Canuc provides Mill Village gold project exploration update

TSX Venture Exchange
Symbol: CDA
Shares Outstanding: 59,735,798

TORONTO, Nov. 7, 2011 /CNW/ - Canuc Resources Corporation ("Canuc" or the "Company") (TSXV:CDA) is pleased to report on exploration in progress at the Mill Village gold property located outside of Liverpool, Nova Scotia. The property consists of 31 claims (496 hectares) covering former historical producers at the Gold Eagle and Thompson Mines and several other reported gold occurrences associated with quartz veining within the Meguma Terrane of the north-eastern Appalachians.

In the past month, Hudgtec Consulting Limited ("Hudgtec") of Dartmouth Nova Scotia has continued with ground exploration at Mill Village, focusing primarily on prospecting, rock sampling, mapping and select VLF-EM and magnetometer traverses in the northern and central portions of the claim group. In addition to validating and reprocessing prior work conducted by previous explorers on the property, this work has provided a clearer picture of the structural and stratagraphic framework at Mill Village as it may apply to structural controls on gold mineralization.

Several of the reported gold occurrences, historic gold and/or arsenic in soil and areas of interesting quartz boulders and or sulphide mineralization appear to be related to breaks along distinct northeast-trending VLF-EM conductors. Field checks indicate that these breaks are related to lower topographic areas along distinct elevated ridges characterized by abundant angular greywacke subcrop with lesser amounts of black argillite or slatey material.

Initial interpretative work suggests that the breaks are likely related to northwest-trending faults and may contain gold bearing, extensional fissure veins that have been preferentially eroded by southeast advancing glaciers, the dominant erosion pattern seen throughout southern Nova Scotia. Exploration targets have been identified for immediate follow-up work at several locations near the intersection of the breaks and the northeast-trending stratigraphic sequences, the same setting that also hosts the gold bearing, bedded quartz veins at the historic Gold Eagle and Thompson mines.

Future work will consist of grid establishment, soil and till sampling and select areas may also be trenched or test-pitted. Prospecting, mapping and select geophysical traverses outside of the areas visited to date are also planned in the remainder of 2011. The company is also planning to implement an Airborne Light Detection and Ranging "LIDAR" survey in the near future to assist in the definition of the topographic breaks noted above. LIDAR is currently being used by other explorers (NSGold at Mooseland) in the Meguma Terrane to enhance more subtle topographic features related to structure and stratigraphy and hence possible controls on gold mineralization.

"In examining the Mill Village gold project and its past producing gold mines with modern techniques, we are developing a new picture for control of gold mineralization on this property.  Recent successes and developments by Atlantic Gold NL and Acadian Mining Corporation in the Northern part of the Province have led to a renewed interest in the Meguma Terrane and its demonstrated potential.  Exploration efforts on the Mill Village gold project in 2012 will provide more information on this exciting prospect as it applies to this property," stated Gary Lohman, P.Geo President and CEO of Canuc Resources Corp.

Mr. Bruce Hudgins, P. Geo is the designated Qualified Person pursuant to National Instrument 43-101 of the Canadian Securities Administrators for this press release and has reviewed and approved the technical and scientific disclosure contained herein.

About Canuc

Canuc is a junior mining company with its principal exploration properties located in Ecuador and Nova Scotia.  Canuc's main holding is an approximate 85% interest in the Nambija Gold deposit located in south-eastern Ecuador.  According to records obtained from the Central Bank of Ecuador, it is estimated that, to date, nearly 3 million ounces of gold have been produced using the most primitive of mining and milling recovery processes from the Nambija area.

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 of this release.

Forward-Looking Statements

This news release contains forward-looking statements that include risks and uncertainties. When used in this news release, the words "estimate", "project", "anticipate", "expect", "intend", "believe", "hope", "may" and similar expressions, as well as "will", "shall" and other indications of future tense, are intended to identify forward-looking statements. The forward-looking statements are based on current expectations and apply only as of the date on which they were made. The factors that could cause actual results to differ materially from those indicated in such forward-looking statements include changes in the prevailing price of gold, the Canadian-United States exchange rate, grade of ore mined and unforeseen difficulties in mining operations that could affect revenues and production costs. Other factors such as uncertainties regarding government regulations could also affect the results. Other risks may be set out in Annual Reports.

SOURCE Canuc Resources Corporation

For further information:

Gary Lohman, President & CEO 
416-867-1300 
glohman@canucresources.ca 
                    Chris Chadder, CFO
416-867-1300
cchadder@canucresources.ca

 

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Canuc Resources Corporation

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