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TORONTO, Dec. 8 /CNW/ - Canuc Resources Corporation ("Canuc" or the "Company") is pleased to report that it has received and filed a National Instrument 43-101 (NI 43-101) report on its newly acquired Mill Village Gold Property ("Property") located near Liverpool, Nova Scotia. The conclusions of the report were positive, highlighting 4 known zones of gold mineralization including the Gold Eagle, Thompson and Eaglet Veins which can be explored from both surface and underground as well as 3 exploration targets. The report proposes a $1.1 million dollar exploration program that includes geophysics, geochemistry, till sampling, diamond drilling, dewatering of the Gold Eagle Mine, drifting, bulk sampling and preliminary metallurgical studies.
Discovered in 1898, the Gold Eagle Vein was the first viable prospect located at Mill Village. The discovery was quickly followed by the formation of the Gold Eagle Mining Company which sank 2 shafts on the prospect (100 and 190 foot levels) followed by 90 metres of drifting and 2 crosscuts totalling 40 metres. Between 1899 and 1902, 781 ounces of gold were produced; the average grade reported to be 0.68 ounces / ton. In 2001, the Gold Eagle Mine was de-watered and the underground workings were re-habilitated by Elk Exploration Ltd.
"The existence of these existing facilities will be of major importance in allowing underground examination with a view to putting this Property into production again. The relatively shallow depth of the working areas should result in low operating costs and the predominance of the gold mineralization occurring as free gold will not require an extensive surface recovery plant which is common to most gold mines with complex mineralization" said Hub Mockler, President and CEO of Canuc.
Canuc is presently seeking flow through funding for the Mill Village program.
Canuc is a junior mining exploration company with its principal properties located in Ecuador. Canuc's main holding today is an approximate 85% interest in the Nambija Gold Mine located in southeastern 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.
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