VANCOUVER, BRITISH COLUMBIA--(Marketwire - May
15, 2009) - Candente Resource Corp. (TSX:DNT)(BVLAC:DNT)(WKN:GW4)
("Candente" or the "Company") announces financial
results for the quarter ended March 31, 2009 ("Q1-2009"). All
amounts in this release are in U.S. dollars unless otherwise stated.
The Company posted a net loss of $395,494 or $nil per share in Q1-2009,
compared to a loss of $1,049,517 or $0.01 per share in the three months
ended March 31, 2008 ("Q1-2008").
The sharp reduction in net loss between the comparative quarters
follows the implementation of cost savings initiatives by management in
response to the global economic crisis in the second half of 2008.
Given the financial uncertainty caused by the global economic crisis
and its effect on liquidity in capital markets, the Company curtailed
exploration activities and reduced overhead expenses to preserve
capital.
The Company's major general and administrative expenses in Q1-2009 were
stock-based compensation of $89,994, salaries and management fees of
$89,638 and foreign exchange loss of $78,206.
Mineral property expenditures were $183,677 in Q1-2009. At March 31,
2009, and since inception, the Company's mineral properties'
expenditures now total $41,102,496.
At March 31, 2009, the Company had 81 million common shares outstanding
plus 6.9 million stock options and 4.9 million share purchase warrants,
for a fully-diluted total of 92.8 million common shares.
At March 31, 2009, the Company had working capital of $1,140,245
including cash and cash equivalents of $2,610,665.
The Company has initiated an arrangement which will see the formation
of a new company, Candente Gold Corp. ("Candente Gold"), to
hold and develop its gold-silver properties (see Candente news releases
NR 258 on April 14, 2009 and NR 259 on May 8, 2009). Management
believes a company focused solely on precious metals exploration will
generate interest from investors and the creation of Candente Gold will
enable financing for work on its gold-silver properties. Management is
also very encouraged by the significant increase in copper price to
date in 2009 and is planning to assess financing opportunities that
would permit resumption of exploration and development activities on
the Canariaco copper project.
For a detailed analysis of the financial results presented above, refer
to the March 31, 2009 Unaudited Consolidated Financial Statements and
Management's Discussion and Analysis available on the Company's website
at www.candente.com and
at www.sedar.com.
About Candente Resource Corp.
Candente is a diversified exploration and development company with
copper, gold, silver, and zinc projects in Peru and Mexico. Candente's
Management Team and Board of Directors are senior mining industry
executives with a track record in the discovery and development of
copper, gold and silver deposits. Candente subscribes to principles,
which ensure that exploration and development activities are consistent
with best practice and beneficial to the local communities.
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.
CAUTIONARY NOTE TO U.S. INVESTORS
We advise U.S. investors that this news release uses terms which 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.
NR 260
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