All resolutions presented to the Company's shareholders at the annual general meeting of the Company held on May 13th, 2010 were approved, including the exercise of 4,856,187 special warrants that formed part of the C$6,227,969 private placement.
Shareholders present at the meeting authorized the issuance of up to 7,526,879 common shares in the capital of the Company upon the exercise of the special warrants and the brokers'/finders' warrants issued as part of the private placement. A total of 99.19% of the eligible shares that were voted at the meeting were in favour of the issuance of the special warrants.
About Candente Copper
Candente Copper's flagship project is the 100% owned feasibility stage Cañariaco Norte copper project located in northern Peru's prolific mining district. The Cañariaco Norte deposit contains 622 million tonnes of Measured and Indicated resource grading 0.51% copper equivalent, and 128 million tonnes of Inferred Resource at 0.46% copper equivalent.
A Preliminary Economic Assessment was completed on the Cañariaco Norte copper project in late 2008, which shows robust economics at both current and consensus long term copper prices. Since this report was published, a number of factors have been identified which have the potential to significantly improve the project's economics.
Candente Copper has now resumed feasibility studies on the Cañariaco Norte copper project. A Pre-Feasibility Study is slated for completion in Q4 2010, with the full Feasibility Study expected 6 months thereafter. Exploration on the Cañariaco Sur and Quebrada Verde copper projects, as well as a number of Candente Copper's exploration targets throughout Peru is also planned for 2010.
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. All resources quoted in this release are based on a 0.30% copper cut-off grade and 213 holes drilled since 2004. All copper equivalent grades quoted in this release are based on US$1.90 per pound copper, US$600 per troy ounce gold, US$10 per troy ounce silver, and 100% metal recoveries.
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 & Director
For further information please contact:
VP Corporate Development
mobile: +1 (604) 614-2999
local: + 1 (604) 689-1957 ext 2
toll free: 1 (877) 689-1964 ext 2
Manager, Investor Relations
mobile: +1 (604) 306-8477
local: + 1 (604) 689-1957 ext 3
toll free: 1 (877) 689-1964 ext 3