Candente-Orex Announce Drilling Underway at Pamel Property, Central Peruadmin
Candente Resource Corp. and Orex Ventures Inc. are pleased to announce that drilling commenced on Thursday October 19th on the Pamel Property in Central Peru. Diamond drilling is being carried out by MDH S.A.C. of Lima, Peru. The drill being used is a Longyear 38 which is expected to be able to core to depths of 350 to 400 meters (m) recovering HQ core size to 200m depth and reducing to NQ core size below 200m. Approximately 3,000 metres (m) (9840 feet) are planned to be drilled in 8 to 12 holes. Drilling is expected to take approximately 6 to 8 weeks to complete.
Drilling is being focused on an extensive high sulphidation style gold-silver target. This target comprises a highly resistive body with features typical of massive silica which has been delineated over a length of 2 kilometres (km) and a width of up to 500 metres (m) by an Induced Polarization (IP) survey. Anomalous levels of gold, silver, lead, arsenic, barium, mercury and antimony in soils occur with or near the resistive body and continue for approximately 1 km to the north-east. The elements mentioned above are typical of high sulphidation gold-silver systems and their coincidence with the resistive body suggests that they are related (See News Release 171 dated July 11th, 2006).
The resistivity body occurs from surface to a depth of 200m and a high chargeability body occurs just below this. Vuggy silica often occurs at the interface between resistive and chargeable zones. Vuggy silica is the typical host rock for gold mineralization in high sulphidation deposits such as Yanacocha, Pierina and Alto Chicama (greater than 70 million (M) ounces (oz) gold) in Peru (www.barrick.com and www.newmont.com). At Pamel, vuggy silica float has been found where the highest gold values occur in soil samples.
In addition, the host rocks at Pamel are of the same age and lithologies to those hosting the Pierina, Yanacocha and some of the Alto Chicama ore bodies. Clay alterations (alunite and dickite), typical in the deposits referred to above, are also present over large areas on the Pamel property.
All results, maps and photos can be viewed at: http://www.candente.com/s/PeruProjects_Pamel.asp.
All samples will be collected by Candente’s Peruvian geologists under the supervision of a Qualified Person (P.Geo.) in accordance with industry standards and will be submitted to Actlabs in Lima, Peru. Michael J. Casselman, M.Sc., P.Geo. General Manager Exploration and Director and Robert van Egmond, P.Geo., Manager Exploration Peru are the Qualified Persons as defined by NI 43-101 for the project discussed above and have read and approved the contents of this release. Gold analyses will be carried out on a 30 gram split by fire assay with an Atomic Absorption (AA) finish in Actlabs laboratory in Lima. An additional 35 elements will be analyzed using Inductively Coupled Plasma (ICP) in Actlabs laboratory in Ontario, Canada.
Orex has the right to earn a 51% interest in the property by incurring exploration expenditures of US$2.5 million over 3.5 years on the property. Candente has the right to operate all exploration over the 3.5 years. In addition to the exploration expenditure commitments, Candente received 60,000 shares in Orex upon approval of the Agreement by the TSX Venture Exchange and will receive staged share issuances totalling 250,000 shares in Orex by January 31st, 2008.
Candente is a diversified exploration company with copper, gold, silver, and zinc projects in Peru and Mexico. Candente subscribes to principles, which ensure that its exploration and development activities are beneficial to the local communities.
Orex is a junior mineral exploration company, comprised of highly qualified mining professionals with a current focus on the exploration of prospective gold properties in Peru. Management is actively engaged in the acquisition of new properties in South America.
Joanne Freeze, P. Geo., President & CEO
Candente Resource Corp.
Gary Cope, President & CEO
Orex Ventures Inc.
Release No. 184
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts: Candente Resource Corp. Kelly Gray
(604) 689-1957 or Toll Free: 1-877-689-1964
Candente Resource Corp. Evelyn Cox (604) 689-1957 or Toll Free: 1-877-689-1964 Email: firstname.lastname@example.org
Orex Ventures Inc. Investor Relations (604) 684-4691 Email: email@example.com
Source: Candente Resource Corp. and Orex Ventures Inc.