Mines Cancor Inc.

Mines Cancor Inc.

August 12, 2009 12:03 ET

Cancor Mines Inc. Completes Independent NI 43-101 Report for North Tirek Gold Project in Hoggar, Algeria

MONTREAL, QUEBEC--(Marketwire - Aug. 12, 2009) - Cancor Mines Inc. (CNSX:KCR) is pleased to present an update with respect to its activities on its gold-bearing properties in Algeria, and to announce the filing of a technical report on SEDAR, in compliance with Canadian Standard 43-101.

Cancor and its subsidiaries hold four gold exploration licences in Algeria, in the Hoggar region of the Sahara, located 2,000 km south of the capital Algiers:

- The Tan Chaffao West prospecting licence (44,580 ha),

- The In Ouzzal North exploration licence (25,872 ha),

- The Tirek North prospecting licence (98,990 ha), and

- The Tan Chaffao East exploration licence (20,000 ha).

The first two licences were acquired in 2007, and the other two were acquired in the summer of 2008. The Tirek North permit recently underwent a complete technical evaluation by Mr. Paul Girard, engineer-geologist and qualified person within the meaning of Canadian Standard 43-101, who studied the Tirek North property and prepared the technical report.

The Tirek North project is located on the In Ouzzal fault, a major fault that is more than 400 km in length. Tirek North covers more than 40 km of the fault zone in the immediate northward extension of the Tirek and Amessmessa known vein-type gold deposits. These two deposits are closely associated with this major fault.

The Tirek North licence covers an area of 98,990 hectares (989 km2). The perimeter of Tirek North is on the eastern edge of the In Ouzzal mole, which consists of a band of mylonites between 300 and 3,000 metres thick corresponding to a major tectonic deformation rift, Accident 2 degrees 30'. This tectonic zone controls the emplacement of numerous vein-type gold showings, including the two gold deposits at Tirek and Amessmessa, located 17 and 70 km south of the southern boundary of the licence respectively. The Amessmessa deposit is currently in production.

The gold-bearing mineralizations are in quartz veins encased in mylonitic gneisses and in altered schistosed intrusions. They form complex epigenetic deposits with structural control. They extend for a distance of more than 100 km, and penetrate 2 to 5 km into the adjacent Proterozoic properties.

The gold, which is often free, is associated with pyrite and/or galena and/or chalcopyrite sulphides with iron oxides, hydroxides, and copper carbonates. The veins are generally associated with the faults running in a submeridian direction.

The discovery of the first gold-bearing quartz veins in the Tirek North licence zone dates back to the early 1970s. It was the result of exploration work conducted mainly by Russian teams working in cooperation with SONAREM. The main types of work carried out by these exploration teams included geological surveys and systematic research at various levels, including soil geochemistry, geophysical surveys, and grab sampling.

Detailed mapping work was carried out later, including trenching and channel sampling on the main gold-bearing veins discovered, but no drilling has been carried out to date.

The gold-bearing veins are grouped together into eight vein-type zones or fields within the boundaries of the Tirek North licence. From south to north, these are the Kheima showing, the Zone 12, 13, and 17 showings, the Syenite showing, the Kiouene gold field, the South Site, and showing Three.

The Kheima showing is a 75 m long and 2.04 m wide mineralized portion and the average grade of the samples assayed 21.0 g/t Au. The vein runs discontinuously for 500 m in the immediate extension of the Djazairia showing to the south.

The Zone 13 showing consists of 11 veins, generally less than 200 m long and with a thickness varying between 0.3 and 2.0 m. Veins 1 and 2 are located approximately 300 m apart in the southern portion of the zone, and show continuous auriferous mineralizations over distances of 60 and 120 metres, with average grades of the samples of 11.6 g/t Au for vein 1 and 15.8 g/t Au for vein 2.

The Syenite showing consists of a vein structure arrayed in echelons over a length of 400 metres in the direction of 20 degrees N. Two portions of 106 m and 34 m, with respective widths of 0.3 m and 1.94 m, gave an average grade of the samples of 10.73 g/t Au and 9.51 g/t Au respectively.

The Kiouene gold field was found to contain 80 veins, 45 of which are auriferous. In addition, a strong geochemical anomaly suggests the presence of blind veins under a shallow overburden. The 6 richest portions have thicknesses ranging from 0.6 to 1.5 m, lengths ranging from 40 to 320 m, and mean grades of the samples varying between 5.4 and 9.6 g/t Au.

The South Site is in the immediate extension of the Kiouene gold field. Of the 36 veins discovered, two have mineralized portions: the West Vein, or Vein 1; and the East Vein, or Vein 2. The mean grade of the samples in Vein 1 is 3.21 g/t Au over a length of 64 m with a mean thickness of 1.1 m; while Vein 2 measures 60 m in length over a mean thickness of 1.98 m, with a mean grade of the samples of 15.59 g/t Au.

Vein 8 in Showing Three in the northern portion of the licence area is at least 500 m in length, with grades ranging between 0.7 and 116.4 g/t. The richest portion has a mean grade of the samples of 9.66 g/t Au and a thickness of 1.22 m over a length of 174 m.

The work recommended by the author of the technical report includes a synthetic compilation of all of the work carried out so far, as well as field work using GPS to determine the exact position and attitude of the best gold-bearing veins discovered, followed by a short-core drilling program totalling 2,000 m on the 10-12 best gold-bearing veins. If the results obtained during this first phase confirm the results of the work of the Russian geologists, the author recommends continuing surveying and exploration of the entire licence area, and carrying out a second drilling campaign on the order of 6,000 metres.

Quality control

Cancor Mines Inc. has not yet carried out any sampling on this on this property. In the 1970s, samples from the Hoggar region were sent to the SONAREM laboratory in Tamanrasset. To the best of the author's knowledge, the analysis methods used at the time were spectrographic powder assaying and the Sofranov method. These methods are no longer used by recognized laboratories. For this reason, the author cannot pronounce judgment on the relevance and quality of the methods used during the exploration campaigns of previous years by the Russian, French, and Algerian teams. The Tamanrasset laboratory has not yet received international accreditation. However, the author is of the opinion that the results of the analysis given above provide a conceptual indication of the sector's potential, and that they are relevant for the purposes of geological evaluation.

Cancor Mines Inc. is a Canadian mining company involved in the exploration and development of properties with high potential for precious or base metals in recognized mining camps. The company is listed and traded on the Canadian National Stock Exchange under the symbol: KCR (CNSX- www.cnsx.ca).

All Cancor Mines press releases, maps and figures related to these properties are available on the company's website, www.cancor.ca.

Technical reports with compliance to NI 43 101 have been completed for all our properties and are available on SEDAR site (www.sedar.com) and on our web page on CNSX (www.cnsx.ca).

Mr. Khobzi an engineer and qualified person under NI 43-101, who has visited the property, has read and approved this release.

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

Maps are available at the following address: http://media3.marketwire.com/docs/Cancor_maps_ENG_0812.pdf

The CNSX does not accept responsibility for the adequacy or accuracy of this release.

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