Cancana Arranges Estimated $1.0M Share Exchange Financing

Cancana Resources Corp. (TSX VENTURE:CNY) ("Cancana" or the "Company") is
pleased to announce that it has entered into a $1.0m financing arrangement by
way of a share exchange agreement (the "Agreement") with Global Resources
Investments Ltd ("GRIL"), an arm's length party to Cancana. 


GRIL is a United Kingdom-based Investment Trust established to invest in
opportunities in the junior mining and natural resources sectors. GRIL's
investment objective is to generate medium and long-term capital growth through
investment in diverse portfolios of primarily small and mid-capitalized natural
resource and mining companies that are listed on various global stock exchanges
through a 5 year closed ended fund. 


GRIL will re-register as a public company and be constituted as an Investment
Trust under the new name Global Resources Investment Trust Plc, ("GRIT"), and,
concurrently, it is seeking admission of its ordinary shares on the main market
for trading on the London Stock Exchange (the "LSE"). 


Cancana and GRIL have entered into the Agreement whereby Cancana will issue
5,000,000 units (each, a "Unit") to GRIL at a deemed price of $0.20 per Unit
(which equals a deemed price of GBP 0.1207 per Unit) in exchange for the
issuance of 603,682 ordinary shares of GRIT (the "GRIT Shares") at a deemed
value of GBP 1.00 per GRIT Share (or approximately $1.657 per GRIT Share. The
estimated value of the GRIT Shares which will be issued to Cancana shall be
approximately $1,000,000. 


Upon approval TSX Venture Exchange and the listing of the GRIT shares on the
LSE, Cancana will, at its election and in accordance with the terms of the
Agreement, sell the GRIT Shares through the facilities of the LSE to in order
realize the cash proceeds from the sale of these GRIT shares. 


Cancana President and Chief Executive Officer, Mr. Andrew Male, stated: "Cancana
is pleased to participate in the GRIT investment trust. The investment trust
market on the London Stock Exchange has traditionally been a very lucrative and
liquid market. We are also happy that we have attracted the interest of another
institutional investor. Cancana will utilize this active market to sell the GRIT
shares it holds in order to help fulfil the financing requirements for the
development of Cancana's core projects, including Valdirao which is Cancana's
greenfield project that has been recently permitted for production." 


Cancana Resources Corp. is an exploration stage company with assets in Brazil
and Canada. 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:
www.cancanacorp.com.


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

Andrew Male, CEO and Director 

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. The information in
this news release may contain forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934 and applicable Canadian securities laws. When used in this
release, words such as "estimate", "expect", "anticipate" and "believe" as well
as similar expressions are intended to identify forward-looking statements. Such
statements are used to describe management's future plans, objects, and goals
for the Company and therefore involve inherent risks and uncertainties. The
reader is cautioned that actual results, performance or achievements may be
materially different from those implied or expressed in such statements, which
speak only as of the date, the statements were made. The Company does not update
forward-looking statements continually as conditions change. We seek safe
harbour.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Cancana Resources Corp.
[phone]
[e-mail]
www.cancanacorp.com