|Thu Aug 13, 2009|
Aurcana Increases Interest in La Negra
|Aurcana Corporation ("Aurcana" or the "Company") is pleased to announce it has increased its interest in the La Negra mine from an 80% to a 92% interest through the capitalization of a portion of Aurcana's contributions to Real de Maconi. |
Effective April 2009, Aurcana took over the operatorship of the La Negra Mine where onsite personnel are now in control of all the daily functions of the mine operation. Key senior staff positions in geology, human resources, accounting and the mill-flotation plant have been strengthened with the addition of highly qualified personnel. This has resulted in a significant cost reduction and provides direct control over the operation to Aurcana.
The Company advises 3,875,000 stock options at a price of $0.10 per common share in accordance with the policies of the TSX Venture Exchange (the "Options"), have been granted to various Directors, Officers and Consultants of the Company.
The Options have been granted in accordance with the terms of the Company's 10% fixed Stock Option Plan approved on August 22, 2008.
The Company further advises Messrs. Antonio Berlanga and Ricardo Rodriquez have resigned as directors and Aurcana wishes to thank them for their contributions to date.
About Aurcana Corporation:
The Shafter silver mine, with a NI 43-101 measured and indicated resource of 24.6 million ounces of silver and an inferred resource of 22.8 million ounces of silver using a 4.0 ounce per ton cut off, is scheduled to produce at 3.5 million ounces silver per year. The 92% owned La Negra silver-lead-zinc-copper mine in Queretaro State, Mexico, is operating at 1,000 tonnes per day. The reader should be cautioned the Company has not completed a feasibility study confirming the projected production capacity for La Negra and there is no certainty the Company's plans will be economically viable. 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.
ON BEHALF OF THE BOARD OF DIRECTORS OF
"Lenic Rodriquez", President
For further information, visit the website at www.aurcana.com or contact:
Jack Barnes, Manager 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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