Vancouver, British Columbia--(Newsfile Corp. - February 8, 2013) - Investment firm Euro Pacific Canada issued a report on Canacana Resources (TSXV: CNY), a Brazilian manganese exploration and production company.
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The report focused on Cancana's 45,000 hectare manganese bearing claims in Rondonia, Brazil, which are mainly contiguous and adjacent to already producing operations. The property is easily accessible year round via paved roads.
The Technical Report, released on January 15th, and available on www.Sedar.com, increased the inferred resource from 8,775 tonnes to 35,000 tonnes, with an average manganese grade of 54%. This was based on an area of only 4.4 hectares and within 3 metres from the surface.
Steel manufacturing accounts for 97.5% of the global demand for manganese, with Brazil currently a net importer. In 2011, the global production of manganese reached 17.7 million metric tonnes, in correlation with the production of steel which hit a new record high that year.
Euro Pacific lists several reasons for putting Cancana on your watch list, including:
- All manganese assays to date have shown "high grade" between 48 to 54%
- Mineralization is directly on surface clasts and large boulders, and ore can be shipped directly without further concentration
- Local market prices average $280 per tonne FOB
- Cancana's main focus is to process surface manganese for direct shipping
- Exploration work on the manganese hosting vein structures will continue with the aim to significantly expand resources
- Bulk sampling and trial mining will commence this quarter, with initial production of 18,000 to 20,000 tonnes of ore expected to be direct shipped in 2013, which at today's market prices would result in revenues of approximately $5 million
- Future production is targeted at over 100,000 tonnes of manganese per year
Cancana currently trades at $0.32, and with approximately 32 million shares outstanding, is capitalized at $10 million.
The company's investor relations activities are handled by CHF Investor Relations. Please email Morgan Tyghe at email@example.com for additional information.
For more information about Euro Pacific Canada or to obtain a copy of their report, contact your nearest Euro Pacific office. Their branches are listed on their website www.europac.ca.
InvestmentPitch.com, a multimedia company that provides a combined solution for creating and hosting financial video content, and distributing it across multiple platforms to investors and financial professionals, specializes in producing three minute videos based on news releases and research reports.
Barry Morgan, CFO