VICTORIA, BRITISH COLUMBIA--(Marketwire - March 12, 2013) - Cancana Resources Corp. (TSX VENTURE:CNY) (the "Company" or "Cancana") is pleased to announce that the Department National Production Minerals, ("DNPM") has received Cancana's formal request for granting a trial mining license ("Guia") on claim 886241/2011.
Cancana completed 2 National Instrument 43-101 ("NI 43-101") compliant technical reports related to its high-grade manganese claim in Rondonia, Brazil on claim 886241/2011 in an area of the claim known as "241NC".
The initial Technical Report dated November 21, 2012 provides an Inferred Resource of 8,775 tonnes of mineralization with an average Manganese grade of 54% on 2.97 hectares. On January 15, 2013 an updated Technical Report was completed on the same area with an expansion from 2.97 hectares to 4.4 hectares and provides an updated Inferred Resource of 35,000 tonnes of mineralization. The average grade was also 54%. The entire claim 241 is 5,417.35 hectares in size.
With this information Cancana was able to complete the requirements of the DNPM to commence the application process for a Guia on 241NC. The DNPM timeline for issuance of trial mining permits is subject to workload, site visits, environmental reporting and procedures as well as further clarification as may be required by regulatory authorities. Cancana's consultants however have indicated they do not expect any delays in the approval and issuance process.
Cancana also received notification that its claim 886017/2013 ("previously Sigmine claim # 886298/2009") has been granted research approval. Initial prospecting of the claim consisting of pitting and trenching is currently underway under direction from Harper and Cancana management.
Cancana holds 9 claims totaling 45,372.37 hectares of Manganese bearing Claims and these will require a comprehensive approach to establish the size and scope of the resource.
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. 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.
Cancana Resources Corp.
+1 403 269 2065
CHF Investor Relations