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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (2451)	6/12/2007 10:14:30 PM
From: LoneClone	Read Replies (1) \| Respond to of 194504

Important Acquisition for Cancor Mines Inc. Tuesday June 12, 2:56 pm ET biz.yahoo.com Symbol: KCR: TSX MONTREAL, June 12 /CNW Telbec/ - Cancor Mines is pleased to announce that the Company has been awarded a prospection permit for a significant copper -gold base metal project in Algeria. The Tan Chaffao project is for gold and copper exploration in a massive sulphide environment. The Tan Chaffao project is 100% owned by the Algerian State and the prospection permit has been auctioned by the Agence Nationale du Patrimoine Minier (ANPM), the sole government agency authorized to deliver such permits in Algeria. The project is located in the Hoggar, 250 km north of the Town of Tamanrasset. The Tan Chaffao project covers an area of 44,580 hectares (44.5 km(2)). It is situated 45 km to the northwest of the copper - gold deposit known as Tan Chaffao East which is found in the same geological context. This latter deposit is currently being explored by a British junior exploration company listed on AIM in London. The area is easily accessible by both light and heavy vehicles on paved roads and tracks. As a result of the previous surface exploration conducted within the area covered by the permit, several sulphide lenses with copper and gold were discovered at surface where they form gossans (zones of oxidation). The only known drilling consists of 3 shallow holes during the 1970's. The mineralization is typical of Cu, Zn, Pb, Au, Ag polymetallic volcanogenic felsic environments. The mineralized marker horizons extend over more than 20 km. Sulphide lenses and associated stringers open both laterally and at depth extend for lengths of 300 to 500 meters and are up to 55 meters thick. In these areas, one observes between 20 to 50% of sulphides, essentially pyrite and copper, lead sulphides and magnetite. All prospection work was carried out in the visible oxidized zones. Five sectors were investigated in more detail where values of 1 to 10 grams gold per tonne, and 0.5% to 3% copper are reported. Visible gold has been observed locally. The current exploration model is that of a volcanic massive sulphide deposit with copper and gold. The potential for the discovery of a deposit of significant size is excellent; yet the area remains little explored. A complete review of the available data on the project together with an evaluation report in accordance with NI 43-101 will be carried out in the coming months and a program of exploration will be elaborated. Canada is an example where large deposits of this type have been found such as the Horne, Bousquet 2, La Ronde 1 and the La Ronde-Penna deposits. Cancor has also tendered for another gold exploration permit and has been retained to present a financial offer in 45 days. This additional permit is of interest due to its strategic location along a gold structure which hosts two gold deposits (Tirek and Amessmessa) and numerous vein structures and which extends nearly 400 km. There is evidence of several vein swarms. This permit is adjacent to the south of the Amessmessa gold deposit currently under development by an Australian company (listed on the London Stock Exchange Alternative Investment Market). According to the Geological and Mining Research Office of Algeria, the estimated resources (non compliant with NI 43- 101) of this deposit are 1,066,472 ounces of gold with a grade of 15.8 g Au/t. ENOR expects the gold production to increase to 100,000 ounces/year starting January 2007 for the development of this project on the basis of estimated mineable resources of 543,000 ounces. Mr. Kamil Khobzi, eng., President of the Company, is of Algerian origin and is knowledgeable about the geology and the mining potential of this country. His background and involvement in the project are key to a successful undertaking of this new challenge for Cancor. In addition, Mr. René Dufour, a mining engineer and a director of Cancor, completed many years ago a project for the Canadian International Development Agency, which consisted of evaluating the mining potential of Algeria, including the Hoggar region where the Tan Chaffao permit is located. Cancor Mines Inc. is a Canadian mining company engaged in the exploration and development of properties with gold and base metal potential in established mining camps. All Cancor Mines Inc. press releases are available at the Company's Website: www.cancor.ca. This press release has been read and approved by Mr. Khobzi, an engineer and qualified person for purposes of NI 43-101. Caution concerning forward-looking statements This press release contains certain "forward-looking statements", including, but not limited to, the statement regarding exploration work and the emphasis on looking for a certain type of deposit. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements include, among other things, those set forth in Cancor's 2006 Annual Information Form, a copy of which can be obtained on the SEDAR website at www.sedar.com. For further information Mr. David Crevier, Chairman, in Montreal, (514) 284-3663 Source: CANCOR MINES INC.