Candente Gold Advances new Growth Strategy
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Candente Gold Advances new Growth Strategy
Vancouver, British Columbia, May 29th, 2020. Candente Gold Corp. (TSXV:CDG) ("Candente Gold” and/or
the “Company”) is pleased to advise that the Company is continuing to use the current slowdown in field
activities in Mexico to advance our growth strategy by planning underground work on the El Dorado project
in Las Minitas, Nayarit while also evaluating and negotiating for additional properties with potential mill
feed for the San Dieguito de Arriba (“SDA”) plant in Nayarit.
The El Dorado Property is viewed as a potential source for mill feed given historical production, high grade
gold and silver mineralization, proximity to the SDA plant and the Company's path to full ownership of
both. Initial work at El Dorado is planned to rehabilitate the historic mine with the objective of providing
secure access to underground workings. Candente Gold has obtained a quote for such work for
approximately US$20,000. Such rehabilitation would allow the Company to conduct an underground
sampling program and to provide access for an accurate underground survey. The results of this work
would be used to construct a 3D model of the historic workings, unmined blocks and vein structure in
general, to guide potential mining/extraction operations. In addition to unde rground sampling
results, Candente Gold would incorporate drill data from the 2010-2011 drilling campaign, in order to more
accurately create a reliable deposit model.
The rehabilitation work program is estimated to take approximately two weeks to complete once work crews
are onsite. The initial work will consist of cleaning out, de-watering and reinforc ing of the historic mine
workings. The Company is closely monitoring the situation in Mexico with regard to C OVID19 related
travel restrictions and aims to commence work on the project in the coming weeks as soon as it is deemed
safe to do so. Land use agreements are in place and crews can be mobilized with minimal lead time.
In addition, t he Memorandum of Understanding (“ MOU”) which the Company signed with Magellan
Acquisition Corp. (“Magellan”) giving Candente Gold the right to earn up to a 100% interest in both the
SDA plant and the El Dorado property , both located in Nayarit State, Mexico has been amended such that
a payment of US$5,000 is being paid upon signing the revised MOU and the payment of shares upon
completion of Due Diligence and a Definitive Agreement to earn 10% interest has been increased f rom
4,000,000 shares to 5 ,000,000 shares , all other terms remain the same. The MOU is subject to TSX
Venture approval as well as due diligence and execution of a Definitive Agreement, which is to be completed
within 60 days of travel restrictions related to the COVID19 Pandemic being lifted within Mexico a nd
between the USA and Canada and Mexico.
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*)
Modern understanding of epithermal vein systems indicates that several of the El Oro district’s veins hold
excellent discovery potential, particularly below and adjac ent to the historic workings of the San Rafael
Vein, which was mined to an average depth of only 200 metres.
Joanne C. Freeze, P.Geo., President, CEO and Director and Matthew Melnyk, CPG., Director Operations
are Qualified Person s as defined by National Instrument 43 -101 for the project s discussed above. Ms.
Freeze and Mr. Melnyk have reviewed and approved the contents of this release.
NEWS RELEASE
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Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy
or accuracy of this release.
Forward-looking Information
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 potential for di scovery 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 appl icable securities laws.
On behalf of the Board of Candente Gold Corp.
“Joanne Freeze” P.Geo.
President, CEO and Director
For further information please contact:
Joanne Freeze
President & CEO
Tel: + 1 (604) 689-1957
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