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 0.21% copper.
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 property.
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. -- www.cnxmarketlink.com
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