Cancor Mines Inc.

Cancor Mines Inc.

September 15, 2008 10:56 ET

IAMGOLD exercises it's option on Gemini-Turgeon Property

MONTREAL, Sept. 15 - Cancor Mines (KCR-TSX) is pleased to
announce that IAMGOLD Corporation ("IAMGOLD") has exercised its option to
become an equal joint venture partner with Cancor Mines Inc. ("Cancor") on the
Gemini-Turgeon property. The property is located in the mineral rich Abitibi
region in northern Quebec.
IAMGOLD has joined Cancor in equal partnership after satisfying the
condition of an option and joint venture agreement which required IAMGOLD to
invest 2.5 million dollars in exploration activities on the property. The
company successfully fulfilled this term. IAMGOLD will now become the lead
project manager and is planning further exploration work on this vast property
with high base and precious metal potential.

IAMGOLD'S exploration work

IAMGOLD has identified several targets following ground Titan-24,
Pulse-EM and induced polarization surveys. In the spring of 2008, it completed
a four-hole drilling campaign totalling 1,827.3 metres in the southern part of
the Gemini property in the vicinity of Zone B.
The first drill hole, GE-08-147, tested a chargeability and
magnetotelluric anomaly detected by Titan-24 technology in the footwall of
Zone B. A quartz-carbonate vein was intersected with 1.84% Cu and 23.6 g/t Ag
over 0.5 metre at 356.5 metres. However, the sulphides intersected by the hole
are clearly insufficient to explain the presence of these anomalies.
The second hole is the extension of hole 877104 drilled by Cancor in the
upper part of Zone B. The hole, which had been stopped at 319.5 metres, was
extended to 444 metres. It was intended to verify a Titan-24 anomaly with good
characteristics. The hole had been terminated due to a fault that was
difficult to cross. At a depth of 336 metres, the hole cross-cut a silicified
iron formation, 6-metres thick, containing 25% pyrite with traces of
chalcopyrite that could explain the Titan-24 anomaly. The best results were
discovered over 1.0 metre at a depth of 338 metres in which 0.6 g/t Au and
4.4 g/t Ag was found.
The third drill hole, GE-08-148, targeted an off-hole Pulse-EM anomaly
detected in hole GE05-144 in the northern extension of the Zone B
stratigraphic horizon. Nothing in the drilling other than the Gemini graphitic
fault can explain the presence of this broad Pulse-EM anomaly. Low gold values
were intersected, however, in altered and pyritic zones in the upper part of
the hole. The best assays contained 2.82 g/t Au over 1.5 metres at 118 metres
and 2.64 g/t Au over 2 metres at 133 metres.
The fourth hole, GE-08-149, tested a Pulse-EM anomaly detected in a
former Noranda Exploration hole (LB-95-03) and is associated with a strong
induced polarization anomaly on the southern extension of the horizon hosting
Zone B. At a depth of 213.5 metres, the hole cut 6 metres of highly silicified
and brecciated rocks containing 10% to 20% of barren pyrite and pyrrhotite
that could be the source of these anomalies. Between 301 and 329 metres, the
hole intersected a chloritized felsic horizon containing small quantities of
chalcopyrite and sphalerite associated with pyrite and pyrrhotite. The highest
grade contained 0.3% Cu, 19.3 g/t Ag and 0.06 g/t Au over 1.0 metre at
301 metres.
The Gemini-Turgeon project is located in Laberge and Casa-Bérardi
townships about 80 km north of the town of La Sarre in the Abitibi region and
10 km south of the Casa-Bérardi mine. This property is 70 km2 in areal extent
and largely underlain by felsic volcanic rocks extending over more than 20 km,
with a high precious metal and base metal potential. Several exhalative
mineralized horizons containing massive sulphide lenses have been identified.
These massive sulphide lenses present anomalous to sub-economic contents in
gold, copper, zinc and silver. Some of these lenses have been subject to more
substantial exploration work, particularly in Zone B. In Zone B, drilling has
allowed the delimitation of a copper zone with a mineral inventory established
at 0.7 Mt at 3% Cu equivalent and a zinc zone at 1.3 Mt at 8.3% Zn equivalent
following an evaluation made by Cancor Mines Inc. This evaluation, however,
has not been verified by IAMGOLD and does not comply with National Instrument
Both companies are satisfied with the drilling results and look forward
to working together. Further exploration activities will continue on the

Quality Control

Follow up on the drilling program was carried out by IAMGOLD employees
under the supervision of Marie-France Bugnon, Geologist, M.Sc., and
Exploration Manager. Ms. Bugnon is a qualified person (as defined by National
Instrument 43-101) with more than 25 years of experience in exploration.
The assay samples came from core halves varying from 0.5 to 1.5 metre in
length. They were sent for assaying at Techni-Lab S.G.B. Abitibi inc. of
Ste-Germaine-Boulé, Québec. The samples were assayed by fire-assay followed by
atomic absorption or gravimetry, according to industry standards. Repeats on
the coarse rejects were carried out on all mineralized intersections of
interest and on all samples containing 1 g Au/t or more. These repeats were
duplicated by the laboratory and verified by a second independent laboratory,
ALS Chemex of Val-d'Or, and corroborated the original results.

Cancor Mines Inc. is a Canadian mining company listed as "KCR" on the
TSX. The company is involved in the exploration and development of mining
properties that have a high potential of containing precious and base metals
in Canada and abroad. The acquisition and development of gold and polymetallic
projects remains the cornerstone of Cancor's corporate strategy. Participation
by major partners such as Iamgold forms a key pillar of this strategy.

IAMGOLD is a top mid tier gold producer with annual production of close
to 1 million ounces from eight different operations located in North America,
South America and Africa. The company is listed on the New York Stock Exchange
(NYSE: IAG) and the TSX (TSX: IMG).

All recent Cancor Mines press releases are available on the Company's
Website: This press release has been read and approved by
Mr. Khobzi, an engineer and qualified person for the purposes 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, Montréal, (514) 849-3013