SOURCE: US Canadian Minerals, Inc.

February 06, 2007 11:28 ET

US Canadian Minerals, Inc. Announces Cancellation of 37% of Issued and Outstanding Shares and Obtains Option on Mining Claims in Chile

LAS VEGAS, NV -- (MARKET WIRE) -- February 6, 2007 -- US Canadian Minerals, Inc. (OTCBB: USCA) announced today the cancellation of 39,626,500 shares of stock. Certain shareholders agreed to the cancellation of the shares as being in the best interests of the Company.

This represents the cancellation of approximately 37% of the issued and outstanding common shares of the Company.

Also, the Company announces today that the Company has obtained an option on 1,200 hectares of mining claims in the 10th region of Chile. The claims cover some 5 kilometers of paleo channel graded at above 2 grams gold per cubic meter from various studies done from 1970 to 2002.

US Canadian is currently seeking funding to initiate production in the 1,500 to 4,000 cubic meters per day range.

US Canadian Minerals also wishes to announce the appointment of Mr. Adam Jenn as Chief Executive Officer. Mr. Jenn also holds the position of President and Director

Statements contained in this release that are not purely historical are forward-looking statements within the meaning of the Safe Harbor clause of the Private Securities Litigation Reform Act of 1995. These statements are based on information available to the Company as of the date of this news release, and the Company assumes no obligation to update or revise these forward-looking statements. Forward-looking statements are inherently uncertain, and the Company's actual results may differ from management's expectations. Risks and uncertainties associated with forward-looking statements include without limitation, US and foreign currency fluctuations, changes in environmental and mining regulations, delays in obtaining regulatory approvals, costs associated with processing ore concentrates, fluctuation in precious metals markets, general economic and business conditions, litigation and other factors. All subsequent forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Financial estimates, whenever provided, either by the Company or by third parties, are subject to change and are not intended to be relied upon as predictions of future operating results. US Canadian Minerals, Inc. assumes no obligation to update or disclose revisions to such estimates.

However the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 do not apply to the Company.

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