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September 04, 2015 7:43 PM ET

Metals and Mining

Company Overview of Cancana Resources Corp

Company Overview

Cancana Resources Corp., an exploration stage company, engages in the acquisition, exploration, and development of mineral properties in Brazil and Canada. The company primarily explores for manganese deposits. It holds 32.5% interest in BMC manganese project in Brazil; and 49% interest in Dash Claims, Canada. The company was formerly known as Sola Resource Corp. and changed its name to Cancana Resources Corp. in January 2011. Cancana Resources Corp. was founded in 1980 and is headquartered in Calgary, Canada.

Sun Life Plaza West Tower

Suite 1600

144 4th Avenue SW

Calgary, AB T2P 3N4


Founded in 1980

Key Executives for Cancana Resources Corp

Chief Executive Officer, President and Director
Chief Financial Officer and Chief Financial Officer of Brazil
Compensation as of Fiscal Year 2014.

Cancana Resources Corp Key Developments

Cancana Resources Corp Reports Production Results for the Second Quarter of 2015

Cancana Resources Corp. reported production results for the second quarter of 2015. For the quarter, the company reported production at BMC totaled 2,143 tonnes of manganese oxide bringing the current stockpile to 7,056 tonnes (net of sales). Assays for the second quarter production are still pending. Assays for the first quarter production material reported an average grade of 51.0%. The average grade of the overall stockpile after sales based on available assay data for first quarter 2015 was 52.4% Mni. Production in the second quarter was primarily from the Rio Madeira plant. From the beginning of June to the second half of August, the Jaburi plant has been closed as it is being retrofitted to meet safety and fire standards.

Cancana Resources Corp. Commences First Ever Drill Program at BMC Manganese Project

Cancana Resources Corp. announced that the drill rig has arrived on site to commence a 2,000 meter exploration drilling program, and that the regional HeliTEM aerial geophysics program is now over 50% complete. Completion of this first phase of drilling will be an important step in providing further support for the geological model. The Company believes that the extensive colluvial mineralisation observed in the district has been sourced from deeper hydrothermal vein systems. The basement is poorly exposed and the position of the associated structures is not always clear. The aerial survey is designed to fast-track the identification of prospective structural corridors, and the initial drilling will test for the persistence of primary manganese oxide mineralisation in vein systems at depth.

Cancana Resources Corp. Announces Board Changes

Cancana Resources Corp. announced the appointment of Mr. Doug Willock to the company's board of directors, effective immediately. Mr. Willock recently completed a large corporate restructuring of a junior mining company in Brazil where he and his team eliminated $268.5 million in debt and secured $80 million in new project funding. The company also announced that due to time constraints, Mr. David Danziger has resigned from the board of directors with immediate effect.

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