Vancouver, BC, May 23, 2013- Aurcana Corporation (“Aurcana” or the “Company”) (TSXV: AUN, OTCQX: AUNFD) issued a news release on May 17, 2013 clarifying certain technical disclosure, in which it advised that the Company’s technical report titled “Technical Report on the La Negra Mine Project, Queretaro, Mexico”, dated October 4, 2012 (the “Original Technical Report”) will be amended and re-filed (the “Amended Technical Report”).
The Company has received a number of enquiries from investors enquiring whether the estimate of mineral resources for the La Negra mine which was published in the Original Technical Report will be changed in the Amended Technical Report or if such estimate is otherwise being retracted by the Company. The Company wishes to clarify that the mineral resource estimate set out in the Original Technical Report will remain unchanged in the Amended Technical Report, and has not been modified or retracted by the Company. The resource estimate as previously disclosed in August 2012, is as follows:
Measured and Indicated Resources for all Deposits and all Blocks with a Minimum Recovered Value of US$40 per Tonne (As of June 30, 2012) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
Classification | Tonnes (000) | Average | In Situ Metal Quantities (000) | Average Recovered Value (1) ($/t) | ||||||
Silver (g/t) | Copper (%) | Lead (%) | Zinc (%) | Silver (oz) | Copper (lb) | Lead (lb) | Zinc (lb) | |||
| Measured | 11,862 | 133.42 | 0.50 | 0.90 | 2.60 | 50,070 | 130,834 | 228,825 | 673,603 | 180.06 |
| Indicated | 15,159 | 130.12 | 0.41 | 0.92 | 2.19 | 65,026 | 138,695 | 310,673 | 745,060 | 166.63 |
| Measured plus Indicated | 27,021 | 131.31 | 0.49 | 0.91 | 2.36 | 115,096 | 269,529 | 539,498 | 1,418,664 | 172.53 |
| (1) Metal prices and recoveries used are as follows: Silver – $28.29/84.87%; Copper – $3.33/81.02%; Lead – $0.88/74.62%; Zinc – $0.84/70.66% | ||||||||||
Inferred Resources all Blocks with a Minimum Recovered Value of US$40 per Tonne (As of June 30, 2012) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
Classification | Tonnes (000) | Average | In Situ Metal Quantities (000) | Average Recovered Value (1) ($/t) | ||||||
Silver (g/t) | Copper (%) | Lead (%) | Zinc (%) | Silver (oz) | Copper (lb) | Lead (lb) | Zinc (lb) | |||
| Inferred | 13,278 | 126.05 | 0.42 | 0.88 | 2.14 | 56,501 | 132,260 | 263,033 | 657,370 | 163.25 |
| (1) Metal prices and recoveries used for the value estimate are as follows: Silver – $28.29/84.87%; Copper – $3.33/81.02%; Lead – $0.88/74.62%; Zinc – $0.84/70.66% | ||||||||||
In regard to recent events, Mr. Lenic Rodriguez, Aurcana’s President and Chief Executive Officer would like to address the following message to investors:
“The decrease in Aurcana’s share price over the last few months and especially the last few days has been disappointing and we strongly believe does not reflect the true value of Aurcana’s two mines, our solid fundamentals and our growth profile.
I would like to reaffirm today, that there has been no fundamental changes and there is no undisclosed material changes regarding our mineral resources or ability to operate the mines that in management’s opinion would justify the recent drop in the Company’s valuation. We have operating mines located in politically stable jurisdictions, able to produce silver at a relatively low total cash cost. This is an important strategic advantage especially in a lower silver price environment today. With concrete progress at the Shafter mine, and continuous improvements at the La Negra mine, we will be working hard to regain investors’ confidence, while aiming to deliver positive results from both of our mines.
Thank you for your confidence in Aurcana Corporation.”
Qualified Person
Mr. Nils von Fersen, PGeo, the Company’s Vice-President, Exploration, and Dr. Sadek E. El-Alfy, the Company’s Vice-President, Operations, are each qualified persons within the meaning of National Instrument 43-101, and have reviewed the contents of this news release.
Cautionary Statement Regarding Forward-Looking Information
This press release contains ‘forward-looking information’ within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “anticipate”, “believe”, “plan”, “expect”, “intend”, “estimate”, “forecast”, “project”, “budget”, “schedule”, “may”, “will”, “could”, “might”, “should” or variations of such words or similar words or expressions. Forward-looking information is based on reasonable assumptions that have been made by the Company as at the date of the information and is subject to known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking information.
Forward looking information in this news release includes information with respect to the Amended Technical Report.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be factors that cause results to be other than as anticipated, estimated or intended. There can be no assurance that the forward looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information contained herein, except in accordance with applicable securities laws.
About Aurcana Corporation
Aurcana Corporation is a primary silver producing company with two producing mines: La Negra Mine in Mexico and Shafter Mine in Texas, US. The Company is in a position to grow organically from its existing mines in its pursuit to become an emerging senior silver producer. Aurcana continues to focus on its future growth.
Corporate
The Company’s shares are also traded in the United States on OTCQX under the symbol “AUNFD”. 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
For further information contact:
Lenic Rodriguez, President & CEO
Catalin Chiloflischi, Corporate Communications Director
Phone: (604) 331-9333
Toll Free: (866) 532-9333
Fax: (604) 633-9179
Email: [email protected]
www.aurcana.com
NR-13-16
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.
