NEWS (CDO version of deal with Callian)KELOWNA, BRITISH COLUMBIA--(Marketwire - Nov. 30,
2007) - Candorado Operating Company Ltd. (the "Company") (TSX
VENTURE:CDO) (FRANKFURT:HQU) (BERLIN:HQU) is pleased to
announce that it has entered into an option agreement with Callinan
Mines Ltd, whereby Callinan Mines has the right to earn a 60% interest
in the property by making a one time cash payment of $50,000, issue a
total of 100,000 shares of the company to Candorado, and spend $600,000
in exploration expenses on the property by December 31, 2008. The
agreement is subject to an underlying 2% NSR to the original owner.
The
Rayfield River property is located in the Southern Cariboo region of
British Columbia 20 km east of 70 Mile House. The property is situated
within the Upper Triassic to Lower Jurassic Nicola Group, which forms
part of the Quesnel Trough, a volcanic and sedimentary arc sequence
affected by Upper Triassic to Jurassic intrusions.
The
property lies in a window through extensive Miocene plateau basalts,
which blanket much of the region. Visible copper mineralization on the
surface is widespread and is mainly malachite occurring in feldspar
veinlets, on fractures and as disseminations replacing mafic minerals,
and minor chalcopyrite and bornite as disseminations.
The
property has been explored by Cominco Ltd in the 1960s, Amax
Exploration from 1968-1970, and Brenda Mines Ltd in 1989. Several
shallow diamond drill holes have been drilled on the property. All
showed anomalous copper mineralization with one of the drill holes
ending in greater than 0.2% copper.
In 2006 the
property was covered by a detailed, 200 metre line-spaced gamma ray
spectrometric and magnetic total field airborne survey. Several targets
were selected for prospecting and geochemical sampling in 2007. Mr.
Robert Shives, a recognized expert in the interpretation of airborne
gamma ray-magnetic surveys and consultant to Candorado has been
encouraged by the size and similarity of the geophysical targets on the
Rayfield River property to patterns over other major porphyry systems
elsewhere within the Quesnel Trough.
The 2007 drill program is designed to test several targets to a depth of greater than 400 metres.
About Candorado
Candorado
is a B.C. based mineral exploration Company with large mineral rights
holdings in Central, Northern and Southern British Columbia. The
Company is in the midst of several exploration projects involving
geochemical and geophysical programs as well as drill testing high
priority targets and will report on results as soon as they are
available.
ON BEHALF OF THE BOARD OF DIRECTORS of Candorado Operating Company Ltd.
Rene Bernard, Chairman
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Candorado Operating Company Ltd.
Daniel Gallagher
(250) 979-2590
(250) 860-2957
Website: www.candorado.com