Candente Gold receives Expression of Interest from FIFOMI to Provide Financing for the El Oro Project, Mexico
December 4, 2013
Vancouver, British Columbia, Dec. 4th,2013. Candente Gold Corp. (TSX: CDG) ("Candente Gold" or "the Company") is pleased to report that it has received an expression of interest from Fideicomiso de Fomento Minero ("FIFOMI") to provide financing to the Company of up to US$25,000,000 for exploration and test work on the Company's recently acquired Tailings deposit at El Oro, Mexico (see News Release No. 25 dated June 13th, 2013).
With respect to the Mexico Mine Tailings Deposit, FIFOMI has indicated they are interested in providing both technical assistance and financing for metallurgical testing and resource definition drilling as well as project financing for the Tailings operation which would include both reprocessing and reclamation work.
FIFOMI is a Public Trust created by the Mexican Federal Government in 1934 whose goal is to promote the development of the Mexican mining industry through the granting of financial and technical assistance to mining projects. FIFOMI provides "very competitive debt financing" to create, strengthen and consolidate small to medium sized projects and operations throughout the country of Mexico.
To date, FIFOMI has granted approximately $2,746,000,000 (approximately 2,746, million US dollars) and has supported over 46,259 companies through training and technical assistance in Mexico.
In addition to assistance with the Tailings Project, FIFOMI has also expressed an interest in financing and providing technical assistance with exploration for high-grade mineralization in new veins or extensions of known veins on the El Oro property in which Candente Gold has a 70% interest.
Following various meetings and a site visit to El Oro by FIFOMI's Special Technical Analyst, Candente Gold has been invited to complete an application to FIFOMI for the Financing and technical assistance, which is subject to, among other things, FIFOMI completing a due diligence review of the Company and approving the Company's application.
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 strongly indicates that several of the El Oro district's veins hold multi-million ounce discovery potential, particularly below and adjacent to the historic workings of the San Rafael Vein, which was mined to an average depth of 200 metres.
Candente Gold also holds an extensive portfolio of 100% owned, early to mid-stage; high and low sulphidation epithermal gold projects in Peru. Many of these projects have significant exploration completed and targets ready to be drill tested.
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 completion of the financing and 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, without limitation, FIFOMI's approval of the Company's application for the proposed financing and changes in applicable laws or regulations which could cause. actual results to differ materially from future results expressed, projected or implied by the forward-looking information. 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.
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 Gold Corp.
"Joanne Freeze" P.Geo.
President & CEO
For further information please contact:
Manager, Investor Relations
mobile: +1 (604) 306-8477
local: + 1 (604) 689-1957 ext 3
toll free: 1 (877) 689-1964 ext 3
Investor Relations, Peru
Tel.: (511) 715-2001 ext 107
Fax: (511) 717-1233