VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 17, 2016) - Cancana Resources Corp. (TSX VENTURE:CNY) (the "Company" or "Cancana") is pleased to announce that it has engaged NATIONAL Equicom ("NATIONAL") to provide strategic investor relations and financial communications services.
"NATIONAL will manage communications to all stakeholders and interested parties by bringing the necessary experience and resources to help build a comprehensive picture of the BMC project and its future potential," said Anthony Julien President, CEO and Director of Cancana Resources Corp. "Securing a highly experienced communications company will support a responsive and engaging interface with Cancana's investor base, to the benefit of all parties."
Under the terms of the agreement, Cancana will pay NATIONAL a monthly fee of $7,500 for select strategic communications services. The initial contract term is 12 months, subject to renewal or earlier termination by either party under the terms of the agreement, and commences immediately.
Neither NATIONAL, nor any of its principals, have an ownership interest, directly or indirectly, in Cancana or its securities, and Cancana has not granted NATIONAL or its principals any right to acquire any such interests.
NATIONAL Equicom is a specialized IR, Financial Communications and Special Situations practice within NATIONAL Public Relations Inc., providing it with the reach and resources of one of the world's leading independent communications firms. The combined 550-person strong organization has 17 offices across North America and Europe.
Joint Venture Status
As of the date of this news release, Ferrometals has contributed US$28,550,000 and Cancana has contributed US$7,500,000 to the Brazil Manganese Corp joint venture. Based on these contributions, Ferrometals owns approximately 79.2% and Cancana owns the remaining 20.8% of BMC.
On behalf of the Board of Directors of CANCANA RESOURCES CORP.
President, CEO and Director
Cancana Resources Corp is focused on exploring and developing the BMC manganese project in Brazil with its joint venture partner Ferrometals BV. The JV is employing a two-pronged strategy at BMC, where the primary objective is to advance the project to an initial resource and onward to feasibility, while also expanding current small-scale production to support those exploration activities. Further information can be found at cancanacorp.com, and bmcorporation.com.br.
Ferrometals BV is part of a privately held metals group, focusing on acquisition, exploration, development and mining activities. Further information can be found at ferrometals.net.
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.
The Company cautions that it has not completed any feasibility studies on any of BMC's mineral properties, and no mineral reserve estimate has been established.
Because the Company production decision is not based upon a feasibility study of mineral reserves, the economic and technical viability of the property has not been established.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.