Candente, Barrick target same concessions

Monday, October 14, 2002

Peru's government has told Vancouver-based explorer Candente Resource (TSX: DNT) that it and Toronto-based Barrick Gold (NYSE: ABX) have both applied for concessions to four claim blocks covering 3,200ha, Candente said in a statement.

Candente can either reach an agreement with Barrick or compete against the senior company in auctions on October 22 and 23 to determine title to these areas, the statement said.

In three of the locations, Barrick and Candente were the only parties to apply for the ground as soon as it came open, while in the fourth area an individual also filed an application the same day, Candente said.

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The auction situation only arises in Peru when an area has come open due to an older concession lapsing. In this case, the government publishes the date that the area is available for staking in the local newspaper and all parties staking on the first half of the specified day are considered equal.

All four of the claims were staked to cover high sulphidation gold targets. Two of the overlapped claims are contiguous with the Alto Dorado property in northern Peru's La Libertad department that Candente recently optioned from Coeur d'Alene-based Hecla Mining (NYSE: HL).

The other two are in southern Peru's Puno department, at the center of a large claim block held by Peru's Buenaventura (NYSE: BVN).

No one was available at either Candente or Barrick to provide more details because of Canada's thanksgiving public holiday.