Cancana JV Achieves Record Monthly Production - Receives Order for 1,200 Tons
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 13, 2015) - Cancana Resources Corp. (TSX VENTURE:CNY) (the "Company" or "Cancana") announced today that its joint venture Brazil Manganese Corp. ("BMC") has produced 2,045 tons in the month of July, taking the Rio Madeira plant to record production levels. Due to expanding plant capacity and increasing operating efficiencies, BMC has now received an order for 1,200 tons from a key Brazilian fertilizer manufacturer.
President and CEO, Anthony Julien stated, "Achieving record monthly production levels demonstrates that Rio Madeira is scalable, and that there is robust demand for our premium product. Expanding production and securing orders are two critical advancements in our strategy of becoming the primary supplier of high-grade, high-purity manganese to domestic fertilizer manufacturers."
The Jaburi plant has received the necessary fire and municipal permitting and will re-activate on a 2-shift roster.
On behalf of the Board of Directors of
CANCANA RESOURCES CORP.
Anthony Julien, President, CEO & Director
The technical information about the Company's mining activities has been prepared under the supervision of and verified by Dr. Adrian McArthur (B.Sc. Hons, PhD. FAusIMM), a consultant to Brazil Manganese Corporation, who is a "qualified person" within the meaning of National Instrument 43-101. Production tonnages are monitored by an independent weighbridge service in the township of Espigao d'Oeste.
Cancana Resources Corp. is focused on exploring and developing the BMC manganese project in Brazil with its joint venture partner Ferrometals, a special purpose investment vehicle for The Sentient Group. Sentient is a resource-focused private equity fund with approximately $2.7Bn in assets under management, and a 15-year track record for advancing resource projects from early stage to pre-feasibility and development. Cancana and Ferrometals are employing a two-pronged strategy at BMC. The primary objective is to advance BMC to an initial resource and onward to pre-feasibility, while also expanding current small-scale production to support those exploration activities. Further information can be found on the Company's website: www.cancanacorp.com.
Some statements in this news release contain forward-looking information or forward-looking statements for the purposes of applicable securities laws. These statements include, among others, statements with respect to the Company's plans for exploration and development of the Brazil properties and potential mineralization. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such risk factors include, among others, failure to obtain regulatory approvals, failure to complete anticipated transactions, the timing and success of future exploration and development activities, exploration and development risks, title matters, inability to obtain any required third party consents, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices and one-time events. In making the forward-looking statements, the Company has applied several material assumptions including, but not limited to, the assumptions that: (1) the proposed exploration and development of mineral projects will proceed as planned; (2) market fundamentals will result in sustained metals and minerals prices and (3) any additional financing needed will be available on reasonable terms. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
The Company cautions that it has not completed any feasibility studies on any of BMC's mineral properties, and no mineral reserve estimate has been established. Because the Company production decision is not based upon a feasibility study of mineral reserves, the economic and technical viability of the property has not been established.
FOR FURTHER INFORMATION PLEASE CONTACT:
Cancana Resources Corp.
VP Corporate Development