VICTORIA, BRITISH COLUMBIA--(Marketwire - Oct. 24, 2012) - Cancana Resources Corp. (TSX VENTURE:CNY) (the "Company" or "Cancana") is pleased to announce that it has acquired an additional mineral claim.
Cancana has registered a further mineral claim of 4,912.05 Hectares adjacent to its existing claim package in Rondonia, Brazil. The Company continues to seek to secure additional mineral claims in an effort to increase its land bank and mineral claim size. The new mineral claim secured is contiguous with the existing claims already held by the Company.
The claim was officially transferred by the Department National Production Minerals, ("DNPM"), to M.L.B.Noqueira Mineracao, ("MLB"), a wholly owned subsidiary of Cancana, on October 18, 2012. The Company will review and commence rudimentary prospecting and sampling at surface, as well as ad hoc pitting, under supervision by Cancana Management in the near future.
With the acquisition and registration of this new claim, Cancana now has 42,023.47 Hectares of contiguous and near contiguous claims in the region. On October 4th the company announced that it has commenced the initial work to establish a location for the initial NI 43-101 report on its High Grade Manganese claims in Rondonia, Brazil.
All claims sampled and researched to date have resulted in Manganese occurrences showing at surface and in vein structures. General assay results to date have shown Manganese grading between 48% to 52%.
Mr. Andrew Male, CEO, remarks; "The addition of this claim and the substantial increase to the Company's claim package brings our holdings in the region to over 420 square kilometers. This goes a long way to establishing Cancana with a claim package that will be enable an extended mine life once properly evaluated and reported. We will continue to seek additional claims that will increase this claim package, complete research and exploration and then refine the economically viable claims for ultimate production and sales of Manganese Lump Ore."
Cancana Resources Corp. is an exploration stage company that is transitioning into production 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.
Issued on behalf of the Board of Directors of Cancana Resources Corp.
Mr. Andrew Male, CEO & 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.
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