TORONTO, ONTARIO--(Marketwired - March 21, 2014) - Cancana Resources Corp. (TSX VENTURE:CNY) ("Cancana" or the "Company") has filed on www.sedar.com a National Instrument 43-101 ("NI 43-101") compliant Technical Report on Rio Madeira Comercio Importacao E Exportacao De Minerios, ("Rio Madeira"). The filing of the 43-101 is being made in connection with the proposed transaction and term sheet and subsequent amendment thereto (as disclosed in the Company's press releases dated December 20, 2013 and February 24, 2014, respectively).
The independent Technical Report entitled "Technical Report - Rio Madeira Comercio Importacao E Exportacao De Minerios, Rondonia, Brazil", (the "Technical Report or NI 43-101"), dated December 10, 2013, was prepared for Cancana by John Harper, ("Harper"), Professional Geologist, and Qualified Person.
The technical report states a current Inferred Resource of 1,006,234 tonnes of mineralization with an average grade of 52% manganese taken from an aggregate area of approximately 146 hectares. All samples were brought to Canada for assay. The six samples ranged from 46.82% Mn to 56.55% Mn with the averaged grade being 52.16% Mn.
Rio Madeira, is a producing Manganese mine that has been in operation for the past 8 years. Rio Madeira produces lump ore of varying sizes and is located adjacent to, and mainly contiguous with, Cancana's Manganese claims and operations. Rio Madeira holds title to 15 mineral claims that total approximately 62,000 hectares in size. With Cancana and Rio Madeira claims being mainly contiguous, the aggregate size between Rio Madeira and Cancana claims are now are in access of 110,000 hectares.
John Harper, P. Geol., a qualified person as defined under the terms of NI 43-101, has verified the data and approved the technical information contained in this press release.
Cancana is an exploration stage company that has transitioned into production with assets in Brazil and Canada. The Company has been seeking projects that expand its resource base and provide for near term production and revenue. All available resource reports and information on the Company's properties are located on the Company website: www.cancanacorp.com
Issued on behalf of the Board of Directors of Cancana Resources Corp.
Andrew Male, CEO and Director
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The information in this news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and applicable Canadian securities laws. When used in this release, words such as "estimate", "expect", "anticipate" and "believe" as well as similar expressions are intended to identify forward-looking statements. Such statements are used to describe management's future plans, objects, and goals for the Company and therefore involve inherent risks and uncertainties. The reader is cautioned that actual results, performance or achievements may be materially different from those implied or expressed in such statements, which speak only as of the date, the statements were made. The Company does not update forward-looking statements continually as conditions change. We seek safe harbour.