TSX Venture Exchange
Shares Outstanding: 59,235,798
TORONTO, Nov. 29, 2011 /CNW/ - Canuc Resources Corporation ("Canuc" or
the "Company") (TSXV:CDA) is pleased to report its unaudited financial
results for the third quarter ended September 30, 2011. The highlights
and selected financial information should be read in conjunction with
the unaudited financial statements and the related management's
discussion and analysis dated September 30, 2011 together referred to
as the "Financial Statements", which have been filed on SEDAR (www.sedar.com) and the Company's website (http://www.canucresources.ca). The September 30, 2011 consolidated interim statement of
shareholders' equity contained within the September 30, 2011 financial
statements contains the June 30, 2010 comparative results as required
under IFRS. This comparative was not previously disclosed separately
in the June 30, 2011 quarterly financial statements.
All figures are in Canadian dollars unless otherwise noted.
Highlights for the quarter ended September 30, 2011:
The Company reported oil and gas operating revenues of $22,647 for the
quarter ended September 30, 2011 (Nil September 30, 2010). The Company
incurred a net loss and comprehensive loss of $343,162 for the quarter
ended September 30, 2011 as compared to a net loss and comprehensive
loss of $570,772 for the comparative 3-month period in fiscal 2010.
In July the agreement entered into on March 1, 2011, for the acquisition
of Midtex Oil & Gas Corporation ("Midtex"), a private Ontario
corporation was completed. Midtex holds a 100% working interest (80%
net revenue interest) in a gas well and leased property known as the
Coody Morales lease and a further 20% working interest (16% net revenue
interest), in a gas lease known as the Thompson (collectively the
"Midtex Assets") was completed. The Company issued 3,600,000 common
shares of the Company at a deemed price of $ 0.20 per share in
satisfaction of the full purchase price.
A second producing gas well on the Coody Morales leased land was
completed in late August and is now producing gas.
The first well on the Thompson lease was completed in late September.
The Company has a 20% working interest (16% net revenue interest) in
the well. Production will commence following connection to the local
pipe line which is scheduled to be completed by January 2012.
In July, 2011, the Company engaged Hudgtec Consulting Limited of
Dartmouth, Nova Scotia to commence the first phase of exploration on
the Mill Village property. Due to extensive glacial till cover, initial
efforts have included the GIS compilation and re-interpretation of
historic grid survey data which included VLF-EM, Magnetics and
B-Horizon soils. In conjunction with the data compilation, an MMI
(Mobil Metal Ion) orientation survey was conducted over the Gold Eagle
vein system area. In total, 91 samples, were submitted to SGS Mineral
Services for analysis.
Canuc is a Canadian based exploration Company focused on identifying and
developing mineral projects in the Americas. The Company has been
carefully assessing and acquiring assets in Nova Scotia, Canada and
Texas, USA to complement its Ecuadorian mineral assets. Management
considers that these projects currently offer a particularly favourable
environment for mineral exploration and development. The Company
intends to continue to acquire quality precious metal projects in the
Americas. Management of the Company has a proven record of discovery,
resource expansion, permitting and developing projects through to
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.
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
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