TSX Venture Exchange
Symbol: CDA
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
Nambija.
Please follow the links for images of the
mill
http://www.canucresources.ca/news/images/130529-1.jpg
http://www.canucresources.ca/news/images/130529-2.jpg
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
Campanillas Mill.
"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.
About Canuc
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.
Forward-Looking Statements
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
