VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/12/13 -- Aurcana Corporation ("Aurcana" or the "Company") (TSX VENTURE: AUN)(OTCQX: AUNFF) is pleased to announce that further to its press release of March 28, 2013, the TSX Venture Exchange (the "Exchange") has accepted notice of the consolidation of the Company's common shares ("Common Shares") on a basis of eight (8) pre-consolidated Common Shares for each one (1) post-consolidation Common Share (the "Consolidation") and has no objection to the Company's Common Shares trading on a post consolidated basis effective at the opening of market Tuesday, April 30, 2013 under the new CUSIP number 051918506.
The Company's listed warrants to purchase Common Shares ("Warrants") will continue to trade on the Exchange under the new CUSIP number 051918142. Following the Consolidation, the Warrants will be consolidated on the basis of eight (8) existing Warrants ("Pre-Consolidation Warrants") for one (1) new Warrant ("Post-Consolidation Warrant"), with any fractional Post-Consolidation Warrant rounded down to the nearest whole number. Post-Consolidation Warrants will have an exercise price of $8.00 and may be exercised at any time up until 5:00pm (Vancouver time) on November 29, 2013. In accordance with the terms of the Warrant Indenture, notice of the Consolidation has been sent to all holders of Warrants.
Letters of transmittal with respect to the Consolidation will be mailed out to all registered shareholders by the Company's transfer Agent, Equity Financial Trust Company (Equity). The letter of transmittal describes the process by which shareholders may obtain new certificates representing their Consolidated Common shares and all registered shareholders of the Company will be required to send their certificates representing pre-consolidation Common Shares with a properly executed letter of transmittal to Equity, in accordance with the instructions provided in the letter of transmittal. Shareholders who hold their shares through a broker or other intermediary and do not have shares registered in their name will not need to complete a letter of transmittal.
About Aurcana Corporation
La Negra Mine current installed capacity is 3,000tpd.
La Negra has a NI 43-101 M&I resource of 115.1 mm oz silver (at a grade of 131.3g/t), 1,418.7 mm lbs Zn (at a grade of 2.36%), 539.5 mm lbs Pb (at a grade of 0.91%) and 269.5 mm lbs Cu (at a grade of 0.49%) and an Inferred Resource of 56.5 mm oz silver (at a grade of 126.1g/t), 657.4 mm lbs Zn (at a grade of 2.14%), 263.0 mm lbs. Pb (at a grade of 0.88%) and 132.3 mm lbs Cu (at a grade of 0.42%).
The Shafter Mine mill was commissioned on April 1, 2012 and is expected to commence commercial production in late Q4 2012. The Shafter Silver Mine is scheduled to produce 3.8 million ounces of silver over 12 months when is operating at 1,500tpd capacity.
Shafter has a NI 43-101 M&I Resource of 23.9 mm oz of silver (at a grade of 267.1 g/t) and an Inferred Resource of 22.79 mm oz of silver (at a grade of 327.2 g/t).
(All National Instrument 43-101 technical reserve reports can be found on SEDAR at: www.sedar.com)
Aurcana continues to focus on its future growth.
The Company's shares are also traded in the United States on OTCQX under the symbol "AUNFF". Investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on www.otcqx.com and www.otcmarkets.com.
ON BEHALF OF THE BOARD OF DIRECTORS OF AURCANA CORPORATION
Lenic Rodriguez, President & CEO
The scientific and technical information contained in this news release regarding the Shafter Silver Mine has been reviewed by Ken Collison, P.Eng. Director of the Company, and a Qualified Person ("QP").
Baltazar Solano-Rico and Betty Gibbs have reviewed the technical information reported in the National Instrument 43-101 technical reports regarding the La Negra Silver Mine. All National Instrument 43-101 technical reports can be found on the Company's website at www.aurcana.com or on SEDAR at www.sedar.com.
Baltazar Solano-Rico (M.Sc., Geol. Eng.) and Mrs. Betty Gibbs (E.M., MSc.) of Behre Dolbear are the independent Qualified Persons pursuant to NI 43-101 for the Company. Ken Collison (P.Eng), one of the Directors of the Company and Nils von Fersen (PGeo), Vice President, Exploration are also certified Qualified Persons of the company. The technical contents of this release have been reviewed by Nils von Fersen for QP technical disclosures.
This news release contains certain forward-looking statements, including statements regarding forecast silver production, silver grades, recoveries, potential mineralization, exploration result, future plans and objectives of the Company and the business and anticipated financial performance of the Company. These statements are forward-looking statements that involve various risks and uncertainties. These forward-looking statements include, but are not limited to, statements with respect to mining and processing of mined ore, achieving projected recovery rates, anticipated production rates and mine life, operating efficiencies, costs and expenditures, changes in mineral resources and conversion of mineral resources to proven and probable reserves, and other information that is based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management.
Exploration results that include geophysics, sampling and drill results on wide spacings may not be indicative of the occurrence of a mineral deposit. Such results do not provide assurance that further work will establish sufficient grade, continuity, metallurgical characteristics and economic potential to be classified as a category of mineral resource. A mineral resource which is classified as "inferred" or indicated" has a great amount of uncertainty as to its existence and economic and legal feasibility. It cannot be assumed that any or part of an "indicated mineral resource" or "inferred mineral resource" will ever be upgraded to a higher category of resource. Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into proven and probable reserves.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or does not expect", "is expected", anticipates" or "does not anticipate" "plans", "estimates" or "intends" or stating that certain actions, events or results " may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to materially differ from those reflected in the forward-looking statements.
Actual results may differ materially from results contemplated by the forward-looking statements. Important factors that could differ materially from the Company's expectations include, among others,risks related to international operations, unsuccessful exploration results, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as changes in metal prices, changes in the availability of funding for mineral exploration and development, unanticipated changes in key management personnel and general economic conditions. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, oral or written, made by itself or on its behalf. Accordingly, readers should not place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.