VICTORIA, BRITISH COLUMBIA--(Marketwire - July 4, 2012) - Cancana Resources Corp. (TSX VENTURE:CNY) (the "Company" or "Cancana") is pleased to announce changes of senior management effective immediately.
Mr. Andrew Male will become Chief Executive Officer of Cancana effective immediately and will continue as Interim Chief Financial Officer until such time as a suitable replacement has been appointed. Dr. William Pfaffenberger will become Chairman of the Audit Committee and remain as a Director of the Company.
Director and former CEO, Dr. William Pfaffenberger said; "The appointment by the Board of Directors of Andrew Male to the position of CEO is seen as a positive step as the Company focuses on transitioning from exploration to production. Andrew has been instrumental in the development and acquisition strategy of the Company in the past couple of years and has been on site at the various properties numerous times. He has been the Director that has negotiated many of the transactions and developments of Cancana in Brazil and as such is ideally suited to take on this role going forward."
Director & newly appointed CEO, Mr. Andrew Male remarks; "I would like to thank the Board of Directors for this position and extend a special thank you to Dr. William Pfaffenberger for all of his efforts to date. We look forward to being able to execute on becoming a stronger company by establishing production in the near future."
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. www.cancanacorp.com.
Issued on behalf of the Board of Directors of Cancana Resources Corp.
Dr. William (Bill) Pfaffenberger Chairman
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. 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 harbor.Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.