Gold Exploration Update, Mill Village, Nova Scotia

TSX Venture Exchange
Symbol: CDA
Shares Outstanding: 62,535,798

TORONTO, Feb. 27, 2012 /CNW/ - Canuc Resources Corporation ("Canuc" or the "Company") (TSXV:CDA) is pleased to provide an update on exploration at the Mill Village gold property located outside of Liverpool, Nova Scotia. The property consists of 31 claims (496 hectares) covering the former historical Gold Eagle and Thompson Mines and several other reported gold occurrences associated with quartz veining within the Meguma Terrane of the north-eastern Appalachians.

Geochemical work, prospecting and mapping on the property has continued under the supervision of Hudgtec Consulting Limited ("Hudgtec") of Dartmouth, Nova Scotia. To date, 464 B-horizon soils, 82 rock samples and 72 C-Horizon bulk till samples have been collected on the property. SGS Canada Inc. ("SGS") located in Toronto, Ontario is performing routine geochemical analyses on the soil and rock samples while Overburden Drilling Management Limited ("ODM") is conducting counts and descriptions on gold grains which have been recovered from the till samples.

To date, results have been received for 100% of the soil, 85 % of the rock samples and approximately 35 % of the bulk till samples.

Exploration work has been focused on the west end of the claim group around the Hornet Grid and the 667 Grid which hosts the reported high-grade Goddard gold occurrence. A diamond drill program is being planned for May or June of 2012 to test both of these targets.

Recent prospecting and bulk till sampling activities have also been carried out in the central portions of the property, north, south and west of the historic Gold Eagle Mine.

Hornet Grid

The Hornet Grid area is located approximately 600 and 1000 meters west-northwest of the historic Thompson and Gold Eagle Mines respectively. Results to date from the Hornet Grid indicate that the geology in this area may be conducive to the development of a bulk mineable, sediment-hosted or quartz fissure / stockwork style gold deposit. No drilling has been previously reported from this area.

Canuc's results show low to moderate levels of gold in soil to a maximum of 512 ppb covering an area of approximately 250 by 100 meters that appears to be associated with the intersection of a 50-100 meter wide VLF-EM conductor and a distinct NW-trending break that is best represented in the reprocessed, 1980's era VLF-EM data.

Soils near this intersection area are also enriched in tungsten (W) and arsenic (As) to a maximum of 127 W and 2370 ppm As, respectively. Patterns for all three of these elements are slightly different and appear to somewhat overlap each other, with the anomalous gold values occurring closer to the intersection area. Previous explorers have reported panning gold from the till as well as gold and tungsten values in quartz samples in the area up to 530 ppb and 2820 ppm respectively.

Limited bulk till samples (n=6) and rock analyses (n=8) by Canuc in the intersection area have yet to return any significant results although rock analyses are still pending from SGS on recently discovered, mineralized (arsenopyrite and pyrrhotite) argillite and quartz samples on the south side of the intersection area near the edge of a northeast-trending swamp. The angular, mineralized argillite sample is located just south of this area and therefore may be related to the target horizon defined by the VLF-EM conductor.

Future work planned for the Hornet Grid consists of IP Surveying on 50m spaced lines in order to refine the target area, and diamond drilling which is being planned for May or June of this year.

667 Grid

Results to date on the 667 Grid at the west end of the district indicate this area has the potential to host narrow vein, bedding-parallel and/or extensional quartz fissure veins typical of gold occurrences located further east on the property and in other gold districts within the South-western Meguma Terrane.

The 667 grid is located approximately 500 metres south of the Hornet grid and covers the Goddard occurrence, an area highlighted by extensive quartz boulders, historic pits and trenches all reportedly associated with native gold occurrences. No drilling has been previously reported from this area.

As with the Hornet grid, northwest trending fault (s) interpreted from a VLF-EM survey crosscut the stratigraphic northeast trend and appear to be associated with increased tungsten and arsenic levels in soils. Two 350 - 450 metre long, sporadic, gold in soil anomalies appear to follow weak, northeast trending VLF-EM conductors. The soil anomalies are locally bisected by an interpreted, main northwest trending fault. Southwest of this fault, quartz and old prospecting pits are associated with the anomalies while northeast of the fault, pits and quartz are noticeably absent near the gold in soil anomalies. Maximum gold values in soils along these two trends peak at 347 ppb Au. Elevated tungsten levels in soils to 13 ppm also occur a short distance northwest of the northern gold in soil trend immediately adjacent to the northwest fault. The best rock analyses from recent prospecting activities in this area returned 178 ppb Au and 319 ppm W.

The 2 main anomalous soil trends do not appear to be associated with the Goddard occurrence as most of the soils in this area are not anomalous. Two relatively isolated highs of 177 and 629 ppb Au, separate from the 2 trends noted above do, however, occur approximately 125m east-southeast of this occurrence. Overburden depths are reported to be in the 5-10 meter range at the Goddard occurrence.

Future work planned for the 667 Grid consists of IP Surveying on 50m spaced lines in order to better refine the target area, and diamond drilling which is planned for May or June of this year.

Other Activities

Seventy two bulk, 10kg till samples have been taken across the property to date to explore for new gold occurrences, to help characterise gold dispersion trains associated with the historic mines and to provide information for refining drill target selection at the Hornet and 667 Grids.

Results have been received for the first 25 samples, primarily from a line of tills running northwest to southeast through the Fairbanks and Gold Eagle Mines. Gold grain counts received to date are relatively low with 20 to 25 samples reporting total counts of between 0 and 5 grains. Two till samples appear to be anomalous with counts of 34 and 70 grains. The former till sample appears associated with the western extension of the known mines while the latter 70 grain count sample occurs approximately 300 meters down ice of the Gold Eagle Mine. This sample also contained 28 pristine gold grains and is located along a relatively unexplored, weak VLF-EM conductor that is within 100 meters of another apparent northwest break in the VLF-EM. Gold counts from 4 till samples, located up ice of this sample in the direction of the Gold Eagle only averaged 4 gold grains and preliminary interpretations indicate this is either dispersion coming to surface from the Gold Eagle or perhaps a new gold occurrence. Limited soil and rock analyses received from the Gold Eagle Area do not show similar levels of tungsten and arsenic as those seen or reported to date from the western areas of the property.

In addition to the work being conducted on the ground, a more detailed review of historical drill core from the Gold Eagle - Thompson Areas is underway at the provincial facility in Stellarton, Nova Scotia. The previous drill holes, completed from 1979 to 1984, are being examined and additional historic core samples will be analysed. Additional descriptive and compilation work related to rock types from the bulk till samples is also underway to help in further defining targets on the property.

"I am very pleased with the exploration results to date, especially in the unexplored western portion of the property where the Hornet and 667 grids are located. We look forward to drilling these recently identified anomalies in May or June of this year" said Gary Lohman, P. Geo., President & CEO of Canuc Resources Corporation.

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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