TSX-V: CNY

CANCANA >TRACK-MOUNTED DRILL RIG OPERATING AT JABURI PROSPECT
CANCANA > MASSIVE MANGANESE BOULDERS AT RIO MADEIRA PLANT
CANCANA > MASSIVE MANGANESE RECOVERED FROM BMC PROJECT IN BRAZIL
CANCANA > TROMMEL AT RIO MADEIRA PLANT
CANCANA > VEIN EXTRACTION FROM WEATHERED GRANITE WITH BACKHOE, NO BLASTING REQUIRED

Cancana resources corp. Issues stock options

Monday, January 31, 2011 - VICTORIA, B.C., CANADA – Cancana Resources Corp. (TSXV:CNY) (the “Company” or “Cancana”) announces that the Board of Directors granted on January 28, 2011 an aggregate of 710,000 stock options to purchase common shares pursuant to its stock option plan to a total of 12 officers, directors and contractors of Cancana.

All of the stock options vest immediately and were granted at an exercise price of $0.87 per common share. Of the 710,000 stock options granted, an aggregate of 575,000 stock options were granted to 6 directors (including 2 directors who are also officers). The stock options expire on January 27, 2016.

Cancana is a company listed and trading on the TSX Venture Exchange, symbol: CNY.

Issued on behalf of the Board of Directors of Cancana Resources Corp.


“Bill Pfaffenberger”

Dr William (Bill) Pfaffenberger
CEO and Director