TRADING ON THE TSX.V: SYMBOL: CDO
KELOWNA, BC, April 30 /CNW Telbec/ - Candorado Operating Company Ltd.
(the "Company") (TSX VENTURE: "CDO" FRANKFURT/BERLIN:"HQU") is pleased to
announce it has entered into an option agreement to earn a 100% interest in
the Deer and Friendly Lake properties from Electrum Resource Corp. The Company
will pay aggregate cash payments of $825,000 with $40,000 due in the first
year. The Company must also incur exploration and development expenditures
totaling $1,350,000 over the next five years and upon TSX Venture Exchange
approval, the Company will issue 75,000 common shares and an additional
885,000 over the next five years.
The Deer and Friendly Lake properties are situated northwest of Kamloops
in southern British Columbia. These properties, covering 43 and 72 square
kilometers respectively, are accessible via Highway 24 between Little Fort and
100 Mile House. Numerous logging roads provide access to both properties.
These strategic property acquisitions are situated along a northwest
trending belt of volcanic, sedimentary and plutonic rocks that form the
Quesnel Trough. This prolific geologic belt hosts many economically important
mineral deposits including the currently producing Mt Polley mine. Other
notable deposits are the former Copper Mountain and Afton-Ajax mines as well
as the Mt. Milligan deposits. Recent exploration has resulted in the discovery
of alkalic copper-gold porphyry deposits at GWR's Lac La Hache property and
Serengeti's Kwanika property north of Mt Milligan.
Collectively the two properties host 10 documented mineral occurrences.
Seven precious and base metal bearing skarn, intrusion and volcanic hosted
copper and gold occurrences are documented on the Deer Lake property. Recent
work resulted in the discovery of felsic intrusive float grading 20.7 g/t Au
within a 400+ metre gold-copper-molybdenum-in-soil anomaly as well as a
logging road discovery of copper-gold skarn bedrock grading 2.75 % Cu and up
to 14.9 g/Au. Property wide stream sampling identified eight streams with
visible gold for which the source(s) remain undiscovered.
On the Friendly Lake property mineral occurrences include
copper-molybdenum-gold and in one case platinum group mineralization within
intrusive and Nicola volcanic rocks. Past geochemical sampling outlined broad
gold, silver, and lead-in-soil anomalies. In 2004 a drill hole reportedly
intersected 24.5 metres of 0.104% copper.
The recently completed Bonaparte airborne geophysical survey delineated
several large northwest trending potassium anomalies which may be prospective
for the porphyry style copper mineralization. Detailed analysis of this data
will be conducted and form the basis of the 2007 exploration programs.
Warner Gruenwald, P.Geo. a Qualified Person as defined by National
Instrument 43-101, has reviewed the technical information contained in this
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) 979-2595, Fax: (250) 860-2957, 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,