TRADING ON THE TSX.V: SYMBOL: CDO
KELOWNA, BC, April 25 /CNW Telbec/ - Candorado Operating Company Ltd.
(the "Company") (TSX VENTURE: "CDO" FRANKFURT/BERLIN:"HQU") is pleased to
announce that exploration has begun on the Man/Prime property. Crews have been
mobilized to the property to begin construction of a grid to be utilized in
the completion of an IP (Induced Potential) Survey that is slated to be
carried out in early June.
The IP survey is designed to cover the now combined Man/Prime property
that has never been explored in its entirety as a single entity, with the aim
of determining if the mineralization discovered to date is part of a larger
Confirmatory and exploratory drilling is also slated to begin later in
the week on the Man prospect, in the area of previous drilling carried out in
the 1980's that intersected 63 meters grading 0.45% copper, including a
6 meter intersection grading 3.2 grams per tone gold. This intercept was
contained in hole 80-2, part of a program of 2,550 meters drilled by Newmont
in 1980-1981. Nine holes encountered copper and gold mineralization. Hole 80-4
contained a 36-metre intersection grading 0.65 g/t gold.
In 1988-89, Brican Resources drilled 1,509 meters in eight holes, also
encountering copper-gold mineralization. Hole 321-1 graded 0.29 percent copper
and 0.27 g/t gold over a 194-metre intersection.
On the Prime prospect, Primer Group drilled 3,744 meters during 1965-69.
The historical data show that there was no systematic analysis for gold. Some
long mineralized intersections were encountered; hole 69-7 assayed
0.17 percent copper over 296 meters.
Note that drill assays are historical data and should not be relied upon
as they are not compliant with National Instrument 43-101.
The property is located in a favorable belt of rocks that hosts porphyry
copper-gold mines from Copper Mountain near Princeton to the south, to Afton
near Kamloops to the north. On the property the alkalic porphyry copper-gold
mineralization is within porphyritic andesites of the Upper Triassic Nicola
group that has been intruded by Jurassic granodiorite.
Candorado Operating Company Ltd. has entered into an option agreement
with Bearclaw Capital Corp. to acquire an 80-percent interest in the Man/Prime
property located 35 kilometers north of Princeton, British Columbia. Candorado
may earn a 51 percent interest in the property by making a cash payment of
$50,000 and incurring $800,000 in exploration expenditures and issuing
700,000 shares by December 31, 2009. Candorado may earn an additional
29 percent interest, to a total of 80 percent, by incurring an additional
$2 million dollars in exploration expenditures and issuing an additional
two million shares by December 31 2011.
The property represents an exceptional opportunity for Candorado to
establish itself in a known and productive copper-gold porphyry belt in a real
of south-central British Columbia with an excellent infrastructure. Candorado
believes that aggressive exploration could substantially enhance the
Tom carpenter, PGeo, A qualified person as defined by National Instrument
43-101, is responsible for the technical information contained in the news
Candorado is one of British Columbia's largest mineral rights land holder
with its copper/gold porphyry targets within the Quesnel Trough in Central
British Columbia, the Serb Creek molybdenum deposit, the Eldorado property
next to the BC Metal's Red Chris copper porphyry deposit and the Pitt Island
VMS prospect all located in Northern British Columbia.
ON BEHALF OF THE BOARD OF DIRECTORS of Candorado Operating Company Ltd.
The statements made in this News Release may contain certain
forward-looking statements. Actual events or results may differ
from the Company's expectations. Certain risk factors
may also affect the actual results achieved by the Company.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy and accuracy of this Release.
For further information:
For further information: Candorado Operating Company Ltd.: Rene Bernard,
(250) 979-2590, Fax: (250) 860-2950, www.candorado.com; Renmark Financial
Communications Inc.: Barry Mire: firstname.lastname@example.org; Christine
Stewart: email@example.com, (514) 939-3989, Fax: (514) 939-3717,