Aurcana Corporation - AUN.V Message Board

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Gold/Mining/Energy : Aurcana Corporation - AUN.V

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Apr 19 5:00 PM EST

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To: E_K_S who wrote (196)	12/12/2013 12:06:06 PM
From: Sultan	of 300

Aurcana Provides Guidance on Shafter Resource Estimate VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 12, 2013) - Aurcana Corporation ("Aurcana" or the "Company") (TSX VENTURE:AUN)( 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. finance.yahoo.com

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