Cancor Mines Inc.

Cancor Mines Inc.

December 23, 2008 12:29 ET

Cancor - 2008 Achievements

MONTREAL, Dec. 23 - Cancor Mines (KCR-TSX) is pleased to
present an update of exploration activities on its gold and base metal (copper
and zinc) properties in the Abitibi region of Québec and its gold- and
copper-bearing properties in Algeria.

Québec Results

Kistabiche and Bonfortel - Cancor conducted a Titan-24 survey of its
Kistabiche (in association with its partner SOQUEM) and Bonfortel properties,
which are located north of Amos in the historical precious metal and base
metal mining district of Joutel in Québec.
A total of 16 anomalies were identified by Quantec Geoscience of Toronto,
which conducted the Titan-24 survey. Eleven of these anomalies have been
"interpreted as representing potential massive or stringers or disseminated
sulphide mineralizations and/or alteration zones at depth", and are considered
to be high-priority targets. Two of these eleven anomalies were drilled during
the fall of 2008.
The most interesting results from these two holes were the detection of a
large "off-hole" type electromagnetic anomaly, the source of which has been
interpreted as being located approximately sixty metres North East of the
first hole. The second hole will also undergo a borehole electromagnetic
In addition to the "off-hole" anomaly detected in the first hole of 2008,
the nine other targets of the Titan-24 survey must be reviewed following the
results of the first two holes and prioritized for an eventual follow-up
drilling program.
The Kistabiche Property comprises a zinc deposit known as Explo-Zinc,
which contains National Instrument 43-101 compliant measured and indicated
resources of 587,961 tonnes grading 7.63% zinc, 0.35% copper and 1 oz/t
silver, and inferred resources of 273,485 tonnes of 6.64% zinc and 0.21%

Gemini-Turgeon - IAMGOLD Corporation ("IAMGOLD") has exercised its
joint-venture option on the Gemini-Turgeon Property, which is located in the
Abitibi region of Québec. As part of its equal partnership with Cancor,
IAMGOLD had committed to invest $2.5 million for exploration work on the
property. As all conditions have been satisfied, IAMGOLD has now become the
project manager and plans to continue the exploration of this vast property,
which contains a number of important showings of polymetallic massive
sulphides with Cu-Zn-Ag-Au, as well as gold-rich sulphide showings.
The Gemini-Turgeon Project is located in Laberge and Casa-Bérardi
townships, approximately 80 km north of La Sarre in the Abitibi region, and 10
km south of the Casa-Bérardi gold mine. This 70-km2 property largely covers a
formation of felsic volcanic rock that extends for more than 20 km, with a
high potential in precious metals and base metals.
Several exhalative base metal and gold mineralizations forming massive
sulphide lenses have been identified within felsic volcanic horizons, which is
are typical of the VSM type deposits found in the Abitibi region. Some lenses
have been subjected to extensive drilling, including those in zone B, which
contains a rich zinc mineralized zone containing 1.3 Mt at 8.3% Zn equivalent
according to a non-NI 43-101 compliant evaluation made by Cancor.

Algeria Results

Cancor and its subsidiaries have four gold and copper exploration projects
in the Hoggar region of Algeria, located approximately 2,000 km south of the
capital Algiers:

- The Tan Chaffao West prospecting permit (44,580 ha);
- The In Ouzzal North exploration permit (25,872 ha);
- The Nord Tirek prospecting permit (98,990 ha); and
- The Tan Chaffao East exploration permit (20,000 ha).

The first two permits were acquired in 2007, while the other two were
acquired in the summer of 2008.

Tan Chaffao West - The geological and geochemical work that was carried
out by Cancor in 2007-2008 has confirmed the results obtained for the
mineralized zones that were discovered in the early 1970s by Russian
geologists and SONAREM. These zones, which cover several kilometres, are
located in highly altered rhyolitic rocks and associated with north-south
faults, contain malachite, pyrite, chalcopyrite, sphalerite, galena, and gold
in addition to pyrrhotine, barytine, and magnetite.

The following indicates some of the best results reported by the Russian
teams and obtained during recent Cancor work:

- 7.60% Zn over 3.20 metres and 2.30% Cu over 1.50 metres in Trench 12 on
Lens I;
- 4,60 g/t Au over 2.00 metres in Trench 1 on Lens II;
- 78.40 g/t Au over 0.60 metre in Trench 25 on Zone 2N; and
- 5.2 g/t and 9 g/t Au respectively from two grab samples.

The next exploration programme will include drilling of the best targets.

In Ouzzal North - The In Ouzzal North Project covers the southern portion
of the In Ouzzal fault, in the immediate southward extension of the Tirek and
Amessmessa gold deposits, which are located 67 and 15 km north of the northern
boundary of the permit respectively. The geological and geochemical work that
was carried out by Cancor in 2007-2008 has confirmed the geological
environment and the grades reported by the Russian and Algerian teams of the
SONAREM between 1970 and 1995 on the 3 main gold-bearing vein showings that
were discovered: Tachamek, Point 33 and Zone B.
On the Tachamek showing, gold-bearing quartz veins form 6 gold fields that
sometimes extend over 500 metres. Two grab samples taken by Cancor geologists
contained 410 g/t Au and 128.50 g/t Au, which confirms the high grades that
have been obtained in the past. Free gold was observed in one sample.
The mineralizations that were discovered on the In Ouzzal permit are
associated with the In Ouzzal fault, which controls the emplacement of the
Amessmessa and Tirek gold deposits located to the north.
During the next campaign, Cancor expects to carry out drilling on the
Tachamek showing, evaluate other known prospects, and continue the exploration
of the entire permit.

Nord Tirek - The NordTirek project is located on the same In Ouzzal fault,
which is a major fault that extends for more than 400 km. The project covers
more than 40 km of the fault zone in its immediate northern extension of the
Tirek and Amessmessa gold-bearing vein deposits. These two deposits are
closely associated with this major fault.
The work that was carried out by the Russian teams and SONAREM between
1976 and 1992 in the area covered by the Nord Tirek permit by means of
trenches and sampling revealed several gold vein-bearing fields that contain
tens of quartz veins ranging from centimetric to metric in thickness and from
metric to kilometric in extension, nearly half of which are gold-bearing. The
gold is sometimes native, and is often associated with iron oxides and iron
hydroxides, along with the presence of galena and pyrite.

Some of the best previous results reported are indicated below:

- 8.50 g/t Au over a thickness of 1.50 meter over a length of 42 metres
in the Kiouène gold field (80 veins, 45 of which are gold-bearing);
- One grab sample on the Chantier Sud zone (36 veins, 7 of which are
gold-bearing) has reported 471.2 g/t Au;
- An average value of 164 g/t Au on a width of 0.30 metre over a length
of 125 metres in Zone 13 (13 veins, 5 of which are gold-bearing);
- An isolated value of 116.4 g/t Au in Zone 3 (7 gold-bearing veins

No drilling has been carried out to date in this area. This project will
be the subject of an NI 43-101 compliant geological evaluation.

Tan Chaffao East - Located 45 km SE of the Tan Chaffao West permit, the
Tan Chaffao East property includes a horizon of altered and mineralized felsic
volcanics with Cu, Zn and Au that extends for more than 5 kilometres.
Since discovery by Russian teams of the SONAREM in 1972, the horizon was
tested by several trenches and fifteen drill holes. This work made it possible
to define a mineralized zone represented by 3 separated bodies in the same
marker horizon. The total length of the mineralizations is 1,450 metres, and
their average thickness is 10.1 metres. The non-NI 43-101 compliant potential
resources are estimated at 6.6 million tonnes grading 0.55% Cu, 0.43% Pb,
1.65% Zn and 1.62 g/t Au. Cancor does not consider the resources that are the
subject of the historic estimate to be mineral resources present, and is of
the opinion that the historic estimate should not be relied upon.
The polymetallic and gold-bearing sulphide mineralization is present in
disseminations, stringers and semi-massive lenses. The drilling data has
indicated that this mineralization is of the gold-polymetallic type, with gold
levels reaching 2 to 3 g/t Au over 10 to 21 metres in thicknesses.
Cancor expects to proceed quickly with drilling in order to define the
limits of the mineralized zone and plans to continue the exploration along the
entire volcanic horizon that is favourable for discovery of new mineralized
bodies. This project will be the subject of an NI 43-101 compliant geological

SOQUEM is a wholly-owned subsidiary of Société Générale de Financement du
Québec (SGF). SGF is Quebec's industrial and financial holding company
responsible for undertaking economic development projects in the industrial
sector in cooperation with partners and in compliance with the economic
development policies of the Government of Quebec.

Cancor Mines Inc. is a Canadian mining company that is engaged in the
exploration and development of properties with gold and base metal potential
in established mining camps.

All Cancor Mines Inc. press releases, maps, and figures pertaining to the
projects described above are available on the company's website at Several NI 43-101 compliant geological reports describing the
above mentioned projects have been completed and are available on SEDAR.

This press release has been read and approved by Mr. Khobzi, engineer and
qualified person within the meaning of NI-43-101.

Caution concerning forward-looking statements

This press release contains certain "forward-looking statements",
including. but not limited to, the statement regarding exploration work and
the emphasis on looking for a certain type of deposit. Forward-looking
statements involve a number of risks and uncertainties. There can be no
assurance that such statements will prove to be accurate. Actual results and
future events could differ materially from those anticipated in such
statements. Risks and uncertainties that could cause results or future events
to differ materially from current expectations expressed or implied by the
forward-looking statements include, among other things, those set forth in
Cancor's 2008 Annual Information Form, a copy of which can be obtained on the
SEDAR website at

Contact Information

  • For further information: Mr. Khobzi, President, (514) 849-3013