Thursday, September 1, 2011 - VICTORIA, BC, CANADA - Cancana Resources Corp. (TSXV: CNY) (the "Company" or "Cancana") announces that it has entered into an Agreement to acquire an additional Manganese claim in the State of Rondonia, Brazil .
Cancana continues to seek and secure additional Manganese bearing claims within the proximity of the Company’s existing claims package as part of its ongoing land banking strategy. This new Manganese claim is 752.83 hectares in size, which brings the total Manganese bearing claims held by the Company to date to 13,400.23 hectares. All of the Manganese claims that Cancana has amassed to date are held through its wholly-owned subsidiary under the trade name Maio Mineracao (“Maio”).
The acquisition of this new claim is being completed by way of an initial payment and further staged payments in the coming months. The Company has conducted rudimentary prospecting and sampling at surface, as well as ad hoc pitting with a local prospecting and research crews, under supervision by Cancana Management. This process was undertaken in order to determine the validity of the Manganese showings and mineral claim. As with the previous acquisitions that Cancana has agreed to or completed, the Company has secured access to the claim as part of its Agreement in order to perform more exhaustive research and exploration work that will consist of further pitting, trenching and geotechnical sampling where appropriate. The results from this activity will be incorporated towards a Qualified Person’s report.
As reported earlier on July 28, 2011, Cancana has employed a land banking strategy that will provide for long-term exploration and production through the development of a cohesive mining plan. The Company also initiated an application for trial mining licensing or GUIA [Guia de Utilizacao] on one of its Manganese properties. Once the GUIA has been issued, Cancana will utilize this as an anchor point in order to conduct further geotechnical work on the balance of its Manganese bearing claims within the region. It is for this reason that the company has chosen to secure strategically relevant claims that will continue to enhance its existing land and mineral package.
The following table provides a consolidated view of the various different claims the Company has as well as the size and the type of mineralization prevalent for each claim. This table includes the new Manganese claim reported herein as Claim 7.
|Claim 1.||4,021.21 ha.||Originally Manganese bearing||No further field work has been completed to date.|
|Claim 2.||7,230.40 ha.||Manganese bearing||Fieldwork and research has confirmed the presence of visible showings at surface and pitting has confirmed the occurrence of Manganese cobbles in situ.|
|Claim 3.||3,397.46 ha.||Originally gold bearing||No further fieldwork completed to date.|
|Claim 4.||9,920.63 ha.||Originally diamond & kimberlitic bearing||No further fieldwork completed to date.|
|Claim 5.||3,395.77 ha.||Originally diamond & kimberlitic bearing||No further fieldwork completed to date.|
|Claim 6.||5,417.00 ha||Manganese bearing||Fieldwork and research has confirmed the presence of visible showings at surface and pitting has confirmed the occurrence of Manganese cobbles in situ.|
|Claim 7.||752.83 ha||Manganese bearing||Fieldwork and research has confirmed the presence of visible showings at surface and pitting has confirmed the occurrence of Manganese cobbles in situ.|
|TOTAL||34,135.30 ha.||34,135.30 hectares of mixed potential Mineral Claims including
13,400.23 hectares to date of verified Manganese bearing claims
The following map represents the mineral claims noted above in the table.
Cancana Resources Corp., is an exploration stage company with assets in Brazil and Canada, has primarily focused on diamond, manganese and gold resource properties. Recently the Company has been seeking projects that expand its resource base and provide for near term production and revenue. All available resource reports and information on the Company’s properties are located on the Company website.
Cancana continues to provide shareholders with Investor Updates, please ensure that you have already registered on the company website, if not please visit www.cancanacorp.com and input your name and email address on the home page.
For further information about Cancana Resources Corp., please visit the Company’s website or contact the Company at +1 403 269 2065 or preferably email: email@example.com
Issued on behalf of the Board of Directors of Cancana Resources Corp.
Dr. William (Bill) Pfaffenberger CEO and Director