TSX Venture Exchange
Shares Outstanding: 64,170,998
TORONTO, May 30, 2013 /CNW/ - Canuc Resources Corporation ("Canuc" or
the "Company") (TSX-V:CDA) is pleased to report that a Memorandum of
Understanding (MoU) has been signed with Mr. Freddy Navaerez, the
representative from Pimicape S.A. and PlanBeoro S.A., in regards to the
mining of material from the Company's Nambija gold property in Ecuador.
Material is expected to be processed at the newly refurbished
Campanillas Mill (pictured) which is located approximately 2 kilometers
west of Nambija.
In 2012 Pimicape S.A. invested approximately $1.5 million USD into
refurbishing the Campanillas Mill (originally constructed in the
1980's) and is rated at 150 tons per day. The mill was restarted in
March of 2013 and is currently processing material from the Campanillas
property. Coincident with the start-up, Mr. Narvaez signed a MoU with
Canuc in regards to the acquisition of mill feed from Nambija. Once an
agreement is in place, arrangements will be made to source ore from
Please follow the links for images of the mill
The Ministry of Mines in Ecuador has also been actively conducting
safety inspections at the Nambija project and closing areas deemed too
dangerous to work. This is part of a new mandate established by the
Federal government in order for local authorities in Zamora to revive
operations at Nambija in a safe and environmentally friendly manner.
Mineral processing of Nambija ores is expected to be undertaken at the
"Last year Canuc had revenues of $186,738 CDN from the Company's gas and
oil wells in Texas. This is expected to materially increase in the
current year as further wells are drilled in proven gas and oil
reservoirs within the Thompson and Walker Butler fields respectively.
We anticipate this developing cash flow will now be complemented by
payments received from the processing of material from the Company's
Nambija property in Ecuador. We are pleased to be developing Canuc's
sources of revenue in Texas and Ecuador respectively and expect to
continue with this focus in the year ahead", stated Gary Lohman,
President and CEO.
Canuc is a natural resource company with its principal properties
located in Texas and Ecuador. Canuc is active in the Oil and Gas sector
in Texas, and at the Nambija gold project in Ecuador.
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
For further information:
Gary Lohman, President & CEO
Hub Mockler, Chairman