November 02, 2012 at 13:51 PM EDT
Cancana Provides Private Placement Update

VICTORIA, BRITISH COLUMBIA--(Marketwire - Nov. 2, 2012) - Cancana Resources Corp. (TSX VENTURE:CNY) (the "Company" or "Cancana") announces that, further to its press releases dated October 19, 2012 and October 22, 2012 in connection with the previously announced non brokered private placement (the "Offering"), the Company raised aggregate gross proceeds in the amount of $932,632.40 through the issuance of an aggregate of 4,663,162 units (the "Units") at a price of $0.20 per Unit under the Offering. All Units issued in connection with the Offering are subject to a statutory hold period expiring four months and one day from the closing of the Offering.

Cancana 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.

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.

Contact:

Cancana Resources Corp.

+1 403 269 2065

cancana.ir@cancanacorp.com

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