VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 21, 2012) - Cancana Resources Corp. (TSX VENTURE:CNY) ("Cancana" or the "Company") has completed an initial National Instrument 43-101 ("NI 43-101") compliant technical report related to its high-grade manganese claim in Rondonia, Brazil.
The initial independent technical report entitled "Technical Report - Cancana Resources Corp. Manganese Claims, Rondonia, Brazil", (the "Technical Report or NI 43-101"), dated November 19th, 2012, was prepared for Cancana by John Harper, ("Harper"), Professional Geologist, and Qualified Person.
This initial Technical Report was completed on a claim known as 241 and in an area of that claim identified as 241NC ("Sigmine claim # 886241/2011"), and provides an Inferred Resource of 8,775 tonnes of mineralization with an average Manganese grade of 54%.
The Technical Report was completed on an area of 2.97 hectares in size, the entire claim 241 is 5,417.35 hectares in size. Eight samples were collected and brought to Canada for assay. The samples assayed graded between 46.23% to 60.4% Mn with an average grade of 53.7%.
As per recommendations within the Technical Report, further expansion of the 2.97 hectare area will be immediately commenced in order to expand the resource. This further research and reporting will be amended to this initial Technical Report and issued when complete.
In concert with the Technical Report, further pitting and trenching is presently being completed in an area adjacent to 241NC and will enable completion of the initial mining plan, with a goal of commencing mining operations in the first quarter of 2013.
Cancana holds some 37,965.49 hectares of Manganese bearing Claims and these will require a comprehensive approach to establish the size and scope of the resource. Harper is currently exploring and reviewing the mineral claims, and in conjunction with Cancana management, will be determining additional areas of exploration.
Highlights of the assay samples are enclosed in the following table;
|Sample ID||Mn %||Weight of Sample in grams|
|241 NC 11||46.23|
|241 NC 07||50.59|
|241 NC 10||51.54|
|241 NC 21||56.55|
Andrew Male CEO of Cancana, commented: "The NI 43-101 Technical Report initial estimate of resource is another important step in further advancing our first production target. This Inferred Resource was accomplished with a limited, but highly targeted, pitting program on less than 3 hectares. Our technical understanding of the deposits continues to grow and the mineral resource continues to show significant scope. As recommended in the report Cancana needs to imitate regional exploration programs aimed at identifying manganese occurrences with follow up exploration leading to resource and reserve calculations. We are already proceeding with additional pitting and trenching on 241NC, in order to expand the resource".
John Harper, P. Geo., a qualified person as defined under the terms of NI 43-101, has verified the data and approved the technical information contained in this press release.
Cancana Resources Corp. is an exploration stage company with assets in Brazil and Canada. The Company has been seeking projects that expand its resource base and provide for near term production and revenue. All available resource reports and information on the Company's properties are located on the Company website: www.cancanacorp.com.
Issued on behalf of the Board of Directors of Cancana Resources Corp.
Andrew Male, CEO and Director
The information in this news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and applicable Canadian securities laws. When used in this release, words such as "estimate", "expect", "anticipate" and "believe" as well as similar expressions are intended to identify forward-looking statements. Such statements are used to describe management's future plans, objects, and goals for the Company and therefore involve inherent risks and uncertainties. The reader is cautioned that actual results, performance or achievements may be materially different from those implied or expressed in such statements, which speak only as of the date the statements were made. The Company does not update forward-looking statements continually as conditions change. We seek safe harbour.