Vancouver - Candente Copper Corp. (TSX: DNT, BVL: DNT, US: CDOUF) ('Candente Copper' or 'the Company') is very pleased to announce completion by Ausenco Engineering Canada Inc. of a positive Preliminary Economic Assessment for its 100% owned Canariaco copper project in Northern Peru.

Based on projected average annual metal production of 173 million ('M') pounds ('lb') (78,543 tonnes) copper, 31,395 ounces ('oz') gold ('Au'), and 703,588 oz silver ('Ag') for 28 years and an initial capital cost estimate ('CapEx') of $1.04 B, the Canariaco Norte project has an after-tax net present value ('NPV') of US$1,010 M, and after-tax internal rate of return ('IRR') of 16.3% using a copper price of US$3.50 /lb, US$1,650/oz Au, US$21.50/oz Ag and a discount rate of 8%.

The NPV increases to US$1,833 M, with an IRR of 21.9% and payback of 4.5 years when using a copper price of US$4.50/lb, US$1,650/oz Au and US$21.50/oz Ag. The C1 cash operating cost is estimated to be US$1.28/lb of copper. The forecast strip ratio is 0.66.

Commenting on the results, President and CEO Joanne C. Freeze stated, 'We are very pleased with the results of this new PEA which has achieved three key project objectives: 1) a lower initial capital cost; 2) a subsequent project expansion financed from cash flow and 3) enhanced environmental, social, and governance ('ESG') practices. The lower CapEx offers many more opportunities to finance the project. The focus on enhancing ESG practices led to a single dry stack waste management facility (WMF) with co-mingling and co-disposal of waste rock and filtered mill tailings, would produce an overall smaller footprint for the project that is further distanced from farming communities. Building on the ESG mandate, geometallurgical modelling of the Canariaco Norte deposit gives a better understanding of the mineralization, resulting in a highly marketable concentrate with no need for arsenic treatment and lowers the projected operating cost estimate ('OpEx')'.

'The 2022 PEA presents an alternative business case for developing the Canariaco Project with a smaller initial CapEx, however larger companies could prefer to develop it as a larger project with a much higher throughput on start-up. The Canariaco project offers many advantages. It is reasonably close to key road and power infrastructure, has a low strip ratio, moderately soft rock (BWI 11.2), low operating cost and offers excellent potential for discovery of additional mineralization. The very large data base from previous engineering work supports the 2022 PEA which together could allow moving directly into a feasibility evaluation phase,' also stated Joanne Freeze.

About Candente Copper

The Company's flagship project is Canariaco, within which Canariaco Norte, is the 10th largest late-stage copper resource in the world and 6th highest in grade (RFC Ambrian, December 2021 and Haywood, December 2021). In addition to Canariaco Norte, the Canariaco Project, includes the Canariaco Sur deposit and Quebrada Verde prospect, all within a 4km NE-SW trend in northern Peru's prolific mining district.

The Company is very pleased to now have Canariaco Norte included in 4 research reports that compare various global copper projects. RFC Ambrian: Canariaco Norte in top 10 of 23 projects with potential to involve third party M&A (December 2021); Haywood: Canariaco Norte is one of 18 assets selected as likely to be considered by majors looking to acquire (December 2021); Deutsche Bank: Canariaco Norte identified as one of 3 projects required to meet the upcoming copper supply-demand gap (February 2021); Goldman Sachs: Canariaco Norte identified with incentive copper price in the lowest quartile of the top 84 copper projects worldwide (October 2018).

About Ausenco

Ausenco is a global company redefining what's possible. Its team is based across 26 offices in 14 countries, with projects in over 80 locations worldwide. Combining their deep technical expertise with a 30-year track record, Ausenco provides innovative, value-add consulting and engineering studies and project delivery, asset operations and maintenance solutions to the mining & metals, oil & gas and industrial sectors.

This press release contains forward-looking information within the meaning of Canadian securities laws ('forward-looking statements'). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. Forward-looking statements in this press release include, without limitation: the results of the 2022 PEA, including the projected CapEx, the estimated after-tax NPV and IRR, the estimated mine life and estimated concentrate grades; the potential production from and viability of the Canariaco Project; the risks and opportunities outlined in the 2022 PEA; the potential tonnage, grades and content of deposits; the extent of mineral resource estimates and estimated production and operating costs. These forward-looking statements are made as of the date of this press release.

Although the Company believes the forward-looking statements in this press release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and are subject to risks, uncertainties, assumptions and other factors which could cause events or outcomes to differ materially from those expressed or implied by such forward-looking statements. Such factors and assumptions include, among others, variations in market conditions; the nature, quality and quantity of any mineral deposits that may be located; metal prices; other prices and costs; currency exchange rates; the Company's ability to obtain any necessary permits, consents or authorizations required for its activities; the Company's ability to access further funding and produce minerals from its properties successfully or profitably, to continue its projected growth, or to be fully able to implement its business strategies. In addition, there are known and unknown risk factors which could cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements.

Known risk factors include risks associated with exploration and project development; the need for additional financing; the calculation of mineral resources; operational risks associated with mining and mineral processing; fluctuations in metal prices; title matters; government regulation; obtaining and renewing necessary licenses and permits; environmental liability and insurance; reliance on key personnel; local community opposition; currency fluctuations; labour disputes; competition; dilution; the volatility of our common share price and volume; future sales of shares by existing shareholders and other risk factors described in the Company's annual information form and other filings with Canadian securities regulators, which may be viewed at www.sedar.com. Although we have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. We are under no obligation to update or alter any forward-looking statements except as required under applicable securities laws.

CAUTIONARY NOTE TO U.S. INVESTORS

We advise U.S. investors that this news release uses terms defined in the 2014 edition of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) 'CIM Definition Standards on Mineral Resources and Mineral Reserves', as incorporated by reference in Canadian National Instrument 43-101 'Standards of Disclosure for Mineral Projects', for reporting of mineral resource estimates. These Canadian standards, including NI 43-101, differ from the requirements of the United States Securities and Exchange Commission (SEC) as set forth in the mining disclosure rules under Regulation S-K 1300. Regulation S-K 1300 uses the same terminology for mineral resources, but the definitions are not identical to NI 43-101 and CIM Definition Standards. Regulation S-K 1300 uses the term 'initial assessment' for an evaluation of potential project economics based on mineral resources. This study type has some similarities to a Preliminary Economic Assessment, but the definition and content requirements of an initial assessment are not identical to the definition and content requirements for a PEA under NI 43-101.

Contact:

Jonathan Paterson

Tel: +1 475 455 9401

Email: Jonathan.Paterson@HarborAccessllc.com

Web: www.candentecopper.com

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