Cancor Mines Inc.

Cancor Mines Inc.

July 17, 2008 10:15 ET

Drilling resumes on Kistabiche high-priority Titan 24 targets

MONTREAL, July 17 - Cancor Mines Inc. is pleased to announce
the start of a new drilling campaign on its Kistabiche base metals property.
The property is located north of Amos in the historic Joutel precious and base
metals mining district in Quebec's mineral rich Abitibi region.
The purpose of the drilling program is to verify high priority
geophysical targets identified by Quantec Geoscience Limited (Quantec).
According to Quantec, the targets are "interpreted as representing potential
massive or stringer or disseminated sulphide mineralizations and/or alteration
zones at depth".
A number of massive sulphide lenses exist on this property and form the
Explo-Zinc deposit. This deposit contains resources measured and indicated in
compliance with National Instrument 43-101. The measured resources are
350,102 tonnes at 9.46% Zinc, and the indicated resources are 237,859 tonnes
at 4.94% Zinc, for a total of 587,961 tonnes at 7.63% Zinc. The inferred
resources reach 273,485 tonnes at 6.64% Zinc (See press release dated December
13, 2006).
In 2007, Cancor and SOQUEM (Cancor's joint venture partner) engaged
Quantec to conduct a Titan 24 survey. The Titan 24 technology enables the
detection of anomalies at depths much greater than other geophysical methods
previously used on the property. Quantec has identified 16 anomalies, 11 of
which are seen as high priority targets. Two of these have been chosen for
drilling this year:

The T-9 anomaly

- Strong intensity ((greater than)7 mrads)
- Moderate to strong response in resistivity and
MT ((greater than)7,000 Ohm-m)
- Extending from depths of 200 metres to 1,000 metres

This anomaly is especially intense on L 2600 E (12 mrads/710,000 Ohm-s)
although resistivity is high. It coincides with the probable extension of a
chloritite zone cut in shallow drilling to the east and characterized by the
presence of centimetre-sized to metre-sized bands rich in black chlorite,
sometimes with zinc content. An 800-metre drill hole is planned.

The T-14 anomaly

- Strong to moderate intensity (4-10 mrads)
- Moderate to strong response in resistivity and
MT ((less than)200,000 Ohm-m)
- Extending from depths of 100 metres to 1,000 metres

This very interesting anomaly is located beneath a positive magnetic
anomaly interpreted as a gabbro intrusion or dyke. A regional fault should cut
the gabbro at about 500 metres beneath the surface. This anomaly could well be
caused by massive sulphides in the wall of the fault, masked by the gabbro. A
1,000-metre drill hole is planned.

Cancor and SOQUEM Inc. are partners in the Kistabiche property. Cancor
holds a majority 71.65% interest in the property while SOQUEM holds the
remaining 28.35% interest.

SOQUEM is a subsidiary of the Société Générale de Financement du Québec
(SGF). SGF is Quebec's industrial and financial holding company responsible
for undertaking economic development projects in the industrial sector in
co-operation with partners and in compliance with economic development
policies of the government of Quebec.

Cancor Mines Inc. is a Canadian mining company engaged in the exploration
and development of properties with gold and base metal potential in Quebec and

All recent Cancor Mines press releases are available on the Company's
Website: This press release has been read and approved by
Mr. Khobzi, an engineer and qualified person for the purposes of NI 43-101.

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 2008 Annual Information Form, a copy of which can be obtained on the
SEDAR website at

Contact Information

  • For further information: Mr. Khobzi, President, (514) 849-3013