VANCOUVER, British Columbia, Nov. 12, 2020 (GLOBE NEWSWIRE) — Candente Gold Corp. (TSXV:CDG) (“Candente Gold” and/or the “Company”) is pleased to advise that the previously announced (Nov 5th, 2020) non-brokered private placement (the “Private Placement”) of 4,000,000 common shares (“Shares”) at a price of $0.05 per Share for a total of $200,000 has been fully subscribed.
Joanne Freeze, President and CEO, a control person of Candente Gold Corp., has subscribed for 53.75% of the Private Placement. In addition to Ms. Freeze there are three other subscribers. Closing of the Private Placement is expected to be completed within one week.
The Company intends to use the net proceeds of the Private Placement to advance development of its near term gold production and near surface exploration opportunities while advancing drill targets on the El Oro project, its flagship asset, and for general working capital purposes. The Shares issued pursuant to the Private Placement will be subject to a four month hold period from the date of closing. Finder fees of approximately $2,450 will be paid. No warrants will be issued as part of this private placement.
About Candente Gold
Candente Gold has launched a comprehensive growth strategy to build a cash flowing business platform and gain access to properties with near surface exploration potential while maintaining El Oro as its flagship asset and an integral part of the overall growth strategy. The acquisition of the SDA Plant, the El Dorado historic mines and the Cocula Project signify important initial steps.
The financial benefits from Western Mexico operations and the addition of specialized personnel will translate across platforms to strengthen the Company’s efforts to explore and potentially mine areas demonstrated to contain mineralization of value. The Company is currently evaluating other properties that are complimentary to the SDA plant, El Dorado and the Cocula Project.
El Oro is a district scale gold project encompassing a well-known prolific high-grade gold dominant gold-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 adjacent 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 and Director are Qualified Persons as defined by National Instrument 43-101 for the projects discussed above, however they have not been able to visit the El Dorado or Cocula Projects nor the SDA Plant recently due to COVID virus travel restrictions. The work discussed in the News Release is either historical and documented by public records or conducted by Mexican professionals with qualifications similar to those of QP’s registered in Canada. Ms. Freeze and Mr. Melnyk have reviewed and approved the contents of this release.
Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
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
[email protected]
Tags: #CandenteGold, #CDG, #Cornerstone, #Epithermal, #exploration, #Gold#, #Mexico