Aurcana's Shafter Project to be Placed on Care and Maintenance
19 Dicembre 2013 - 3:00PM
Marketwired
Aurcana's Shafter Project to be Placed on Care and Maintenance
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 19, 2013) -
Aurcana Corporation ("Aurcana" or the "Company")
(TSX-VENTURE:AUN)(OTCQX:AUNFF) wishes to provide an update as to
the status of its Shafter Project. The Aurcana Board of Directors,
after careful consideration and review of the development and
mining options for the Shafter Project under current economic
conditions and low silver prices, has elected to put the Shafter
Project on "care and maintenance". Employees were notified
Wednesday, December 18, 2013.
Aurcana is planning to initiate an exploration program designed
to test targets within Shafter's known mineralized areas in further
detail, to help determine whether additional higher grade
mineralization can be delineated. Aurcana geologists have
identified areas of interest to justify such a program.
Lenic Rodriguez, Aurcana's President and CEO, states "Aurcana's
management and its board of directors are very disappointed that in
spite of many of our employees' best efforts, the prevailing
economic conditions, in particular low silver prices, have caused
the Company to suffer significant losses from the Shafter Project's
operations, resulting in an unsustainable drain on the Company's
treasury. We wish to thank all our employees and stakeholders for
their efforts and support."
As a result of the decision to place the Shafter Project on care
and maintenance, the Company has determined that it will not
immediately proceed with the planned updated resource estimate on
the Shafter Project which was referenced in the Company's news
release dated December 12, 2013.
Aurcana's board of directors and senior management have elected
to take a 20 per cent reduction in compensation as part of an
on-going cost reduction program.
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, US. The Company is positioned to grow organically from its
existing mines in its pursuit to become an emerging silver
producer.
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
NR-13-40
This news release contains certain forward-looking
statements, including statements regarding future exploration,
development and operational activities at 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 general economic
conditions, including in particular metals prices, the results of
further exploration activities on the Shafter Project, changes in
the availability of funding for mineral exploration and
development, the ability of the Company to pay its debts as they
become due, risks related to international operations, 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, and unanticipated
changes in key management personnel. 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 Rodriguez, President & CEOCatalin
Chiloflischi, Corporate Communications Director(604) 331-9333 or
Toll Free: (866) 532-9333(604)
633-9179ir@aurcana.comwww.aurcana.com
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