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Share Name | Share Symbol | Market | Type |
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Mlb Industries | TSXV:MLB | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
Cancana Resources Corp. (TSX VENTURE:CNY) (the "Company" or "Cancana") is pleased to announce it has agreed to terms for the acquisition of an additional Manganese claim in the State of Rondonia, Brazil. Cancana through its wholly owned Brazilian subsidiary, M.L.B. De Nogueira Mineracao, ("MLB") and its trading name Maio Mineracao, ("Maio"), has agreed to terms of purchase for an additional Manganese claim. The claim is 3,922.07 hectares in size and has occurrences of Manganese at surface and in various rudimentary pits that the claim owner has completed. This additional Manganese claim will bring the total area of Manganese bearing claims held by Cancana to 27,243.28 hectares. All of the claims are located in the State of Rondonia, Brazil and are easily accessible. Under the terms of the acquisition agreement, Cancana has until June 1, 2012 to provide a positive notice to proceed with the acquisition. In the interim the claim owner has transferred the claim into the name of MLB in good faith and Cancana will conduct its own pitting and exploration program in order to ascertain the viability of this particular claim. The early stage pitting on the claim completed by the claim owner, indicates a grade and quality of Manganese mineralization that should be comparable to that of Cancana's existing claims and of surrounding claims held by unrelated parties. Director & CFO, Mr. Andrew Male remarks; "We are pleased to have secured this additional mineral claim as it has demonstrated some very interesting occurrences thus far. We are also particularly pleased with the work of our country manager Marcio Nogueira in the negotiations for this agreement to purchase. Marcio has successfully managed this process for Cancana and we anticipate that he will be able to continue to contribute to Cancana in a similar manner going forward." 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. Dr. William (Bill) Pfaffenberger, CEO and Director 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. 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.
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