Candente Gold to delist from TSX with plans to move listing to another qualified Canadian Stock Exchange
May 12, 2015
Vancouver, British Columbia, May 12th, 2015. Candente Gold Corp. (TSX:CDG) ("Candente Gold" or the "Company") advises that further to News Release 039 (dated October 2, 2014), the Toronto Stock Exchange (the "TSX") has advised that common shares of the Company will be delisted from the TSX at the close of business on June 8, 2015 for failure to meet continued listing requirements. The Company is in the process of arranging for the continued uninterrupted trading of the Company's common shares on another qualified Canadian Stock Exchange upon delisting from the TSX, taking into consideration both cost savings and shareholder interests.
The Company remains focused on capital preservation and evaluating the potential for generating cash flow from its Tailings project in El Oro, Mexico.
Joanne C. Freeze, P.Geo., CEO is the Qualified Persons as defined by National Instrument 43-101 for the project discussed above. Ms, Freeze has reviewed and approved the contents of this release.
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. 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.
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 the historic workings of the San Rafael Vein, which was mined to an average depth of only 200 metres.
Current focus is the evaluation of potential for historic tailings to generate near-term cash flow. These tailings are left from pre-1930s milling of ores from the Mexican Mine in the El Oro District. These tailings have had extensive historic assessments including drill testing and metallurgical test work. The Mexico Mine Tailings deposit lies within the town of El Oro and covers an area of approximately 5.6 hectares that once reclaimed, will be available for the town's future development. The tailings are adjacent to existing road access, power and water services.
The Mexico Mine Tailings 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.
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 short-term cash flow, 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
Investor Relations, Peru
Tel.: (511) 715-2001 ext 107
Fax: (511) 717-1233