Aurcana Receives US$25 Million - Shafter Silver Mine Acquisition to be Finalized
July 7, 2008
Aurcana Corporation ("Aurcana" or the "Company") is pleased to report that it has received US$25 million from Silver Wheaton Corp. relating to the silver stream agreement announced June 3, 2008 on the 80 percent owned, 1,000 tonne per day La Negra mine in Queretaro State, Mexico.
The closing date for the acquisition of 100% of the Shafter silver mine has been extended and will now be finalized on or before July 15.
Aurcana will release an updated N.I. 43-101 report on the Shafter silver mine upon the closing of the acquisition.
About Aurcana Corporation:
Aurcana Corporation's strategy is "Growth through Acquisition".
The 100% owned Shafter silver mine in Presidio County, Texas, represents the 3rd acquisition in two years. The Shafter silver mine is planned for production start up in 2009 at 3.2 million ounces. The 80% owned La Negra mine in Queretaro State, Mexico, operates at 1,000 tonnes per day with silver production approaching one million ounces. The 100% owned Rosario mine in Sinaloa State, Mexico, is advancing to production at a planned rate of 800 tonnes per day.
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.
The reader should be cautioned the Company has not completed feasibility studies confirming the projected production capacity for La Negra, Shafter or Rosario and there is no certainty the Company's plans will be economically viable.
ON BEHALF OF THE BOARD OF DIRECTORS OF
"Ken Booth", President
For further information, please visit the website at www.aurcana.com.
Ken Booth, President or
Jack Barnes, 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.