Cancana JV Expands Land Package and Adds Second Drill Rig at Brazil Manganese Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 6, 2015) - Cancana Resources Corp. (TSX VENTURE:CNY) ("Cancana" or the "Company") and its joint venture partner Ferrometals, together the "JV", announced the JV has purchased a new exploration licence (see figure 1, highlighted in yellow) and added a second drill rig to its exploration program. With this new exploration license, the JV has added 3,923ha, bringing the total land package to approximately 108,000ha.
The new drill rig is a man-portable rig that is ideal for working on hill slopes that would otherwise be inaccessible for a conventional rig. The second drill rig is on site and has been contracted for 2,000 meters of drilling, bringing the current Phase II drill program to 4,000 meters.
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/cny1006fig1.pdf.
On behalf of the Board of Directors of CANCANA RESOURCES CORP.
Anthony Julien, President, CEO & Director
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"). 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 through pre-feasibility and development and into production. 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.
(October 6, 2015 - 9:01 AM EDT)
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