Cancor Mines Inc.
CNSX : KCR

Cancor Mines Inc.

October 01, 2010 12:11 ET

Cancor Announces Exercise of Warrants for Proceeds of $690,750 to Fund Gold Exploration Programme

MONTREAL, QUEBEC--(Marketwire - Oct. 1, 2010) - Cancor Mines (CNSX:KCR) is pleased to announce that it has received proceeds of $690,750 from the exercise of 6,907,500 warrants issued pursuant to a private placement offering that closed in March and May 2010. The warrants were exercisable at $0.10 per share and expired on September 30, 2010. The Company has issued 6,907,500 common shares in exchange for the exercised warrants which represent 69 % of the total number of warrants issued pursuant to the offering and exercisable at $0.10 per share. The exercised warrants include 2,670,000 warrants held by directors and officers of the Company.

The proceeds from the exercise of the warrants will be used for working capital purposes and to fund exploration work on the Company's four Algerian properties which are prospective for gold. These properties are held 100% by Cancor. Historical exploration data indicate that there are numerous occurrences of impressive gold mineralization at and near surface which appear to offer exceptional potential for open pit mining (see Cancor press releases of July 22 and August 4, 2010 disclosing exploration results).

Cancor Mines Inc. is a Canadian mineral exploration company involved in the exploration and development of properties with high potential for precious or base metals. The Company is listed and traded on the Canadian National Stock Exchange under the symbol: KCR (CNSX-www.cnsx.ca). The Company has 74,503,326 shares outstanding.

All Cancor Mines press releases are available on the Company's website, www.cancor.ca.

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 2009 Annual Information Form, a copy of which can be obtained on the SEDAR website at www.sedar.com.

Contact Information