Candente Gold Appoints Acting Chief Financial Officer and Advances Testing of Tailings with Minera Arcu
March 19, 2015
Vancouver, British Columbia, March 19th, 2015. Candente Gold Corp. (TSX: CDG) ("Candente Gold" or "Company") is pleased to report that Faisel Hussein has been appointed Executive Vice President and Acting Chief Financial Officer of the Company.
"Faisel brings to our team extensive finance and strategic experience; he has successfully completed many billions of dollars in global capital markets execution including mine project financings, M&A execution, and capital raising. Appointing Faisel as Acting CFO further strengthens the Company's focus to align all parties to achieve cash flow from the Tailings and enhance shareholder value," commented Joanne Freeze, President and CEO of Candente Gold.
Mr. Hussein has over fifteen years of finance and operations experience. Since 2010, he has been a Principal at Public Infrastructure Partners LLC (PIP), an operating platform and principal investor in the mining and energy sectors with offices in Toronto, New York, Houston, and Charlotte. From 2006 to 2010, Mr. Hussein was an investment banker with RBC Capital Markets where he co-founded the Los Angeles investment banking office, expanded the firm's global footprint, and executed cross-border M&A and capital markets transactions. Prior to 2006, Mr. Hussein advised international governments regarding privatizations, large-scale utility operations restructurings, and bi-lateral donor agency investments. Mr. Hussein began his career as an investment banker in the NYC offices of Salomon Brothers.
Mr. Hussein serves as a Trustee for the Emory University Service Award and has been a guest lecturer at Tshinghua University in Beijing. He received his MBA with Stern Alumni Scholar distinction from NYU and BBA from Emory University with Dean's List Honors.
Cameron Dong will remain with the Company assuming the role of Controller. We appreciate his dedication and flexibility and look forward to continuing to work together.
The Company would also like to report that further to the Agreement announced on February 24th with Minera Arcu S.A. de C.V ("Minera Arcu"), Stage One of the Arcu tailings testing program commenced on March 4, 2015. Stage One is expected to process 50 to 65 tonnes through the pilot plant on-site over a four week period. To date two test samples of 500 kg have produced between 5 and 10 kg of concentrate each. Assays will be conducted on the various products of the process, including the final concentrate, to determine recoveries. As per the agreement with Arcu, Candente Gold will receive all revenues from gold and silver sales during the testing period, if sufficient metals are recovered to warrant revenues.
About Candente Gold
Candente Gold's flagship asset is El Oro, a district scale gold project encompassing the largest and most prolific high grade gold dominant silver epithermal vein system in Mexico. Modern understanding of epithermal vein systems indicates that several of the El Oro district's veins hold multi-million ounce discovery potential, particularly below and adjacent to historic workings of the San Rafael Vein, which was mined to an average depth of only 200 metres.
In addition to exploration potential at El Oro, Candente Gold has acquired the Mexican Mine Tailings Deposit. The Company's current corporate strategy is to process the tailings to generate short-term cash flow and then focus on remnant high grade mineralization left behind by historic mining and, in the future, return to exploration concentrating on 31 recently-delineated targets for new mineralized veins or zones.
Joanne C. Freeze, P.Geo., President and CEO of Candente Gold, and Sean I. Waller, P.Eng., Vice President of Candente Gold 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.
This news release may contain forward-looking information (as such term is defined under Canadian securities laws) including but not limited to information regarding the processing of tailings to generate near-term cash flow, other statements that are not historical facts. While such forward-looking information is expressed by Candente Gold in good faith and believed by Candente Gold to have a reasonable basis, they address future events and conditions and are therefore subject to inherent risks and uncertainties including those set out in Candente Gold's MD&A. Factors that cause actual results to differ materially from those in forward-looking information include, without limitation, gold prices, results of exploration and development activities, regulatory changes, defects in title, availability of materials and equipment, timeliness of government approvals, potential environmental issues, availability of capital and financing and general economic, market or business conditions. Candente Gold expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.
On behalf of the Board of Candente Gold Corp.
"Joanne Freeze" P.Geo.
President & CEO
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