Officials also commented that that there is a relationship between some protests in Kanaris and current anti-mining sectors seeking to prevent investments in Peru, but in Kanaris many people are not in agreement with this attitude, they prefer to converse and have dialogue. The presence of leaders from the two communities in the District of Kanaris at the Working Table demonstrates this.
The fact that there is no previous mining experience in Lambayeque, has likely lead to a mistrust from a number of residents so MINEM is planning to carry out workshops on Responsible Mining in the community. The Department of Lambayeque and the District of San Juan de Kanaris do not currently receive the Mining tax ("Canon"), and therefore the development of Canariaco is considered a great opportunity for Lambayeque.
On January 20 and 21, 2013 a few roads providing access to the Canariaco project were blocked by some of the local villagers and other villagers also gathered near the Canariaco Camp to protest the exploration and feasibility work at Canariaco. These activities were carried out by approximately 150 people in total and have been peaceful. The roads were cleared and most of the protestors had departed the area by January 22. Company officials are in communication with the villagers and National Police are present at the Canariaco site.
These actions are understood to be in response to the establishment of the Working Table for Development for the District of Kanaris mentioned above.
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(i), and an Inferred Resource of 157.7 million tonnes at 0.44% copper equivalent(i).
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.
(i) 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% Cu Eq.), plus Indicated Resources of 414.3Mt at 0.43% Cu, 0.06 g/t Au, and 1.8 g/t Ag (o.46% Cu Eq.). All resources quoted in this release are based on a 0.30% copper cut-off grade and 229 drill holes completed to March 2008. (i)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%). 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.
Joanne C. Freeze, P.Geo., CEO and Director
Candente Copper Corp.
Candente Copper Corp.
Manager, Investor Relations
mobile: +1 (604) 306-8477
local: + 1 (604) 689-1957 ext 3
Candente Copper Corp.
Investor Relations, Peru
(511) 715-2001 ext 107
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