Aurcana Corp.

Published : July 31st, 2008

47.4 Million Ounce Silver Resource at Shafter Silver Mine Confirmed by 43-101

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News Release
Thursday, July 31, 2008
47.4 Million Ounce Silver Resource at Shafter Silver Mine Confirmed by 43-101

Aurcana Corporation ("Aurcana" or the "Company") is pleased to announce the release of a N.I. 43-101 compliant resource estimate on the 100% owned Shafter silver mine located in south-west Texas. The report was prepared by Tetra Tech Inc., of Golden Colorado and the full report can be viewed on the Aurcana website (www.aurcana.com) or on Sedar (www.sedar.com). Upon review by Aurcana, when considering the current strong silver prices, an economic cut off of four ounces per ton was calculated for use in a pre-feasibility study. The result is an increase of 15% in the total resource to 47.4 million ounces of silver, as compared to our previous release (April 2, 2008, Aurcana Acquires Near Term Silver Production Project) which stated an historic resource of 41.2 million ounces using a five ounce per ton cut off.

Tetra Tech 43-101 Compliant Resource

Resources

Tons

Silver oz/ton

Contained Silver Ounces

Measured

883,000

8.50

7,500,000

Indicated

2,017,000

8.48

17,100,000

Measured and Indicated

2,900,000

8.48

24,600,000

 

 

 

 

Inferred

2,167,000

10.52

22,800,000

Assumes a 4.0 opt silver cut-off

The pre-feasibility study will select the mining method that will be used to optimize production capacity and maximize the project's economic return. The study will investigate the use of a decline to access the deposit, and mechanized room and pillar extraction. The decline will facilitate the efficient movement of supplies and large equipment for production and will allow the existing shaft to be dedicated to hoisting ore for the nearby mill. Initial calculations indicate that daily production could be sustained at a rate of up to 1,500 tons per day.

Silver was mined in the Shafter region from 1883 until 1942, when the mine was closed, not from lack of ore, but by the War Act. Historically reported total production during that period was 35 million ounces of silver from 2.3 million tons of ore, at an average grade of 15.24 ounces per ton.
Aurcana acquired the Shafter silver mine in July, 2008. All nec�essary infrastructure is in place with a major power line and paved highway crossing the property, an electrical sub-station on site, a 1,050 foot shaft serviced by a 80 ton per hour hoist and 5,100 feet of underground develop�ment.

About Aurcana Corporation:
Aurcana Corporation's strategy is "Growth through Acquisition". The Shafter silver mine represents the third acquisition in two years.

The 100% owned Shafter mine in Presidio County, Texas, is planned for production start up at 3.2 million ounces silver. The 80% owned La Negra mine in Queretaro State, Mexico, operates at 1,000 tonnes per day with silver production approaching one million ounces. The 100% owned Rosario project located in the Sierra Madre precious metals belt, Sinaloa State, Mexico, is an exploration and development project.

Ron Nichols, P.Eng. a Director and Vice President of Exploration for Aurcana, and a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this release.

The reader should be cautioned the Company has not completed feasibility studies confirming the projected production capacity for La Negra, Shafter or Rosario and there is no certainty the Company's plans will be economically viable.


ON BEHALF OF THE BOARD OF DIRECTORS OF
AURCANA CORPORATION


"Ken Booth", President

For further information, please visit the website at www.aurcana.com.

Or contact:
Ken Booth, President or
Jack Barnes, Investor Relations

Aurcana Corporation
Phone: (604) 331-9333
Toll Free: (866) 532-9333
Fax: (604) 633-9179
Email: jbarnes@aurcana.com


Caution Regarding Forward-Looking Statements -- This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include unsuccessful exploration results, 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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this Release.

 
 
Data and Statistics for these countries : Mexico | All
Gold and Silver Prices for these countries : Mexico | All

Aurcana Corp.

PRODUCER
CODE : AUN.V
ISIN : CA0519185064
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Aurcana is a silver development stage company based in Canada.

Aurcana produces silver, copper, lead and zinc in Mexico, and holds various exploration projects in Mexico.

Its main assets in production are LA NEGRA and SHAFTER in Mexico.

Aurcana is listed in Canada and in United States of America. Its market capitalisation is CA$ 847 400 as of today (US$ 677 541, € 593 526).

Its stock quote reached its highest recent level on October 31, 1997 at CA$ 9.92, and its lowest recent point on November 03, 2022 at CA$ 0.01.

Aurcana has 84 740 000 shares outstanding.

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