Cancana Closes C$1.7 Million Private Placement

Cancana Resources Corp. (TSX VENTURE:CNY) (the "Company" or "Cancana") has
closed a non-brokered private placement of Units.


Cancana is pleased to announce that it has closed today the non-brokered private
placement offering (the "Offering") previously announced in the Company's press
release of February 25, 2014 (the "February 2014 Release"), for aggregate gross
proceeds of C$1,726,138.35. The Company issued an aggregate of 6,393,105 units
(each a "Unit") at a price of C$0.27 per Unit. Each Unit consists of one common
share in the capital of the Company (a "Common Share") and one common share
purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to
acquire one Common Share of the Company at a price of C$0.34 until March 6,
2016.


In connection with the Offering, an aggregate amount of C$77,494.12 in cash
finder's fees are payable to certain eligible arm's length persons and an
aggregate of 174,831 non-transferable finder's warrants (the "Finder Warrants")
are issuable to certain eligible arm's length persons. Each Finder Warrant is
exercisable into a Unit at an exercise price of C$0.27 per Unit for a period of
twenty-four (24) months from the closing of the Offering.


All securities issued and issuable pursuant to the Offering, including the
Common Shares and Warrants comprising the Units and the Common Shares underlying
the Warrants, the Finder Warrants, and the securities underlying the Finder
Warrants, are subject to a four (4) month and one (1) day statutory hold
commencing from closing of the Offering. The Offering is subject to TSX Venture
Exchange ("TSXV") final acceptance of the requisite regulatory filings. The
proceeds raised from the Offering will be used for general working capital
purposes.


As disclosed in the February 2014 Release, Ferrometals BV ("Ferrometals")
purchased an aggregate of 4,167,180 Units in the Offering, for gross proceeds to
Cancana in the amount of C$1,125,138.60. Upon closing of the Offering,
Ferrometals owns an aggregate of 5,357,656 Common Shares and an aggregate of
5,357,656 common share purchase warrants, including the Warrants issued under
the Offering and the common share purchase warrants issued to Ferrometals in the
private placement of the Company previously disclosed in the February Release.
Accordingly, Ferrometals currently holds approximately 11% of the issued and
outstanding Common Shares (or approximately 19.8% of the Company's then issued
and outstanding Common Shares in the event that Ferrometals exercises all of the
warrants of the Company held by it).


Andrew Male, President and CEO of Cancana, commented: "The closing of this
tranche of the private placement continues to validate the market's view of our
business strategy and the future prospects of our operations in Brazil. Cancana
has continued to develop Valdirao, the Company's green-field project, since
early November 2013 and the progress being made and knowledge we are gaining
from this activity continues to be exciting."


In connection with the Offering, certain directors and officers of the Company
acquired an aggregate of 240,000 Units. The participation of such directors and
officers in the Offering constitutes a related party transaction pursuant to
Multilateral Instrument 61-101 - Protection of Minority Security Holders in
Special Transactions ("MI 61-101"). The Company is exempt from the formal
valuation and minority approval requirements of MI 61-101 in reliance on
Sections 5.5(b) and Sections 5.7(b), respectively, of MI 61-101.


About Cancana

Cancana is an exploration stage company that has transitioned into production in
Brazil 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, President, CEO and Director 

This press release contains forward-looking information under Canadian
securities legislation. forward-looking information includes, but is not limited
to, statements with respect to completion of the Offering, the development
potential and timetable of the Rio Madeira project and Cancana's other assets in
Brazil and Canada; Cancana's ability to raise additional funds necessary; the
future price of manganese, the estimation of mineral reserves and mineral
resources; conclusions of economic evaluation; the realization of mineral
reserve estimates; the timing and amount of estimated future production,
development and exploration; costs of future activities; capital and operating
expenditures; success of exploration activities; mining or processing issues;
currency exchange rates; government regulation of mining operations; and
environmental risks. Generally, forward-looking statements can be identified by
the use of forward-looking terminology such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes", or variations
of such words and phrases or statements that certain actions, events or results
"may", "could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward-looking statements are based on the opinions and estimates of management
as of the date such statements are made. Forward-looking statements are subject
to known and unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of Cancana to be
materially different from those expressed or implied by such forward- looking
statements, including but not limited to those risks described in the annual
information form of Cancana and in its public documents filed on SEDAR from time
to time. Although management of Cancana has attempted to identify important
factors that could cause actual results to differ materially from those
contained in forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can be no
assurance that such statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking
statements. Cancana does not undertake to update any forward-looking statements,
except in accordance with applicable securities laws.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Canana Resources Corp.
Andrew Male
President, CEO and Director
[phone]
[e-mail]
www.cancanacorp.com