Cancana Resources Corp.

Cancana Resources Corp.

May 20, 2015 09:15 ET

Cancana Appoints Doug Willock to Board of Directors

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 20, 2015) - Cancana Resources Corp. (TSX VENTURE:CNY) (the "Company" or "Cancana") announced today the appointment of Mr. Doug Willock to the Company's Board of Directors, effective immediately. Mr. Willock is a successful senior mining executive and brings extensive experience managing junior resource companies in South America, including Brazil.

Chairman of the Board, Senator Trevor Eyton said, "We are very excited Doug has agreed to join Cancana's board, and look forward to working with him to advance the Company's flagship manganese project. Doug has a unique combination of capital markets knowledge, executive experience and insight into the Brazilian mining industry that will help us expand our current production. His operational experience in Brazil will be invaluable in fostering productive relationships among our workers, customers and government officers. I would also like to sincerely thank Mr. David Danziger for his time and efforts in serving on Cancana's board."

Mr. Willock recently completed a large corporate restructuring of a junior mining company in Brazil where he and his team eliminated $268.5 million in debt and secured $80 million in new project funding. He founded Polar Star Mining Corp and served as its President and CEO and is currently a director for Orestone Mining Corp. Mr. Willock has over 30 years of experience in corporate finance with leading Canadian and international investment banks, as well as managing junior resource companies.

Mr. Willock has Brazilian and Canadian citizenship and holds a Masters of Business Administration degree with a major in finance from the Richard Ivey School of Business, Western University, and Bachelor of Arts (History) degree from the University of British Columbia.

Cancana also announces that due to time constraints, Mr. David Danziger has resigned from the Board of Directors with immediate effect. The Company wishes to thank Mr. Danziger for his contributions.

On behalf of the Board of Directors of


Senator Trevor Eyton, Chairman of the Board


Cancana Resources Corp is focused on exploring and developing the BMC manganese project in Brazil with its joint venture partner Ferrometals (Cancana holds 23.87% of the JV), 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:


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.

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