaco Norte, Caņariaco Sur and Quebrada Verde relative location and Geochemical / Geophysical Targets
Caņariaco Norte, Caņariaco Sur and Quebrada Verde relative location and Geochemical / Geophysical Targets
(click to enlarge)

(More details available on the Caņariaco Sur Project Page)

Quebrada Verde

  • Located 3.5km south of the Caņariaco Norte deposit and immediately south-southwest of Caņariaco Sur, Quebrada Verde is the third porphyry target with excellent copper-gold soil geochemistry and strong coincident geophysical anomalies, such as large IP chargeability high centered on a resistivity anomaly over area of 0.8km by 2.0km.

(More details available on the Quebrada Verde Project Page)

*Copper equivalent grade including gold and silver values and based on 100% metal recoveries. Copper grade equivalent calculation. Cu Eq% =(Cu % + ((Au grade x Au price)+(Ag grade x Ag price))/(22.0462 x Cu price x 31.0135 g/t)

**Copper equivalent 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: Cu Eq% =(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%)

 

 



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