|Fri Feb 12, 2010|
Aurcana Grants Stock Options
|Aurcana Corporation ("Aurcana" or the "Company") is pleased to announce that it has retained O&M Partners, LLC ("O&M Partners") to assist with its corporate investor relations and marketing programs. O&M Partners is a New York-based investor relations company, specializing in the institutional marketing of micro- and small-cap companies. |
The consulting agreement between Aurcana and O&M Partners is effective from February 11, 2010, for a term of one year. Aurcana has agreed to grant 100,000 incentive stock options (the "O&M Options") to O&M Partners to acquire an aggregate of 100,000 common shares of the Corporation, exercisable at $0.275 per share. The O&M Options will vest in accordance with the TSX Venture Exchange guidelines and the Company's stock option plan.
O&M Partners' appointment as an investment relations consultant of Aurcana and the granting of the O&M Options remain subject to regulatory acceptance of applicable filings with the TSX Venture Exchange.
In addition the Company has granted 800,000 stock options at a price of $0.275 per common share in accordance with the policies of the TSX Venture Exchange (the "Options"), have been granted to various Officers, Employees and Consultants of the Company.
The Options have been granted in accordance with the terms of the Company's 10% rolling Stock Option Plan approved on September 18, 2009.
About Aurcana Corporation:
The Shafter silver mine, upon completion of financing and permitting, is scheduled to start up production in 2011 at 3.9 million ounces silver per year. It has 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). The 92% owned La Negra silver-lead-zinc-copper mine is on target to increase production to over 2 million ounces Silver Equivalent annually when expansion to 1,500 tpd is completed this year. 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 Senior Vice President 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 Rodriguez", President
For further information, visit the website at www.aurcana.com or contact:
Jack Barnes, Corporate 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.
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 or accuracy of this release.
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