Can-Cal Withdraws Previously Announced
Results for its Wikieup and Pisgah Projects.
As a result of a review by the British
Columbia Securities Commission, Can-Cal Resources Ltd. (“The
Company”) (OTC BB: CCRE) (“Can-Cal” or “the Company”) is issuing
the following news release to clarify its disclosure.
Can-Cal Resources Ltd. announces that as a
result of findings in technical reports prepared by a Qualified
Person under National Instrument 43-01 “Standards of Disclosure
for Mineral Projects” (“NI 43-101”), the Company withdraws its
previously announced results in its Press Release of August 28,
2006 in its Company Newsletter of November 21, 2006 for its
Wikieup and Pisgah projects (the “Projects”). The Company
retracts its previous disclosure of mineral reserves, mineral
resources, other estimates of tons and grade, and any other
economic analyses of each of its mineral properties, including
Wikieup and Pisgah. The Company specifically advises the public
not to rely on any such estimates as indicated in the Company’s
“forward-looking statements” section of its press releases.
In April 2008 the Company retained Duncan
Bain, Consulting Geologist to prepare technical reports on the
Projects. Bain determined that prior reports prepared by the
Company were written without the guidelines of NI 43-101 and
with the exception of analyses concluded by certain
internationally recognized commercial laboratories, the prior
reports were neither relevant nor reliable. Bain collected
samples and sent the samples for testing, using processes not
previously used by the Company.
On the Wikieup project Bain collected 14
samples of surface outcrop and float of vein material from the
mining claims held by the Company for further testing. Based on
his review, Bain concluded that the Wikieup Project is at a
“grassroots” stage of exploration and that there is some
potential for mineralization of sufficient grades to make the
project economically viable. Bain recommended that the claims
acquired by the Company should be mapped and prospected in
detail, allowing for the development of trends for
veining and other recognized mineralization as well as dyke
patterns.
On the Pisgah Project, Bain took samples of
crushed basaltic volcanic rock, which was analyzed by an
internationally recognized commercial lab for further testing.
The testing determined there were no significant values in gold,
silver, Platinum Group Elements or base metals such as copper,
lead or zinc. The company plans to continue with its testing
program on the Pisgah property.
Based upon its and the qualified person’s
review and analysis to date, including the collection of samples
from the Projects, the Company intends to continue its work on
the Wikieup and Pisgah Properties. The Company expects to
supplement and revise its work programs based on recommendations
in the technical reports. The Company will continue its review
and analysis of the Wikieup and Pisgah Properties and will
provide updates as they are available.
The Technical reports are posted on Can-Cal’s
website
www.can-cal.com.
About Can-Cal
Can-Cal is an emerging precious metals exploration company
actively engaged in identifying commercial mining opportunities.
Can-Cal Resources Ltd. is a public company trading on the O.T.C.
Bulletin Board (Symbol: CCRE). The Company is currently focusing
its testing efforts on the Pisgah, California property and the
Wikieup, Arizona property. The Owl Canyon, California property
is being held as a future designated drill target. The Cerbat,
Arizona property is currently for sale.
Forward-looking Statements
Included in this release are certain "forward-looking"
statements, involving risks and uncertainties, which are covered
by the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such statements are based on
management's current expectations and are subject to certain
factors, risks and uncertainties that may cause actual results,
events and performance to differ materially from those referred
to or implied by such statements. In addition, actual future
results may differ materially from those anticipated, depending
on a variety of factors, including uncertainties relating to
global political conditions, such as terrorism. Information with
respect to important factors that should be considered is
contained in the company's filings with the Securities and
Exchange Commission. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only
as of the date hereof. The company does not intend to update any
of the forward-looking statements after the date of this release
to conform these statements to actual results or to changes in
its expectations, except as may be required by law.
For further information:
Can-Cal Resources Ltd.
2500 Vista Mar Dr.
Las Vegas, Nevada
89128
Tel: (702) 243-1849
Fax: (702) 243-1869
Email:
mining@lvcoxmail.com
Website:
www.can-cal.com
Ronald D. Sloan, Chairman
rdsloan@lvcoxmail.com
