|Mon Mar 16, 2009|
Appointment of Director
|Aurcana Corporation ("Aurcana" or the "Company") is pleased to announce that Mr. Ricardo Rodriguez has agreed to join the Board of Directors.|
Mr. Rodriguez brings to Aurcana a broad range experience including mining engineering, international experience in senior management, private equity investments, Mergers & Acquisitions, and management consulting. He has been CEO of Bioverda Holdings, LLC, an ethanol producer, and Director of Investments of Shell Technology Ventures. Mr. Rodriguez is Chairman of the Board of Penn Octane Corporation (NASDAQ; POCC), on the Board of Managers of Rio Vista Energy Partners, L.P., (NASDAQ: RVEP), and advisor to a sovereign wealth fund, a private equity investor, and a large Oil &Gas company. Mr. Rodriguez has taught a series of finance courses as a professor at the graduate school of business at Instituto Tecnologico Autonomo de Mexico (ITAM) and he holds an MBA from the Graduate School of Business at the University of Chicago and a B.Sc. in Mining Engineering from Colorado School of Mines.
Aurcana President, Ken Booth states: "We are very pleased to have Ricardo join our board as he brings to the Company a strong technical and financial background. A long time resident of Houston, Ricardo will also being assisting the Company in advancing the Shafter silver mine located in southeast Texas".
The Company further advises 350,000 stock options at a price of $0.11 per common share in accordance with the policies of the TSX Venture Exchange (the "Options") have been granted to a Mr. Rodriguez.
The Options have been granted in accordance with the terms of the Company's 10% rolling Stock Option Plan approved on August 22, 2008.
About Aurcana Corporation
The Shafter silver mine has a NI 43-101 resource of 24.6 million ounces at 8.48 ounces per ton measured and indicated and 22.8 million ounces at 10.52 ounces per ton inferred using a 4.0 ounce per ton cut off. Production, scheduled 18 months after permitting and financing is secured, is estimated at 3.9 million ounces silver in year one.
The 80% owned La Negra silver-copper-lead-zinc mine in Queretaro State, Mexico, is operating at 1,000 tonnes per day. The 100% owned Rosario mine in Sinaloa State, Mexico, is an advanced stage silver-lead-zinc-gold exploration project.
Ron Nichols, P.Eng., 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, or contact:
Ken Booth, President or
Jack Barnes, Investor Relations
Phone: (604) 331-9333
Toll Free: (866) 532-9333
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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