Aurcana Drilling Intersects Alacran and Cristo Rey Zones At Depth
February 1, 2008
Aurcana Corporation ("Aurcana" or the "Company") announces drilling has intersected targeted zones at the underground exploration program currently being carried out at the 1,000 tonne per day producing La Negra Silver--Copper--Zinc mine in Queretaro State, Mexico. To accelerate the program, a second drill has been added in the Monica zone. Tenders have been put out to add a 3rd drill.
"Work is progressing very well in the Alacran area and we are very encouraged that all four holes have intersected the targeted zones." stated Mr. Ken Booth, President of Aurcana.
Initial drilling of the planned 15,000 metre program is testing the extension of the Alacran and Cristo Rey zones to depth. To date, 4 holes for a total of 744 metres of diamond drilling has been completed and these have been logged, split and shipped to Acme Labs in Vancouver, B.C. to be analyzed.
Work completed by Aurcana on the Monica zone has produced a total of 3,637 metres of diamond saw cut channel samples resulting in a total of 1,884 samples that have now been analyzed. These samples have been incorporated into a data base along with historic underground sampling and drill results.
A 43-101 compliant resource estimate is currently being calculated on the Monica zone.
Aurcana remains committed to becoming a mid tier base/precious metals producer. The Company is focused on the acquisition, development and operation of silver, zinc and copper mines with good infrastructure and ore reserves/resources requiring minimal time to re-start. The company continues to pursue and evaluate other high quality, producing or near producing projects, with the acquisition of any or all of these advanced stage projects, present and proposed cash flow will increase significantly.
With $12 - $15 million in cash flow expected from the 1,000 tonnes per day production established currently and an additional 800 tonnes per day being added in 2009, aggressive exploration programs underway on two properties, a strong balance sheet together with a positive outlook for the price of commodities, the future is very promising for Aurcana and its shareholders.
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.
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.
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