VANCOUVER, British Columbia, Nov. 10, 2011 (GLOBE NEWSWIRE) -- Aurcana Corporation (TSX-V:AUN) ("Aurcana" or the "Company") is pleased to advise on November 9, 2011, the Supreme Court of British Columbia pronounced reasons for judgment dismissing, with costs, the legal action commenced on April 15, 2011 by Sprott Asset Management LP ("SAM") and Sprott Resource Lending Partnership ("SLP") against the Company. The action involved claims in breach of contract, misrepresentation and unjust enrichment, among others, and related to two non-binding term sheets for debt financing entered into between the Company, SAM and SLP in 2010.
"We are pleased with the court's decision in the Company's favour and looking forward to focusing its attention on the completion of construction at Shafter and expansion of its La Negra Mine," stated Lenic Rodriguez, President and Chief Executive Officer.
About Aurcana Corporation:
The Shafter Silver Mine is scheduled to start up production in 2012 producing and estimated 3.8 million ounces silver in the first year. It has a NI 43-101 measured and indicated resource of 24.6 million ounces of silver (2,900,000 tons at 8.48Ag opt) and an inferred resource of 22.8 million ounces of silver (2,167,000 tons at 10.52 Ag opt) using a 4.0 ounce per ton cut off. The 92% owned La Negra silver-lead-zinc-copper mine is on target to increase production to over 2 million ounces Silver Equivalent annually.
ON BEHALF OF THE BOARD OF DIRECTORS OF
"Lenic Rodriguez", President and C.E.O.
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.
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.
CONTACT: Lenic Rodriguez President and C.E.O Phone: (604) 331-9333 Toll Free: (866) 532-9333 Facsimile: (604) 633-9179 Email: email@example.com Website: www.aurcana.com