|Thu Jul 17, 2008|
Aurcana Finalizes Acquisition of Shafter Silver Mine
A Primary Silver Producer
Aurcana Corporation ("Aurcana" or the "Company") is pleased to report that it has closed the acquisition of 100% of the Shafter silver mine from Silver Standard Resources Inc. as announced on April 3, 2008. The Shafter silver mine is located in Presidio County, southwest Texas and is fully accessible via paved highway from El Paso, Texas. Shafter has a measured and indicated resource of 21,000,000 ounces of silver and an inferred resource of 20,200,000 ounces of silver.
"This is an extremely attractive and timely opportunity for Aurcana and with the acquisition of a pure silver mine will transform Aurcana into a primary silver producer", states Ken Booth, President. Shafter will also form the basis for Aurcana to accelerate its commitment to becoming a mid-tier mining company.
A N.I. 43-101 report on the Shafter silver mine will be available on Sedar.
About Aurcana Corporation:
Aurcana Corporation's strategy is Growth Through Acquisition. The 100% owned Shafter silver mine represents the third acquisition in two years.
The Shafter silver mine, with all necessary infrastructure in place, is planned for a fast track to production with average annual silver forecasted at 2.6 million ounces per year. The 80% owned La Negra mine in Queretaro State, Mexico, operates at 1,000 tonnes per day with silver production forecast to reach one million ounces per year. The 100% owned Rosario project in Sinaloa State, Mexico, where an underground drill program is underway to expand resources at the Plomosas mine.
Ron Nichols, P.Eng. a Director and Vice President of Exploration for Aurcana, and a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this release.
The reader should be cautioned the Company has not completed feasibility studies confirming the projected production capacity for La Negra, Shafter or Rosario and there is no certainty the Company's plans will be economically viable.
ON BEHALF OF THE BOARD OF DIRECTORS OF
"Ken Booth", President
For further information, please visit the website at www.aurcana.com.
Ken Booth, President or
Jack Barnes, Investor Relations
Phone: (604) 331-9333
Toll Free: (866) 532-9333
Fax: (604) 633-9179
Caution Regarding Forward-Looking Statements -- This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include unsuccessful exploration results, changes in metal prices, changes in the availability of funding for mineral exploration and development, unanticipated changes in key management personnel and general economic conditions. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, oral or written, made by itself or on its behalf.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this Release.
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