Aurcana Corporation ("Aurcana" or the "Company") is pleased to announce that it has retained Auramet Trading, LLC ("Auramet") to provide financial advisory and investment banking services to the Company in connection with the sourcing of funding for the Company and its mining projects.
Pursuant to an advisory agreement dated March 2, 2010 between the Company and Auramet (the "Advisory Agreement"), Auramet will receive an upfront one time engagement fee of US$15,000 from the Company and a monthly advisory fee of US$10,000. In addition, the Company will issue to Auramet 300,000 common share purchase warrants of the Company at CDN$0.35 (each a "Warrant"). Each Warrant will be exercisable any time prior to third anniversary from the date of issuance. A success fee may be payable upon certain conditions being met as set out in the Advisory Agreement.
About Aurcana Corporation:
The Shafter silver mine, upon completion of financing and permitting, is scheduled to start up production in 2012 at 3.9 million ounces silver per year. It has a NI 43-101 measured and indicated resource of 24.6 million ounces of silver and an inferred resource of 22.8 million ounces of silver (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 when expansion to 1,500 tpd is completed this year. 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.