Canico Resource Corp.
TSX : CNI

Canico Resource Corp.

September 02, 2005 09:00 ET

Canico Resource Corp.: Onca Puma Technical Report

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 2, 2005) - Canico Resource Corp. (TSX:CNI) has now received the full Feasibility Study completed by Hatch for development and operation of the Onca Puma Nickel Project in Para State, Brazil. The Executive Summary from this Feasibility Study was disclosed on August 11, 2005.

A Technical Report, which was prepared by Hatch Ltd. in accordance with Canadian Securities Administrators National Instrument 43-101 and which contains the information from the Feasibility Study which is required to be disclosed under that National Instrument, has been posted on the SEDAR website, www.sedar.com and on Canico's website, www.canico.com.

CANICO RESOURCE CORP.

J. Michael Kenyon, President & Chief Executive Officer

Cautionary Notices, Disclaimers and Discussion

Hatch engineers Callum Grant, P.Eng and Ian Candy, P.Eng, both of whom are at arms length to Canico, are the qualified persons for the Technical Report.

The Technical Report and Feasibility Study are intended to be used by Canico subject to the terms and conditions of its contract with Hatch. That contract permits Canico to file this news release, the Technical Report and the Executive Summary from the Feasibility Study with Canadian Securities Regulatory Authorities pursuant to provincial securities legislation. That contract also provides that any reliance by any third party shall be entirely at their own risk. However, this does not affect statutory rights arising under provincial securities laws in connection with any distribution of securities under a prospectus.

The Technical Report is intended to be read as a whole; excerpts and sections should not be read or relied upon out of context. Readers should read and review the Technical Report in its entirety. The Technical Report reflects the professional opinions of Hatch, based upon information available at the time of preparation. The quality of the information, conclusions and estimates contained in the Technical Report are consistent with the intended level of accuracy as set out in the Technical Report, as well as the circumstances and constraints under which the Technical Report was completed, as set out in therein.

The Technical Report has been completed for Canico by Hatch, and is based, in part, upon information believed to be reliable from data supplied by other consultants engaged by Canico, which Hatch has not verified as to accuracy and completeness. Hatch has not made an analysis, verified or rendered an independent judgment as to the validity of the information provided by such other consultants. While it is believed that the information contained in the Technical Report is reliable under the conditions and subject to the limitations set forth therein, Hatch cannot guarantee the accuracy thereof. Any reliance on the Technical Report by any third party shall be entirely at their own risk. Hatch takes no responsibility and accepts no liability whatsoever for any loss arising from any use of or reliance on the Technical Report or the information therein by parties other than Canico.

To the full extent permitted by law, Hatch disclaims responsibility for any indirect or consequential loss arising from any use of the Technical Report or the information contained therein. While the work results, estimates and projections therein may be considered to be generally indicative of the nature and quality of the Onca Puma Project, they are not definitive. No representations or predictions are intended as to the results of future work, nor can there be any promises that the estimates and projections in the Technical Report will be sustained in future work.

The Technical Report includes certain forward-looking statements within the meaning of the US Private Securities Legislation Reform Act of 1995. Other than statements of historical fact, all statements in the Technical Report, including without limitation, statements regarding potential mineralization and resources, reserves and estimated or potential future production potential, are forward-looking statements that involve various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove to be accurate. Results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of the Technical Report.

Please also refer to the Risk Factors set out in the Technical Report and in Canico's other filings on the SEDAR website.

Contact Information

  • Canico Resource Corp.
    J. Michael Kenyon
    President & Chief Executive Officer
    (604) 669-9446
    (604) 669-9447 (FAX)
    www.canico.com