Canoro Resources Ltd. Demands Accurate Disclosure by Assam Company India
Limited, Its Joint Venture Partner in the Amguri PSC Oil and Gas Fields

    


    
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<p><span class="xn-location">VANCOUVER</span>, British Columbia, <span class="xn-chron">Oct. 27</span> /CNW/ -- Canoro Resources Ltd. (the "Company") (TSXV: CNS) wishes to notify investors and other stakeholders that it believes certain information regarding indicated recoverable resources from the Amguri and AA-ON/7 projects that has been publicly disclosed by Assam Company Limited ("Assamco") (BSE: ASSAMCO), its minority joint venture partner in the Amguri production sharing contract in <span class="xn-location">India</span> (the "Amguri PSC"), in its corporate presentation and in its 2010 Annual Report contains numerous material misrepresentations and does not correspond to the reserves report dated <span class="xn-chron">March 31, 2010</span> authored for the Company by Sproule International Limited ("Sproule"). Sproule is an independent full-service international geological, geophysical, and petroleum engineering consulting company. Such disclosures by Assamco include:</p>
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    --  Incorrect and materially overstated recoverable resources estimates;
    --  Overstatement of Assamco's share of reserves; and
    --  Misleading categorization of resources.


    
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<p>In its disclosure, Assamco has alleged that its technical data is based upon various reports authored by Sproule.</p>
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<p>The Company cautions investors not to rely upon Assamco's disclosure in evaluating the Amguri PSC, its reserves, the Company's interest therein and the Company.</p>
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<p>In conjunction with the foregoing, the Company has demanded that Assamco and Sproule provide corrective disclosure respecting the misrepresentations.</p>
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<p>We wish to make it perfectly clear that we believe Assamco's public disclosures regarding the indicated recoverable resources from the Amguri and AA-ON/7 projects are not supported by fact, and that we will not condone such misleading disclosure.</p>
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    For further information, please visit the Company's website at
     www.canoro.com or contact: Rene Randall
    Telephone: [phone]
    Email:  [email protected]


    
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<p>The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy</p>
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    and accuracy of the contents of this news release.



    

For further information: Rene Randall, [phone], [email protected], for Canoro Resources Ltd. Web Site: http://www.canoro.com