DNT - HR110406 Cañariaco NI 43-101 B

Candente Copper Corporation Caariaco Norte Deposit, Lambayeque Department, Peru NI 43-101 Technical Report on Pre-feasibility Study Progress
Report
Figure 5-3:
Proposed Mine Site General Arrangement
At this point, the planned all-weather access road to Caariaco mine will branch off, and follow the Yerma and Caariaco valleys south to the location of the proposed mine site. Access to the plant site will be via a new 42 km single-lane (7 m wide) gravel road branching off the existing Corral Quemado Road along the Huancabamba Valley. The alignment follows a new bridge crossing over Ro Huancabamba and then passes through challenging terrain, rising at a constant grade of 8% until it reaches the ridge top between the Yerma and Caariaco valleys near the tailings management facility (TMF). The road then widens to 11 m to accommodate the surface-run tailings and reclaim pipelines running to and from the plant site. Continuation of the road to the process plant includes a single high point 1,200 m away from the plant. On-site roads will be provided for vehicle access to facilities and remote structures. General access roads will be two-way and 8 m wide, service roads will be one-way and 5 m wide with pullouts, and mine haul roads will be one-or two-way as required and wide enough to accommodate haul trucks.
Project No.: 165270 March 2011
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Candente Copper Corporation Caariaco Norte Deposit, Lambayeque Department, Peru NI 43-101 Technical Report on Pre-feasibility Study Progress Report
5.3.4
Port The port site infrastructure for the project will be at the Marine Terminal Muchik (MTM), a planned development by Lumina Copper Corporation (Lumina) southeast of the town of Eten and the existing Consorcio Terminales Eten liquid bulk terminal in Northern Peru. Copper concentrate from the mine will be transported by truck to MTM at a rate of approximately 400,000 t/a. The loading berth at the port will be designed to accommodate up to 50,000 DWT loaded Handymax vessels. The pre-feasibility study progress report assumes that the berthing facility, the trestle conveyor leading out to the berth, and the shiploader will be shared with Lumina. Lumina has stated to CCC that its development and operations strategy for the MTM facility anticipates shared usage with Caariaco, and potentially other companies as well. Some service buildings and utilities throughout the port site, such as fire, process, and potable water supply and sanitary waste disposal, would also be shared, whereas concentrate receiving, storage, and reclaim facilities for the Caariaco Norte product would be independently developed and operated by CCC. Concentrate from the mine will be delivered to the port by truck, unloaded into a dump hopper, and conveyed to a storage building. The storage building has been sized to meet projected concentrate storage requirements and the anticipated schedule of vessel arrivals, including an allowance for vessel delays due poor weather or hurricane conditions en route to the port. Concentrate reclaimed from storage will be conveyed initially to a sampling station, then to a transfer tower which feeds in to the shipping pipe conveyor, then to the berth conveyor, which in turn travels along the length of the berth to a towed tripper that feeds the travelling shiploader. Power supply for the CCC facilities will be delivered to a substation at the concentrate storage and handling facility at 4.16 kV from the power auxiliary distribution system planned by Lumina. The substation will include incoming 4.16 kV switchgear and a step-down transformer. As at the mine site, waste handling and disposal will be managed in an environmentally acceptable manner in accordance with legal requirements. The marine berth will be constructed 3.2 km from shore at a water depth of -15.0 m, as required for the design 50,000 DWT Handymax vessel. Dredging to permit berth construction closer to shore was deemed uneconomical. The design and orientation of the berth are intended to minimize wave and swell action. A system of spread
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moorings is intended to prevent ships from colliding with the berth during loading operations and to reduce loads on the mooring lines. Vessel operations for export of CCC product will be scheduled in conjunction with Lumina to avoid berthing conflicts.
Accommodation
Accommodation facilities at the mine site will be constructed to house a construction crew of approximately 1,500 persons in a combination of single, double, and fourperson occupancy rooms. The facilities will be converted to single- and doubleoccupancy rooms for the operations staff, projected at approximately 600 persons. Facilities will include areas for a kitchen, dining room, recreation, medical facility, office space for camp administration, and security for check-in/check-out.
Buildings
A two-storey main administration building will be constructed adjacent to the camp. The lower floor will be an open office arrangement and the second floor will have enclosed offices for senior staff. The building will include areas for reception, training, conferences, and storage. With adequate planning, it could be built early enough to accommodate the initial construction management and administration staff. The mine truckshop will be the main services complex on site. The complex will contain maintenance shops for the mine mobile equipment fleet, warehouse space, first aid, a change room, dispatch area, lunchroom facilities, and offices for mine operations. It will also service all light- and medium-duty vehicles used on the site, including personnel buses and pickup trucks. A truck washdown pad, fuelling station, and ready-line for mine vehicles will be constructed nearby. A single-lane haul road will connect the truckshop to the pit area via the primary crusher station. A mill maintenance shop adjacent to the process plant will service all stationary mill equipment such as pumps, instruments and motors.
Power Supply
Electrical power will be supplied to the Caariaco Norte site by a 220 kilovolt overhead transmission line from the local utility substation at Carhuaquero, a distance of 57 kilometres from the mine site. The incoming transmission line will terminate at a new main site substation for the transformation of power from the transmission voltage level of 220 kilovolts to the site distribution/utilization level of 25 kilovolts. The
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anticipated connected load for operation is 148 megawatts with an average load of 95 megawatts and power factor of 95 percent. Power will be supplied to the various mine facilities through radial feeders originating at the main substation and routed on site through cable tray in pipe racks, either installed on overhead powerlines, direct buried, or in duct banks. Step-down transformers will provide equipment utilization voltages from the site distribution voltage. All process electrical and control rooms will be modular units constructed off site with all electrical controls and instrumentation equipment installed, wired, and completely tested before shipment to site. Emergency power will be produced by standby diesel generating units sized to provide power to mine and process equipment and the permanent camp in the event of a utility power failure. The standby power plant will consist of three generator sets and be rated for a nominal 4.5 MW. In addition, an uninterruptible power supply (UPS) system will provide backup power to critical control systems, and emergency battery power packs will supply backup power to the fire alarm system and emergency egress lighting fixtures.
Water Supply
Fresh water for site services will be obtained from a fresh water reservoir constructed as part of the Ro Caariaco diversion around the waste rock management facility (WRMF). Fresh water will be used for process make-up water, fire water, and to supply the potable water treatment plant (PWTP). The reservoir will also provide startup water for the process plant until sufficient reclaim water is available in the TMF to furnish continual supply, estimated to be two months after start-up. Normally, most process water is derived from thickener overflow, reclaim water pumped from the TMF, and other reclaim sources. Regular fresh water makeup is required for approximately 5% of total process flows, where the water has to be of higher quality. The PWTP will be designed to provide sufficient potable water for the construction workforce. The water will be pumped to the camp and administration buildings and flow by gravity to the other site facilities. Both fresh and potable water will be trucked to the bulk emulsion plant as required. There is expected to be limited impact on down-stream water users. Should discharge of water to the environment be required, the water management system will ensure that discharge waters meet Peruvian regulations. CCC has incorporated design parameters for site water management that will minimize the amount of contact water generated by Project construction and operation.
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Communications
The site communications system will cover the complete voice, data, fax, Internet/email and radio communications requirements for the process and camp facilities. The system will be designed to meet all regulatory requirements needed for operating approvals. The mine communications system will be independent of the rest of the system.
Fuel
Diesel fuel will be stored in four 500 m3 tanks, providing more than two weeks of supply the event of fuel delivery disruption or power failure. The fuel will be used to run the construction / emergency generators and will be piped to the re-fuelling station near the truckshop.
Waste
Solid waste from the plant site will be handled and disposed of in an environmentally acceptable manner in accordance with legal requirements and best industry practices. As applicable, waste will either be incinerated, disposed of in a landfill, recycled, or removed off site to special handling facilities. A sewage treatment plant (STP), sized for the complete construction workforce, will be built on site. The plant will be self-contained in an enclosure housing all mechanical and electrical equipment and will be designed to produce effluent that complies with Peruvian regulations for effluent quality. Sewage will be collected from the different sources through a network of pipelines, holding tanks, lift stations, and a pumper truck, where necessary. Treated effluent will be discharged directly to the environment during construction and to the TMF during operations.
5.4
Physiography
Elevations in the Project area range between 2,200 and 3,600 masl, as the Project is situated on the eastern side of the continental divide. The topography varies from steep incised valleys at lower elevations to open grassy highlands, locally known as jalcas or paramus, at upper elevations. Within the area that mineral resources have been estimated, the topography is steep with fingers of sub-tropical forests extending up the small valleys. These forests transition into open grasslands and broad valleys as the elevation increases above 3,000 masl to the north of the main mineralized zone. The property crosses several climate zones, and temperature differences between the lower forested valleys and the upper grassy ridges can be up to 10C.
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Vegetation at higher elevations consists mainly of ichu and other types of natural grasses used for livestock grazing. Localized agriculture plots for subsistence farming are maintained within the forested valleys. The community of Caaris, north of the Project area within temperate highlands, is agriculturally-based. The main crops are potatoes, maize, and a variety of vegetables and herbs.
5.5
Comment on Section 5
In the opinion of the QPs:
There is sufficient suitable land available within the concessions for any future tailings management facility, mine waste rock facility, and installations such as a process plant and related mine infrastructure. A review of the existing and likely power and water sources, manpower availability, and transport options indicate that there are reasonable expectations that sufficient labour and infrastructure is available to support declaration of Mineral Resources.
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6.0
HISTORY
Copper was first discovered at Caariaco Norte in the period 19671970 during a regional stream sediment sampling program carried out by the Peruvian Servicio Nacional de Geologa y Minera (Ingemmet), in co-operation with a British Geological Survey team. This work identified a copper anomaly, A-2. Subsequently from 1971 to 1974, Ingemmet undertook a detailed geochemical study of the Caariaco River valley, which delineated four centres of alteration and copper mineralization. The geochemistry was supported by geological mapping, rock chip and soil sampling, induced polarization (IP) and resistivity ground geophysical surveys, and core drilling of five drill holes (1,500 m). Thin section and petrographic studies were also performed. A mineral resource estimate was undertaken at the conclusion of this work. Placer Dome Exploration Inc. (Placer Dome) optioned the area from the Peruvian Government in 1994. Work completed included geological mapping, rock chip sampling, trenching (2,200 m) and pitting (80 test pits), petrographic studies, reinterpretation of the available Ingemmet IP and resistivity data, a very preliminary estimate of tonnage and grade, and three core holes (874 m). This work identified a porphyry copper system related to breccias and a Tertiary intrusive complex emplaced in a volcanic basement of andesite to dacite tuffs and ignimbrites. However, in 1997, the option was not exercised and reverted to the Government. During 1999, Billiton Exploration and Mining Per B.V. (Surcusal Peruana) took up an option from the Peruvian Government. The work program comprised geological mapping, soil and rock chip sampling, IP and ground magnetic geophysical surveys, and eight core holes (957.7 m). Petrographic samples were collected and studied and leach testing was carried out on some of the drill core. A resource estimate was completed in 1999. The option was dropped in 2000, with the property returning to the Peruvian Government. The property was subsequently put up for auction. Candente Copper Corp., through its wholly-owned Peruvian subsidiary Caariaco Copper Peru S.A. (CCP), formerly Exploraciones Milenio S.A, (EMSA), acquired 100% ownership of the Project in February 2002. Since that date, CCC has completed geological mapping, prospecting, ground magnetic geophysics, rock chip sampling, petrographic studies, bulk sampling for metallurgical testing and re-logging of existing drill core. A total of 257 core holes (74,058 m) were drilled to the end of 2008. Mineral resources were first estimated on behalf of CCC in 2004, and were updated in 2006 and 2008. A preliminary assessment (PA) was undertaken in 2006. The study envisaged conventional open pit mining of the Caariaco Norte deposit, with mineralization
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crushed, then placed on a heap leach pad. Copper recovery was planned through a solvent extraction/electrowin (SXEW) plant to produce copper cathode. Mining would commence at 30,000 t/d and expand to 60,000 t/d. The financial analysis, using the costs and assumptions at the time, indicated a positive financial outcome. In 2008, a revised PA (the 2008 PA) was undertaken, because additional leach testing had indicated that heap leaching recoveries were erratic, and a more robust metallurgical process was required. The production rate from the proposed open pit was 75,000 t/d, feeding a conventional process plant consisting of semi-autogenous grind (SAG) and ball mills and a flotation circuit to produce copper concentrate. The financial analysis, using the costs and assumptions at the time, indicated a positive financial outcome. The mineral resource update and the PA study discussed in this Report supersede the resource estimate used as the basis of the 2008 PA and the 2008 PA results should be considered historical. In 2010, CCC commissioned a mineral resource update. The updated mineral resources, information on the progress of the pre-feasibility study on the Project, and the PA-level economic analysis on those Mineral Resources forms the subject of the remainder of this Report.
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7.0
GEOLOGICAL SETTING
A regional geological plan for the Project area is shown in Figure 7-1. Basement rocks comprise pelitic schists of the Precambrian to Early Paleozoic Olmos Complex that are unconformably overlain by Late Triassic-Early Jurassic La Leche Formation marine sediments that have minor intercalated volcanic units. An early to Late Jurassic volcano-sedimentary sequence, the Oyotn Formation, overlies the earlier units. Following regional uplift, erosion, and subsequent subsidence, the lower portion of the Goyllarisquizga Group, a regionally extensive quartz arenite, was unconformably deposited on the earlier lithologies. In turn, the arenite was overlain by Early Cretaceous to mid-Late Cretaceous marls, shales, and limestone. In the Early Tertiary, volcanic units of the Llama and Porculla Formations of the Calipuy Group were erupted, and were followed by uplift and erosion. Renewed volcanic activity commenced with the eruption of volcanic rocks of the Huambos Formation during the Late Tertiary. Porphyry stocks, breccias and dikes that are also Late Tertiary in age intrude the Cretaceous and Tertiary units (Figure 7-2). Age dates using K/Ar and ReOs on intrusive rocks, breccias and alteration minerals in the Caariaco Norte deposit returned dates that range in age from 15.8 Ma to 17.9 Ma. A number of circular features/intrusions have been identified district-wide (refer to Figure 7-1). A single circular feature that measures 8 km x 10 km encompasses all three mineralized centres in the Project, including Caariaco Norte, Caariaco Sur and Quebrada Verde. This feature is centred on, or close to major fault intersections suggesting that the emplacement of the intrusive complex has been localized by fault intersections. Faults that have been identified at a regional scale consist of two, parallel, long-range, northwestsoutheast-trending district-scale faults. One bisects the Project area, and the second fault is approximately 7 km to the northeast. The northwestsoutheast faults have a probable conjugate northeastsouthwest fault set, which tend to be of medium-range. These faults appear to control the location and development of the intrusivebreccia complexes and related mineralization and alteration in the Project area.
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Figure 7-1:
Regional Geology Map
Note: Figure courtesy Candente Copper Corp. Tenure outlines shown on the plan are superseded by the tenure outlines in Figure 4-1. Grid squares on the plan are 4 km x 4 km
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Figure 7-2:
Regional Stratigraphic Column
Note: Figure courtesy Candente Copper Corp.
7.1
Caariaco Norte Deposit Geology

The Caariaco Norte intrusivebreccia is hosted within a multiphase intrusivebreccia complex that is approximately 1.7 km in strike extent and 1.1 km wide. The deposit has been drill-tested to a depth of approximately 770 m and remains open at depth. The majority of the copper-gold mineralization is hosted within the intrusive and breccia units, but locally extends for variable distances into the enclosing volcanic units. Intrusive units comprise approximately 5560% of the deposit, breccias approximately 3035%, and pre-mineral volcanic rocks approximately 510%. The intrusive units are nested and collectively roughly oval in shape with older intrusive rocks being cut by successively younger intrusive bodies. In general, the intrusive units are northsouth-trending, steeply-dipping bodies. The breccia units cut the intrusive units, are oval to circular in shape and are steeply plunging. The dykes generally strike northwestsoutheast with a steep southwesterly dip. The shape and positioning of the intrusive, breccia and dyke units was largely controlled by northwestsoutheast and northeastsouthwest-trending faults.
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7.1.1
Lithologies Table 7-1 presents the stratigraphy for the Project area.
Table 7-1:
Unit Breccias Intrusives
Project Stratigraphic Column

Rock Code IBxP TBx IBxH FP CQP BFP CQFP VC Rock Type Breccia (youngest) Breccia (middle) Breccia (oldest) Dykes Intrusive (youngest) Intrusive (middle) Intrusive (oldest) Calipuy Volcanic Description Polymictic breccia Tourmaline breccia Hydrothermal breccia Feldspar porphyry dykes Coarse quartz porphyry Biotite feldspar porphyry Crowded quartz feldspar porphyry Pre-mineral andesitic, dacitic and rhyolitic volcanics
The oldest rocks, ascribed to the Calipuy Group, are a series of dacite tuffs with lesser, bedded, rhyolite tuffs overlain by andesite porphyry flows and pyroclastic rocks. Andesite pyroclastic rocks and flows dominate on the western, northern and southern sides of the intrusive complex where elevations are higher. The eastern side of the intrusive complex is lower in elevation, and thus the dacite and rhyolite volcanic rocks that underlie the andesite volcanic rocks are exposed adjacent to the intrusive complex. Three major intrusive generations have been identified. The oldest intrusive unit is a crowded quartzfeldspar porphyry (CQFP), which consists of 13% quartz eyes, 35% feldspar phenocrysts, and 35% hornblendebiotite. Grain sizes of the constituents range 12 mm. The unit is interpreted as dioritic in composition. The middle intrusive unit is a biotitefeldspar porphyry (BFP) that is interpreted to be granodioritic in composition, with 35% quartz eyes, 1520% feldspar phenocrysts, 2-5% euhederal biotite, and traces of hornblende. Grain sizes typically range from 3-5 mm. The youngest intrusive unit, a coarse quartz porphyry (CQP), consists of 510% quartz eyes (grain size range from 35 mm), 1520% euhedral feldspar crystals (<3 mm) and traces of biotite (12 mm). The CQP is interpreted to be of quartz monzonitic composition. The youngest intrusive stage is a set of feldspar porphyry dykes/breccias (FP) that range in thickness from 2 m to 30 m, and have a northwestsoutheast strike, with a steep, southwesterly dip. The dykes have a fine-grained ground mass with 1020% feldspar phenocrysts (310 mm) and 510% hornblende phenocrysts (28 mm). The dykes commonly display cooling contacts. Where the dykes intersect the breccias, dyke fragments occur as large (>10 m), rotated, and weakly-fractured blocks within the
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breccias. The dykes have only been weakly altered, and contain minor copper mineralization where they have been brecciated by the hydrothermal breccia unit. Three breccia bodies that post-date the intrusive rocks are recognized. The oldest unit, hydrothermal breccia (IBxH), consists of matrix-supported angular to sub-angular biotitefeldspar porphyry and crowded quartzfeldspar porphyry fragments that display little or no evidence of transport. Fragment sizes within the central portion of the breccia are generally 15 cm in a fine-grained matrix. Near the southern margin of the breccia, there is a high component of feldspar porphyry dyke fragments up to tens of meters in size. The unit is not well mineralized, with copper grades related to the inclusion of mineralized porphyry fragments. The margins of the hydrothermal breccia can show crackle brecciation. The middle tourmaline breccia (TBx) has a fine-grained matrix consisting of quartz and tourmaline. The unit is extensive, and was emplaced along the northeastern margin of the intrusive bodies. Breccia fragments are angular to sub-angular, 110 cm in size, and include clasts of the biotitefeldspar porphyry, crowded quartzfeldspar porphyry and the hydrothermal breccia. The breccia is not mineralized, apart from copper grades related to the inclusion of mineralized porphyry fragments. The youngest breccia unit, polymictic breccia (IBxP), is a late-stage breccia with an erratic shape, cross-cutting all earlier units. Sub-rounded to rounded clast fragments include vein quartz, all three intrusive units, and the two earlier breccia phases. Fragments range from 0.510 cm with the breccia margins often grading into a crackle breccia. The unit shows multiple breccia pulses, the last of which is a fluidized microbreccia with rounded fragments that are typically <3 mm in size, crosscutting all other pulses. Copper mineralization occurs in both the matrix and the fragments. Mineralization occurs primarily as disseminations, and in fractures, sulphide and quartz veins, faults and breccias. Fracture density is the single most important factor influencing copper grades and alteration intensity, although breccias and faults can locally be important. Copper mineralization was introduced as a series of events closely following the emplacement of each of the intrusive units, and the polymictic breccia unit. Initially, copper mineralization comprised chalcopyrite, minor bornite, introduced following emplacement of each of the crowded quartzfeldspar porphyry and biotitefeldspar porphyry units, with the greatest amount introduced following emplacement of the biotitefeldspar porphyry unit. This event was followed by introduction of chalcocite, covellite, minor tennantitedigenite, following emplacement of the coarse quartz porphyry unit. The mineralizing process terminated with enargite, chalcocite and
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covellite, minor tennantitedigenite, introduced concurrently with emplacement of the polymictic breccia unit. Near surface, the deposit has been intensely weathered, resulting in the formation of a leached cap that contains less than 0.05% Cu, trace pyrite and tenorite and variable concentrations of limonite, goethite, jarosite, and hematite. The leached cap varies significantly in thickness, ranging from less than a metre to as much as 120 m, averaging approximately 4050 m in thickness. The water table is at, or near, surface. A geological plan for the deposit is presented in Figure 7-3. Figure 7-4 and Figure 7-5 are drill sections through the deposit. 7.1.2 Alteration The alteration forms distinct concentric zones with a central potassic alteration, central to intermediate, overlapping, and partly overprinting phyllic, argillic and advanced argillic alteration and fringing propylitic and minor silicic alteration. Alteration intensity is directly related to the intensity of fracturing in the hosting lithologies and brecciation in the polymictic breccia unit. Locally, alteration distribution and intensity is controlled by northeast- and northwest-trending faults. Phyllic and argillic alteration dominate in the upper 50 to 300 m in the southern half of the deposit and the upper 100 m to locally 150 m in the northern half of the deposit (excluding overburden and the leached cap). Most of the area of the northern and southern halves of the deposit at depth under the layer of phyllic and argillic alteration is dominated by potassic alteration.
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DNT - HR110406 Cañariaco NI 43-101 B

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Candente Copper Corporation Caariaco Norte Deposit, Lambayeque Department, Peru NI 43-101 Technical Report on Pre-feasibility Study Progress

Proposed Mine Site General Arrangement

Project No.: 165270 March 2011

Project No.: 165270 March 2011

Project No.: 165270 March 2011

Project No.: 165270 March 2011

Project No.: 165270 March 2011

Project No.: 165270 March 2011

Project No.: 165270 March 2011

Project No.: 165270 March 2011

Project No.: 165270 March 2011

Regional Geology Map

Project No.: 165270 March 2011

Regional Stratigraphic Column

Note: Figure courtesy Candente Copper Corp.

Caariaco Norte Deposit Geology

Project No.: 165270 March 2011

Project Stratigraphic Column

Project No.: 165270 March 2011

Project No.: 165270 March 2011

Project No.: 165270 March 2011

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