MONTREAL, Dec. 27 /CNW Telbec/ - Cancor Mines (KCR-TSX) is pleased to
provide a year-end progress report in reference to its exploration and
development activities on its gold and base metal properties (copper and zinc)
in the Abitibi region of Quebec, as well as its gold properties in Algeria.
Kistabiche and Bonfortel: Cancor has completed a Titan 24 Survey on the
Kistabiche (a joint venture with SOQUEM) and Bonfortel properties, located
north of Amos in the historic Joutel precious and base metals mining camp in
Quebec. The results of the survey are expected to be available during the
second week of January, 2008. The Company has provided for a further 3,000
meters of drilling to target the projected anomalies. Cancor anticipates that
this program will add to the already known resources on the property. The
existing Explo-Zinc deposit on Kistabiche has NI 43-101 compliant measured and
indicated resources of 587,961 tonnes grading 7.63% zinc, 0.35% copper and
1oz/t silver and inferred resources of 273,485 tonnes grading 6.64% zinc and
Gemini-Turgeon: On its Gemini-Turgeon gold and base metal project, north
of La Sarre, in the Casa Berardi mining camp, Cancor's partner Iamgold
Corporation (formerly Cambior Inc.) has delineated numerous targets with a
Titan 24 Survey, and will shortly commence approximately 2,000 meters of
further drilling. Gemini-Turgeon already hosts a resource of two million
tonnes mineralized in zinc, copper, and gold. Cancor is confident that
IAMGOLD's drilling will add to that calculation, since all new Titan-24
targets are adjacent to the resource-bearing area in the south part of the
Allard: Cancor has selected targets on the Company's third asset in the
Abitibi, the Allard property that shows excellent gold potential. As soon as
ground conditions permit (the area is swampy, and drilling can only take place
on frozen ground), a new drilling program will commence.
Results in Algeria: Cancor announced positive results of sampling on its
two recently acquired properties in Algeria. As part of an NI 43-101
evaluation, Cancor's team took sixteen and seven grab and channel samples from
the Tan Chaffao West and In Ouzzal North properties respectively, from
trenches and outcrops. Visible gold was seen in one of the samples. An NI
43-101 report is being written and will describe the exploration program to be
conducted on each property. The results from the samples taken during the
visit confirm the presence of gold-bearing mineralization at both projects.
The samples were analyzed by fire assaying and by atomic absorption at the
ALS-Chemex laboratory in Val d'Or, Québec. Cancor has established an office in
Algeria, and has hired a General Manager and Geologist. Preparations are
underway for the next phase of exploration work, which will commence at the
end of December, 2007.
New Directors: Two well-known and highly respected figures in the mining
and exploration community, Mr. Denis Francoeur and Mr. Florent Baril, joined
Cancor's Board of Directors in 2007. Denis Francoeur is a geologist with more
than 30 years of experience with a track record of mine discoveries in Ontario
and Quebec when he was Director of Exploration for Noranda, a post he held for
eighteen years. He and his exploration team were attributed the Quebec's
Prospector of the Year Award in 1987. Today he is the CEO of Diagem Inc.,
which is exploring and developing diamond projects in Brazil. Florent Baril is
a metallurgical engineer with 45 years of experience in the mining industry.
He has started up many mining operations in Canada and abroad, and has
directed scores of feasibility studies for mining projects in Canada, South
America, Mexico, and Africa. The participation of Mr. Francoeur and Mr. Baril
in Cancor's projects, and their confidence in the value of those projects,
speaks well of Cancor's future.
Engagement of IR Firm: In October, Cancor retained the firm of
MarketSmart Communications Inc. of Vancouver, B.C. to provide the Company with
investor relations services.
As all of the foregoing developments indicate, Cancor engaged in numerous
activities in 2007 that have moved the Company significantly forward.
Anticipating highly positive results from its upcoming exploration programs,
the Company looks with confidence to 2008 as a major turning point.
All Cancor Mines press releases are available on the company's website,
www.cancor.ca. Mr. A. Khobzi, an engineer and qualified person under NI
43-101, has read and approved this release.
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 2007 Annual Information Form, a copy of which can be obtained on the
SEDAR website at www.sedar.com.
For further information:
For further information: Mr. Khobzi, the company president, (514)