Ferrometals Converts Debenture of Cancana Resources Corp.

Cancana Resources Corp. (TSX VENTURE:CNY) (the "Company" or "Cancana") the
Company announces that Ferrometals BV has converted a convertible secured
debenture in a principal aggregate amount of $4.15-million (U.S.)(as well as
accrued interest thereon) issued by Cancana Resources Corp. into 23,097,641
common shares of Cancana, representing approximately 28.6 per cent of the
outstanding Cancana shares.


Ferrometals has ownership and control over 36,955,297 Cancana shares (including
the 23,097,641 Cancana shares reported above), representing approximately 45.7
per cent of the outstanding Cancana shares, and the right to acquire 13,857,656
Cancana shares through 13,857,656 common share purchase warrants of Cancana.
Each Cancana warrant entitles the holder thereof to acquire a Cancana share at a
price of 27 cents or 34 cents, dependent on the issue. The Cancana warrants are
exercisable until February 24, 2016 or March 6, 2016 dependent on the issue.


Assuming the full exercise of the 13,857,656 Cancana warrants, Ferrometals would
acquire ownership and control over a maximum of 50,812,953 Cancana shares
(including the 36,955,297 Cancana shares over which Ferrometals currently has
ownership and control). These combined holdings would represent approximately
53.6 per cent of the outstanding Cancana shares, calculated on a partially
diluted basis assuming the full exercise of the 13,857,656 Cancana warrants
only.


Ferrometals acquired the 23,097,641 Cancana shares for investment purposes.

About Cancana

Cancana is an exploration stage company that has transitioned into production
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. 

William Pfaffenberger, Chairman of the Board

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this press release. 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 Financings, 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: 
Cancana Resources Corp.
[phone]
[e-mail]
www.cancanacorp.com