|Tue Jul 6, 2010|
Aurcana Appoints Director
|Aurcana Corporation ("Aurcana" or the "Company") is pleased to announce the appointment of Robert Tweedy to its board of Directors.|
Mr. Tweedy is currently the Chairman of Useppa Holdings Limited, a diversified management company. Mr. Tweedy is also a Director of Dundee REIT, Aegon Canada Inc., TransAmerica Life Insurance Company of Canada, and CARE Canada, where he also held the position of Chairman from 2002 to 2006. Mr. Tweedy is an Advisor to MARS and is a past Director of the Toronto Hospital Foundation Board. He began his career with McKinsey and Co. Inc. and subsequently served as President and CEO of a number of private and public companies. He is a past Chairman of the Young Presidents' Organization, Ontario Chapter, and currently a member of The World Presidents' Organization. He earned his Honours Bachelor of Arts degree from the University of Toronto and his Masters of Business Administration degree from Stanford University. In 2003, he was awarded the H.M. The Queen's Jubilee Medal for his work with CARE Canada.
Aurcana President, Lenic Rodriguez states: "We are very pleased to have Robert join our board. His business background and extensive relationships in the finance sector will be beneficial to Aurcana as the Company pursues its "Silver Growth Strategy" in Mexico and Texas".
The Company further advises 350,000 stock options at a price of $0.25 per common share in accordance with the policies of the TSX Venture Exchange (the "Options") have been granted to a Mr. Tweedy.
The Options have been granted in accordance with the terms of the Company's 10% rolling Stock Option Plan approved on June 18, 2010.
About Aurcana Corporation:
The Shafter Silver Mine is scheduled to start up production within 18 months of securing permits and financing, producing 3.9 million ounces of silver in the first year. It has a NI 43-101 measured and indicated resource of 24.6 million ounces of silver (2,900,000 tons at 8.48Ag opt) and an inferred resource of 22.8 million ounces of silver (2,167,000 tons at 10.52 Ag opt) 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 with the recently completed expansion to 1,500 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 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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