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Aurcana Announces It Has Closed On The Brokered Financing For $5,000,000 And The Non-Brokered For $16,000,000


March 7, 2007

Aurcana Corporation ("Aurcana" or the "Company") is pleased to announce it has closed the brokered portion of the private placement announced February 13, 2007 and has issued an aggregate of 4,000,000 units (each a "Unit") at a price of $1.25 per Unit for total gross proceeds of $5,000,000. Canaccord Capital Corporation acted as the agent (the "Agent") for the brokered portion of the financing.

Further the Company has closed subject to TSX-Venture Exchange ("TSX-VE") approval, its nonbrokered private placement for 12,800,000 units (each a "Unit") at a price $1.25 per Unit for total gross proceeds of $16,000,000.

Each Unit consists of one common share and one-half of one common share purchase warrant. Each whole common share purchase warrant entitles the holder to acquire one common share of the Company at any time up to 18 months after the closing of the private placement at a price of $1.85 per share; provided that if the closing price of the Company's shares as traded on the TSX-VE, subsequent to four months from Closing, is at or over $3.00 per share for 20 consecutive trading days, the Company will have the right to accelerate the expiry of the Warrants upon giving 30 days notice to the holders thereof.

The Company paid to the Agent a commission of $350,000 representing 7% of the gross proceeds of the private placement and issued to the Agent 50,000 common shares of the Company in payment of a corporate finance fee. In addition, the Agent received 280,000 Agent's warrants (the "Agent's Warrants") representing 7% of the Units sold. Each Agent's Warrant is exercisable at any time up to 18 months following the closing of the private placement at an exercise price of $1.50 per share. The Company in connection with the non-brokered private placement will pay finders fees of 5% of the gross proceeds and warrants representing 5% of the gross Units sold on a portion of the financing. The warrants will be exercisable at any time up to 18 months following the closing of the private placement at an exercise price of $1.50 per share.

In accordance with securities legislation currently in effect, the securities issued pursuant to the brokered private placement have a restricted "hold" period for four months plus one day from the date of issuance and in the case of the non-brokered private placement will have a restricted "hold" period for four months plus one day from the date of issuance

ON BEHALF OF THE BOARD OF DIRECTORS OF
AURCANA CORPORATION
"Terese Gieselman", Chief Financial Officer

For further information, please contact: Ken Booth, President or
Colin Farr, Investor Relations
Aurcana Corporation
Phone: (604) 331-9333
Web site: www.aurcana.com

The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this Release.

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