VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 15, 2013) - Cancana Resources Corp. (TSX VENTURE:CNY) ("Cancana" or the "Company") has completed Phase 2 of its National Instrument 43-101 ("NI 43-101") compliant technical report related to its high-grade manganese claim in Rondonia, Brazil.
This independent technical report entitled "Technical Report - Cancana Resources Corp. Manganese Claims, Rondonia, Brazil", (the "Technical Report or NI 43-101"), dated January 15, 2013, was prepared for Cancana by John Harper, ("Harper"), Professional Geologist, and Qualified Person and is an extension and update of the initial Technical Report dated November 19, 2012.
The updated Technical Report executed the recommendations and ongoing work of the initial Technical Report on a claim known as 241 and in an area of that claim identified as 241NC ("Sigmine claim # 886241/2011"), and provides an increase to the Inferred Resource totalling 35,000 tonnes of mineralization with an average Manganese grade of 54%.
The updated Technical Report was completed on an area that has increased in size from 2.97 hectares to 4.4 hectares, the entire claim 241 is 5,417.35 hectares in size.
A further four Manganese samples were collected and brought to Canada for assay. The samples assayed graded between 51.97% to 58.03% Mn with an average grade of 53.81%.
As per recommendations within the updated Technical Report, further expansion of the 4.4 hectare area is ongoing and being completed in an effort to continue the expansion of the resource. This further research and reporting will be published as and when completed. A petrographic report was also completed and attached to the updated Technical Report as an Appendix.
In concert with the updated Technical Report, further pitting and trenching is presently being completed adjacent to the 4.4 hectare reported area in claim 241NC. As noted previously this research will enable completion of the initial mining plan, with a goal of commencing mining operations in the first quarter of 2013.
Cancana holds some 37,965.49 hectares of Manganese bearing Claims and these will require a comprehensive approach to establish the size and scope of the resource. Harper is currently exploring and reviewing the mineral claims, and in conjunction with Cancana management, will be determining additional areas of exploration and research.
Highlights of the assay samples are enclosed in the following table;
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Sample ID Mn %
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WP 669 52.26
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WP 654 51.97
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TMN 01 52.98
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241 SW 02 58.03
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Andrew Male, CEO of Cancana, commented: "The updated NI 43-101 Technical Report is a very positive indication of the direction that we are going. Of greatest note however is that an increase of almost 400% of mineralization was achieved with only a small increase of exploration area, 2.97 to 4.4 hectares, an increase of only 1.43 hectares. The increase to 35,000 tonnes of Inferred Resource was accomplished in very little time and with good efficiency. As a result of the use of the mechanised equipment we were able to get to a depth that revealed the large 1 cubic meter plus boulder of Manganese, something we have not seen before."
John Harper, P. Geo., a qualified person as defined under the terms of NI 43-101, has verified the data and approved the technical information contained in this press release.
Cancana Resources Corp. is an exploration stage company 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.
Andrew Male, CEO and 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Cancana Resources Corp.
+1 403 269 2065
Or, preferably, email: cancana.ir@cancanacorp.com
www.cancanacorp.com
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