Drilling to Start on the Man-Prime Copper-Gold Alk
Kelowna, British Columbia - June 11, 2010
Candorado Operating Company Ltd. ("Candorado" or the "Company") (TSX
VENTURE: "CDO" FRANKFURT/BERLIN: "HQU") is pleased to advise the
following:
Man-Prime Property
A thorough review and interpretation of the induced polarization and
resistivity geophysical survey, completed in 2007, is being conducted
by Fritz Geophysics of Boulder, Colorado. Final results are pending.
The initial interpretation has allowed a much better understanding of
the structures and mineralized zones at the Man-Prime Property which
will assist in identifying drill targets and in determining orientation
of holes in the drill program to begin shortly, once the geophysical
interpretation is completed.
Drilling will test geophysical anomalies and copper-gold soil
anomalies. Also tested will be of an area of copper mineralization
exposed in a trench at the Prime Zone. This trench is part of a much
larger copper soil anomaly. Rock chip sampling in 2008 from this trench
returned an average of 8550 ppm copper (0.85%) over 20 metres.
Murphy Lake Property
At Murphy Lake CDO is continuing the installation of 80 km of cut lines
in preparation for a reconnaissance induced polarization and
resistivity geophysical survey to be carried out once the grid is
complete. The area of the survey adjoins on the south the Southeast
Zone of the Woodjam South Property. On the Woodjam Property similar
surveys have been successful in defining mineralized zones.
Fjordland Exploration and Cariboo Rose Resources have recently optioned
the Woodjam Property to Gold Fields.
Both properties are located in the Quesnel Trough, a geologic belt in
BC hosting many copper-gold alkalic porphyry deposits.
Quebec Lithium Rare Earth Project
Having completed the first phase of work program, the company awaits
results.
Non-Brokered Private Placements
The Company is undertaking a best efforts non-brokered private
placement for up to 3,333,334 flow-through units ("FT Unit") at a price
of
.06 per FT Unit gross proceeds of $200,000. Each FT Unit will
consist of one flow-through common share and one non-flow-through
common share purchase warrant. Each warrant entitles the holder to
acquire one additional non-flow-through common share at a price of
.10 per share for a period of 12 months.
In addition, the Company will complete on a best efforts basis a
non-brokered private placement for up to 5,000,000 non-flow-through
units ("NFT Unit") at a price of
.05 per NFT Unit for gross proceeds
of $250,000. Each NFT Unit will consist of one common share and one
common share purchase warrant. Each warrant entitles the holder to
acquire one additional common share at a price of
.10 per share for a
period of 12 months.
Finders fees in accordance with the Policies of the TSX Venture
Exchange (the "Exchange") may be payable in a portion of the financings
in cash and/or warrants.
Proceeds to be used for additional geophysical interpretation, data
compilation and general working capital. Flow thru funds will be used
for the furtherance of work programs on the Man-Prime, Murphy Lake and
Quebec Lithium/REE Projects.
About Candorado
Candorado is a B.C. based mineral exploration company with extensive
mineral tenures in central, northern and southern British Columbia, and
lithium properties in Quebec.
ON BEHALF OF THE BOARD OF DIRECTORS
OF CANDORADO OPERATING COMPANY LTD.
Kirk Reed, President and CEO
For Further Information Please Contact:
Candorado Operating Company Ltd.
Tel: (250) 768-7767
Fax: (250) 768-0020
www.candorado.com
Caution Regarding Forward-Looking Statements -- This news release
contains certain forward-looking statements, including statements
regarding the business and anticipated financial performance of the
Company. These statements are subject to a number of risks and
uncertainties. Actual results may differ materially from results
contemplated by the forward-looking statements. Factors that could
cause actual results to differ materially from those in the
forward-looking statements include unsuccessful exploration results,
changes in metal prices, changes in the availability of funding for
mineral exploration and development, unanticipated changes in key
management personnel and general economic conditions. When relying on
forward-looking statements to make decisions, investors and others
should carefully consider the foregoing factors and other uncertainties
and should not place undue reliance on such forward-looking statements.
The Company does not undertake to update any forward-looking
statements, oral or written, made by itself or on its behalf.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
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Copyright (c) 2010 CANDORADO OPERATING COMPANY LTD. (n/a) All rights
reserved. For more information visit our website at
https://www.candorado.com/ or send mailto:info@candorado.com
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