Candente Gold receives Test Results from Sun River Gold on Mexican Tailings Project
September 21, 2016
Vancouver, British Columbia / TheNewswire / September 21st,, 2016. Candente Gold Corp. (TSXV:CDG) ("Company") is pleased to announce that Sun River Gold ("SRG"), has delivered test results and advised the Company that it has identified a treatment process which it believes could be the basis for a gold and silver recovery operation on the Company's Mexico Mine tailings project in El Oro, Mexico (the "Tailings Project").
In March 2016, the Company and Sun River Gold Corp. a private Nevada corporation, entered into an agreement (the "Agreement") granting SRG the right and option to earn a 51% interest in the Tailings, upon developing and demonstrating, at its own cost, an economically viable process for treatment of the Mexico Mine tailings which achieves an internal rate of return that meets the Company's criteria for development and making certain required payments , subject to receipt of regulatory approval (See News Release #053 dated March 8th, 2016).
SRG has made, and continues to make, all payments required as per the Agreement and has delivered to the Company certain test results and reports.
Under the Agreement, all technical and economic studies to be provided by SRG to the Company are to comply with National Instrument 43-101 ("NI 43-101") requirements and are to be at a level suitable for use in a Preliminary Economic Assessment ("PEA") if required by either party to raise capital.
The Company is evaluating the test results and other information reported by SRG and may engage third parties, together with SRG, to determine if results to date comply with NI 43-101 and are at a level suitable for use in a PEA or if more test work is still required.
The Company will provide a further update once it has completed the review of SRG's test work and findings to date.
About Candente Gold
Candente Gold's flagship asset is El Oro, a district scale gold project encompassing a well known prolific high grade gold dominant silver epithermal vein system in Mexico. The project covers 20 veins with past production and more than 57 veins in total, from which approximately 6.4 million ounces of gold and 74 million ounces of silver were reported to have been produced from just two of these veins (Ref. Mexico Geological Service Bulletin No. 37, Mining of the El Oro and Tlapujahua Districts. 1920, T. Flores)
Candente Gold holds the Mexico Mine Tailings which contain an Inferred Resource* of 1,267,400 Tonnes grading 2.94 Au g/t, 75.12 Ag g/t containing 119,900 ounces of gold and 3,061,200 ounces of silver.
*Note: Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. All figures have been rounded to reflect the accuracy of the estimate. For more information see "National Instrument 43-101 Technical Report on the Inferred Mineral Resource Estimate of the Mexico Mine Tailings" prepared by Nadia Caira, P.Geo. and Allan Reeves, P.Geo., dated August 25, 2014 with an effective date of July 8, 2014 (the "Technical Report") available at www.sedar.com.
Joanne C. Freeze, P.Geo., Director and CEO and Sean I. Waller, P.Eng. and Vice President are Qualified Persons as defined by National Instrument 43-101 for the project discussed above. Ms. Freeze and Mr. Waller have reviewed and approved the contents of this release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy 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 the mineral resource estimate for the Mexico Mine Tailings, the potential for discovery in the El Oro district 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 those set out in Candente Gold's MD&A. Factors that cause the 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
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
Copyright (c) 2016 TheNewswire - All rights reserved.