Aurcana Provides Guidance on Shafter Resource Estimate
12 Dicembre 2013 - 3:00PM
Marketwired
Aurcana Provides Guidance on Shafter Resource Estimate
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 12, 2013) -
Aurcana Corporation ("Aurcana" or the "Company")
(TSX-VENTURE:AUN)(OTCQX:AUNFF) wishes to provide additional
guidance for its Shafter project, the underground mine development
located in southwestern Texas.
As previously reported, the resource model for the Shafter
deposit used to support the mineral resource estimate contained in
the June 2011 amended feasibility study has been an inconsistent
predictor of tons and grade for the historic Presidio Mine.
Consequently, Aurcana has retained Mine Development Associates
("MDA"), of Reno, Nevada, to develop a new geological and resource
model for the Shafter project. Preliminary results from MDA
indicate that the updated model will result in a significant
reduction in the aggregate mineral resource estimate as compared
with the mineral resource estimate contained in the June 2011
amended feasibility study. The Company anticipates that the updated
mineral resource estimate for the Shafter property will be
available in January 2014. In the meantime the Company is reviewing
the methodologies used by MDA in the new modeling effort.
A significant portion of the reduction of the estimated mineral
resource can be attributed to the utilization of geological and
structural controls absent in prior mineral resource estimates of
the Shafter project. Density factors also appear to have been
overstated further compromising past tonnage estimates. This likely
significant change in the mineral resource estimate has prompted a
top-down review of the Shafter Project, which will take into
account the new mineral resource estimate and the lower 2013 silver
price. The Company expects to complete the review in January 2014
and will provide additional guidance at that time.
Mr. Andrew Kaczmarek, a qualified person (as defined in National
Instrument 43-101) and the Company's Chief Operating Officer, has
reviewed and approved the scientific and technical information
contained in this release.
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.
About Aurcana Corporation
Aurcana Corporation is a primary silver producing company with
two mines: the La Negra Mine in Mexico and the Shafter Mine in
Texas, USA.
Corporate
The Company's shares are also traded in the United States on
OTCQX under the symbol "AUNFF". Investors can find current
financial disclosure and Real-Time Level 2 quotes for the Company
on www.otcqx.com and www.otcmarkets.com.
ON BEHALF OF THE BOARD OF DIRECTORS OF AURCANA CORPORATION
Lenic Rodriguez, President & CEO
This news release contains certain forward-looking
statements, including statements regarding the preparation of an
updated resource model and mineral resource estimate on the Shafter
project. These statements are forward-looking statements that
involve various risks and uncertainties.
Any statements that express or involve discussions with
respect to predictions, expectations, beliefs, plans, projections,
objectives, assumptions or future events or performance (often, but
not always, using words or phrases such as "expects" or does not
expect", "is expected", anticipates" or "does not anticipate"
"plans", "estimates" or "intends" or stating that certain actions,
events or results " may", "could", "would", "might" or "will" be
taken, occur or be achieved) are not statements of historical fact
and may be "forward-looking statements". Forward-looking statements
are subject to a variety of risks and uncertainties which could
cause actual events or results to materially differ from those
reflected in the forward-looking statements.
Actual results may differ materially from results
contemplated by the forward-looking statements. Important factors
that could differ materially from the Company's expectations
include, among others, risks related to the ability of MDA to
complete the update mineral resource estimate and related technical
report within the currently anticipated time, and general risks
related to international operations, exploration results, the
ability of suppliers to provide equipment, the availability of
skilled labour, conclusions of economic evaluations and changes in
project parameters as plans continue to be refined, as well as
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, except as required pursuant to applicable
securities laws. Accordingly, readers should not place undue
reliance on forward-looking statements.
Aurcana CorporationLenic RodriguezPresident & CEO(604)
331-9333 or Toll Free: (866) 532-9333(604) 633-9179Aurcana
CorporationCatalin ChiloflischiCorporate Communications
Director(604) 331-9333 or Toll Free: (866) 532-9333(604)
633-9179ir@aurcana.comwww.aurcana.com
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