Canuc Resources Corporation Q3 Results and Project Highlights

    




 TSX Venture Exchange Symbol: CDA Shares Outstanding: 59,235,798 

 TORONTO, Nov. 29, 2011 /CNW/ - Canuc Resources Corporation ("Canuc" or  the "Company")  is pleased to report its unaudited financial  results for the third quarter ended September 30, 2011. The highlights  and selected financial information should be read in conjunction with  the unaudited financial statements and the related management's  discussion and analysis dated September 30, 2011 together referred to  as the "Financial Statements", which have been filed on SEDAR (www.sedar.com) and the Company's website (http://www.canucresources.ca).  The September 30, 2011 consolidated interim statement of  shareholders' equity contained within the September 30, 2011 financial  statements contains the June 30, 2010 comparative results as required  under IFRS.  This comparative was not previously disclosed separately  in the June 30, 2011 quarterly financial statements. 

 All figures are in Canadian dollars unless otherwise noted. 

 Highlights for the quarter ended September 30, 2011: 




        --  The Company reported oil and gas operating revenues of $22,647
            for the quarter ended September 30, 2011 (Nil September 30,
            2010). The Company incurred a net loss and comprehensive loss
            of $343,162 for the quarter ended September 30, 2011 as
            compared to a net loss and comprehensive loss of $570,772 for
            the comparative 3-month period in fiscal 2010.
        --  In July the agreement entered into on March 1, 2011, for the
            acquisition of Midtex Oil & Gas Corporation ("Midtex"), a
            private Ontario corporation was completed. Midtex holds a 100%
            working interest (80% net revenue interest) in a gas well and
            leased property known as the Coody Morales lease and a further
            20% working interest (16% net revenue interest), in a gas lease
            known as the Thompson (collectively the "Midtex Assets") was
            completed.  The Company issued 3,600,000 common shares of the
            Company at a deemed price of $ 0.20 per share in satisfaction
            of the full purchase price.
        --  A second producing gas well on the Coody Morales leased land
            was completed in late August and is now producing gas.
        --  The first well on the Thompson lease was completed in late
            September.  The Company has a 20% working interest (16% net
            revenue interest) in the well.  Production will commence
            following connection to the local pipe line which is scheduled
            to be completed by January 2012.
        --  In July, 2011, the Company engaged Hudgtec Consulting Limited
            of Dartmouth, Nova Scotia to commence the first phase of
            exploration on the Mill Village property. Due to extensive
            glacial till cover, initial efforts have included the GIS
            compilation and re-interpretation of historic grid survey data
            which included VLF-EM, Magnetics and B-Horizon soils. In
            conjunction with the data compilation, an MMI (Mobil Metal Ion)
            orientation survey was conducted over the Gold Eagle vein
            system area. In total, 91 samples, were submitted to SGS
            Mineral Services for analysis.




 About Canuc 

 Canuc is a Canadian based exploration Company focused on identifying and  developing mineral projects in the Americas. The Company has been  carefully assessing and acquiring assets in Nova Scotia, Canada and  Texas, USA to complement its Ecuadorian mineral assets.  Management  considers that these projects currently offer a particularly favourable  environment for mineral exploration and development.  The Company  intends to continue to acquire quality precious metal projects in the  Americas.  Management of the Company has a proven record of discovery,  resource expansion, permitting and developing projects through to  production. 

 Neither the TSX Venture Exchange nor its Regulation Services Provider  (as that term is defined in the policies of the TSX Venture Exchange)  accepts responsibility for the adequacy of this release. 

 Forward-Looking Statements 

 This news release contains forward-looking statements that include risks  and uncertainties. When used in this news release, the words  "estimate", "project", "anticipate", "expect", "intend", "believe",  "hope", "may" and similar expressions, as well as "will", "shall" and  other indications of future tense, are intended to identify  forward-looking statements. The forward-looking statements are based on  current expectations and apply only as of the date on which they were  made. The factors that could cause actual results to differ materially  from those indicated in such forward-looking statements include changes  in the prevailing price of gold, the Canadian-United States exchange  rate, grade of ore mined and unforeseen difficulties in mining  operations that could affect revenues and production costs. Other  factors such as uncertainties regarding government regulations could  also affect the results. Other risks may be set out in Annual Reports. 

Canuc Resources Corporation


CONTACT:  Gary Lohman, President & CEO  Chris Chadder, CFO416-867-1300                  [e-mail]     [e-mail] 


    

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