Cancor Mines Inc.
CNSX : KCR

Cancor Mines Inc.

April 09, 2008 09:51 ET

Exploration Progress Report

MONTREAL, April 9 - Cancor Mines is pleased to provide an
update regarding the progress we are making on our gold and base metal
properties in Algeria and Canada. Key developments include a planned drilling
campaign on our Kistabiche property; the ongoing drilling at the
Gemini-Turgeon property (Gold and base metals); and the latest progress in
reference to our properties in Algeria.

Tan Chaffao West Property (Algeria): Mapping and Sampling in Progress

Our geologists have collected over 250 grab samples which are in the
process of being sent to a laboratory in Europe to be processed and analyzed.
The prospect permit for the Tan Chaffao West site is primarily for gold
and copper mineralization. The site is located 45 km northwest of the Tan
Chaffao East copper-gold deposit, which has a similar geological context as
our Tan Chaffao West property (press release dated December 3, 2007). The area
of the Tan Chaffao West permit is 44,580 hectares (445 km2).
The regional geological survey of the massive Tan Chaffao West property
is ongoing. Approximately 300 km has been mapped. The mapping has resulted in
the collection of the aforementioned grab samples for metallic,
lithogeochemical and Rare Earth Elements analysis.
Six particular zones were studied during exploration campaigns in the
1970s and values of 1 to 10 g/t of gold and 0.5% to 3% of copper were
reported. Visible gold was also observed in some locations. Samples we
collected in October 2007 gave good gold indications (press release dated
December 3, 2007).

In Ouzzal North Property (Algeria): Mapping and Sampling in Progress

The regional geological survey is ongoing and 20 samples have been
collected for metallic and lithogeochemical analysis (Au, Ag).
Many samples were collected in October 2007 and gave excellent gold
indications (press release dated December 3, 2007). Mapping and sampling is
currently continuing on the site and Cancor will report results as they are
obtained.
The In Ouzzal North permit covers an area of 25,872 hectares (258 km2),
with 30 km along the In Ouzzal gold-bearing structure that hosts the Tirek and
Amessmessa deposits.
The property is located south of the Amessmessa gold deposit which is
being commercially exploited by GMA Resources Plc, an Australian Mining
company listed on the AIM exchange. Measured and indicated resources of the
Amessmessa gold deposit (in compliance with Australia's JORC classification)
for veins 8 and 9 are 1,043,000 tons at 12.05 g/t Au. Inferred resources are
810,000 tons at 8.0 g/t (GMA website, 2007) (press release dated December 3rd,
2007).
The In Ouzzal North gold-bearing structure is marked by a sub meridian
mylonitic band 3,000 meters wide, extending about 400 km. A number of gold
showings have been identified along this major shear zone within the property.
Previous exploration work in the acquired perimeter showed a large number of
quartz veins, with some providing significant gold content. The gold,
sometimes free, is associated with quartz veins and stringers accompanied
locally by iron oxides and hydroxides, galena and pyrite.

Gemini Property: Ongoing Drilling

A drilling program is underway in the southern part of the property, and
the results will be known at the end of the program. All the prioritized
targets have potential for the discovery of sulphide mineralisations.
The Gemini-Turgeon gold and base metals project is located north of La
Sarre, in the Casa-Bérardi mining camp. IAMGOLD, Cancor's associate in this
venture, has identified numerous targets based on a deep-penetrating Titan-24
survey, borehole Pulse EM and induced polarization anomalies (press release
dated February 19, 2008).
This 70 km2 property largely covers a formation of felsic volcanics which
extends over a strike-length of more than 20 km. The felsic formation offers a
high potential for discovery of precious and base metals. Several horizons of
exhalative mineralisations hosting massive sulphide lenses have been
identified on the property. These massive sulphide lenses contain anomalous to
sub-economic concentrations of gold, copper, zinc and silver. Cancor made
extensive studies on some of these lenses, particularly on Zone B. On Zone B,
drill holes have outlined a copper zone with a mineral inventory of
700,000 tons at 3% Cu equivalent and a zinc zone of 1.3 million tons at 8.3%
Zn equivalent as estimated by Cancor. The resource inventory is non-compliant
with NI 43-101, and IAMGOLD has not yet verified the resource estimate.

Kistabiche Property: Eleven High Priority Drilling Targets Located

Quantec has identified sixteen anomalies, eleven of which are seen as
high priority targets due to their physical characteristics and geological
context (i.e., proximity to known showings). According to Quantec, they are
"interpreted as representing potential massive or stringer or disseminated
sulphide mineralisations and/or alteration zones at depth." As a result of the
findings Quantec is recommending a drilling program totaling 10,900 meters to
check the source of these eleven high priority targets (press release dated
March 25, 2008).
The survey, conducted by Quantec Geoscience Limited (Quantec) covered the
western part of the Kistabiche (a joint venture with SOQUEM Inc.) and
Bonfortel properties, both located north of Amos in Quebec's historic Joutel
precious and base metals mining district.
Cancor is evaluating these targets and intends to follow up with a
drilling program in accordance with the company's geological priorities.
A number of massive sulphide lenses exist on this property and form the
Explo-Zinc deposit. This deposit contains measured and indicated mineral
resources in accordance with National Instrument 43-101. Specifically, the
measured resources amounted to 350,102 tons containing 9.46% Zinc, the
indicated resources amounted to 237,859 tons containing 4.94% Zinc, resulting
in a total of 587,961 tons containing 7.63% Zinc. The inferred resources
amounted to 273, 485 tons containing 6.64% Zinc (see press release dated
13 December 2006).

Quality Control:

The follow-up of exploration programs are conducted by Cancor employees
under the supervision of Mr. Michel Lacey, a consulting geologist to Cancor
and a qualified person as defined by Canada's National Instrument 43-101.
The sampling in Algeria was conducted by Mr. M Ouali and Mr. A Chaouche,
two accredited Algerian engineers under the supervision of Mr. Lacey. All the
samples have been crushed at the ORGM laboratory in Tamanrasset, Algeria and
will be sent to OMAC Laboratories in Ireland where geochemical analysis will
occur.

About Cancor

Cancor Mines Inc. is a Canadian mining company involved in the
exploration and development of properties with high potential for precious or
base metals in recognized mining camps in Canada and abroad.
All Cancor Mines press releases are available on the company's website,
www.cancor.ca. Mr. Khobzi an engineer and qualified person under NI 43-101,
has read and approved this release.

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 2007 Annual Information Form, a copy of which can be obtained on the
SEDAR website at www.sedar.com.

Contact Information

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