Aurcana Silver Corp (fka AUNFF)

[basserdan]

Aurcana Announces Pending Closing of Previously Announced Non-Brokered Private Placement with Lead Order from Palisades Goldcorp

https://finance.yahoo.com/news/aurcana-announces-pending-closing-previously-100000350.html

[basserdan]

Aurcana Silver Corp: Resurrecting The Revenue-Virginius Mine (OTCQX:AUNFF)

By Taylor Dart
Seeking Alpha.com
Jan. 07, 2021 8:49 PM ET

Aurcana Silver Corporation (AUNFF)

Summary

* Aurcana was one of the top-performing silver developers last year, up nearly 300% vs. its benchmark which returned 30%.

* The company recently secured a loan to restart its Revenue-Virginius Mine in Colorado, with an expected start date of Q3 2021.

* While the transition from developer to producer typically leads to a significant re-rating, some of this re-rating is now priced in at a market cap of $274 million.

* A rising silver price will lift all miners, but at a valuation of nearly $12.92/oz, I see no reason to chase Aurcana above C$1.15.

It's been an exciting year and a half for Aurcana Silver (OTCQX:AUNFF), given that the company has risen from the dead after years of lifeless performance since the Shafter Mine was placed on care and maintenance in 2013. Outside of Rubicon Minerals, which was decimated at the tail-end of the previous bull market, Aurcana was one of the worst performers, sliding 99% from its 2012 highs. However, a higher silver (SLV) price and a new mine, Revenue-Virginius [RV], has breathed new life into the stock, with Aurcana being one of the top performers last year. However, with a near 700% rise since the March lows, I don't see much of a margin of safety for new investors. Therefore, I see no reason to pay more than C$1.15 for the stock.


(Source: TC2000.com)

As noted above, Aurcana Silver has had a spotty history in the junior mining sector, and few names performed worse in the gruesome 2012-2016 metals bear market. However, the 2018 acquisition of Ouray Silver Mines and its RV Mine in Colorado has led to a significant improvement in sentiment, with Aurcana up over 1200% from its bear market lows. Over the past two years, the company had added new names to its management team, raised a significant amount of capital, and is now getting ready to restart the past-producing mine which originally operated until 1915 when the mill burnt down. Since then, the mine has had a spotty track record and two separate companies investing significantly in the project but not making much headway. Let's take a closer look at the past-producing mine below:


(Source: Company Website)

As pictured above, the RV Mine benefits from significant infrastructure with a new underground mill that was built in 2011. In addition to storage buildings and a tailings storage area, the project also benefits from a crusher and concentrator already in place, allowing Aurcana to restart operations with relatively modest capex. Based on the 2018 Feasibility Study [FS] completed by Ouray Silver Mines, upfront capex was estimated at less than C$45 million, which is very reasonable given that the average small-scale project takes a minimum of US$100 million to head into production. It's also worth noting that the mill at RV has a nameplate capacity of 400 tonnes per day, but the Feasibility Study used a conservative estimate of 267~ tonnes per day. This suggests there's a relatively easy path to increasing annual silver production.


(Source: RV Mine Technical Report)

Continued below:

https://seekingalpha.com/article/4397849-aurcana-resurrecting-revenue-virginius-mine?

[raging]

Starting to rock and roll, production 2 months away.

[raging]

Yes, this one is ready to rumble.

[basserdan]

Aurcana Silver: Financing Completed - Construction Already Started at Silver Deposit in Colorado (TSXV:AUN; OTC:AUNFF)

Nov 5, 2020

Interview with President & CEO Kevin Drover.

In June 2018 Aurcana Silver released an updated feasibility study and the mine is fully permitted for immediate production. Aurcana is now focused on securing the required financing to put the Revenue-Virginius mine back into production. The production decision is coming soon after the financing is finalised.

https://www.youtube.com/watch?v=2gem3Li17LA&feature=youtu.be

[basserdan]

Aurcana Silver Corp’s High-Grade Silver Mine Is Fully Funded to Production with CEO Kevin Drover

(TSXV:AUN; OTC:AUNFF)

Kevin Drover has over 40 years of both domestic and international experience. He was previously VP Worldwide Operations at Kinross Gold and possesses experience in all aspects of mining industry operations, process re-engineering, project development and corporate management.

Aurcana Silver Corp. has 100% ownership of the world’s highest-grade silver mine (P&P): the Revenue-Virginius mine in Ouray, Colorado, USA. This fully-permitted mine will also be one of the lowest-cost silver producers in the world at only US$8/oz Ag (AISC) after byproduct credits. Aurcana Silver Corp. just announced that they secured a debt facility for the the final capex needed to commence production. Initial silver production should occur in six months in April 2021 CEO Kevin Drover said in this interview. Kevin also discussed the company’s growth plans to increase annual silver production to 5 to 7 million ounces over the coming years.

http://www.aurcana.com/

[raging]

Production coming 1st quarter 2021

[raging]

[raging]

Double avg daily volume today.

[Renee]

AUNFF: effective Aug. 24,2020 Aurcana Corp. will change to Aurcana Silver Corp.

https://otce.finra.org/otce/dailyList?viewType=Symbol%2FName%20Changes

[basserdan]

World’s Highest-Grade Silver Mine Site Tour: Aurcana Silver Corporation (TSXV: AUN; OTC: AUNFF)

Bill Powers visited the world’s highest-grade silver mine (P&P) owned 100% by Aurcana Silver Corp. The site tour occurred on August 5th and 6th. The Revenue-Virginius mine in Ouray, Colorado, USA is fully-permitted and will also be one of the lowest-cost silver producers in the world at only US$8/oz Ag (AISC) after byproduct credits. The exploration potential at this project is immense as COO Brian Briggs states in the video: “There is no other silver mine in the world that probably has our exploration potential.” Aurcana is currently in the final stages of securing a debt facility for the the final capex needed to commence production. The company has announced they intend to start production in Q1 2021.

http://www.aurcana.com/ TSXV:AUN ~ OTC:AUNFF

[basserdan]

Aurcana Commences Diamond Drilling Program at the Revenue-Virginius Mine Located in Colorado, USA. Targeting Virginius Vein Extension

VANCOUVER, BC – July 23, 2020 - AURCANA CORPORATION ("Aurcana" or the "Company") (TSXV: AUN; OTC: AUNFF) is pleased to announce the commencement of a diamond drilling program at the Revenue-Virginius Mine. The drill program will follow and explore the continuation of high-grade silver Resources and Reserves present on the Virginius vein along its strike extension into the recently acquired Blue Grass patented mining claim. The drill program will consist of some 7,000 feet of HQ sized diamond drill core in 10 holes.


Blue Grass Claim Along Virginius Vein

The Blue Grass claim covers 1,500 feet (457 meters) of the 7500 feet (2,286 meters) of known strike length on the Virginius vein north of the Monongahela claim.. In addition to the 1500 feet (457 meters) of strike length on the Blue Grass claim, the Company owns an additional 6,000 feet (1,829 meters) to the north of the claim. This total strike length nearly double the 4,000 feet (1,219 meters) utilized in the Company’s 2018 feasibility study for the restart of the mine (“2018 FS”). The Virginius vein was historically the most proflic producer of silver, lead and zinc in the mine.


Virginius Vein Longitudinal Section - Feasibility Study Resource

As detailed in the 2018 FS, the Virginius vein contains just over 11.2 million Ag ounces of Proven + Probable Reserves within 15.2 million Ag ounces of Measured and Indicated Resources, and 5.2 million Ag ounces of Inferred Resources (see the 2018 FS posted on the Company’s website or on the Company’s profile on SEDAR at www.sedar.com.).

Qualified Person Statement
The scientific and technical content of this news release was reviewed and approved by Michael Gross, P. Geo, a “qualified person” within the meaning of NI 43-101

ABOUT AURCANA CORPORATION
Aurcana Corporation owns the Revenue-Virginius Mine, in Colorado, and the Shafter-Presidio Silver Project in Texas, US. The primary mineral resource at Shafter and Revenue-Viriginius is silver. Both are fully permitted for production.

ON BEHALF OF THE BOARD OF DIRECTORS OF AURCANA CORPORATION
“Kevin Drover”
President & CEO

For further information, visit the website at www.aurcana.com or contact:

Aurcana Corporation
850 – 789 West Pender Street
Vancouver, BC V6C 1H2
Phone: [phone]

Gary Lindsey, Corporate Communications
Phone: [phone]
Email: [e-mail]

http://www.aurcana.com/news/2020/index.php?content_id=466

[basserdan]

Aurcana Corp.: Silver Mine Development Story

By Dan Durrett
May 14, 2020 9:24 AM ET

Summary

* Engaged in the final construction of a fully-permitted high-grade silver mine in Colorado.

* The resource is 30 million oz. at 700 gpt, with excellent exploration potential.

* The project is construction-ready and all they need is financing.

Stock Name - Aurcana Corp
Symbol (US) - OTCPK:AUNFF
Type - Silver
Category - Late Stage Development
Share Price (US) - $0.29
FD Shares - 201M
FD Mkt Cap (5/12/2020) - $58M

I have been following Aurcana's high-grade silver project (Revenue-Virginius Mine) in Colorado for a while now. I have waited patiently to see how it progressed. Recently, I watched a video interview with the CEO explaining the project and its current status. I was impressed. They seem to be close to the finish line.

Aurcana Corp. is under the radar. I don't think investors realize the quality of their RV project. It is in a good location in Colorado, where mining has been common in the past. In my opinion, there aren't any location issues. Plus, what makes it special is the high-grade and exploration potential. The resource is 30 million oz. (700 gpt), but it will increase in size. Management is excited about what they are going to find once they start drilling certain targets. It is a past-producing mine with several known veins.

All development stocks carry significant risk. The risk for Aurcana is that they do not get financing, or they have higher than expected costs, or silver prices do not rise. Plus, there are likely several other risks that I am not aware of that are lurking. That said, I think the risk-reward is compelling.

In addition to the RV mine, they have another project in their back pocket. Their Shafter mine in Texas is on care & maintenance and has a low capex to restart. It is a small mine with only 18 million oz. (240 gpt). It requires higher silver prices to restart, but was producing 1.5 million oz. before it was shut down by Aurcana. I think this mine will get restarted after we get above $20 silver.

When you combine the production potential of RV and Shafter, they can easily become a 3 million oz. producer. Both projects are permitted with a mill. Plus, management is intent on becoming a successful producer that rewards shareholders. They know from their past history after they lost their La Negra mine that shareholders were hurt. They want to make that up to them.

Company Overview

Aurcana Corp. had a market cap of $545 million in 2011 and everything looked great. Then silver prices collapsed from 2011 to 2015. They had to sell their La Negra mine in 2015 (which was producing 3 million oz. per year) to pay off their outstanding debt. Since then their share price has crashed and they have been waiting for silver prices to rise. However, they recently acquired Ouray Silver and their RV mine.

RV is permitted with a feasibility study. They need to raise $37 million to begin production at RV at 2 million oz. annual production. It can be financed and built at $16 silver, with all-in costs (free cash flow) forecast below $14 per oz. Once RV begins production, they will use the cash flow to return their Shafter mine to production.

Shafter is on care and maintenance. They can resume production at around 1.5 million oz. per year. The capex to resume production is around $20 million. They will need about $20 silver to restart the mine.

They recently did a 5 to 1 reverse split, which is usually the precursor to a financing. I think they will raise $20 million in debt and another $15 million in equity financing to build RV. If they succeed in raising $35 million, they will be in an excellent position to become a silver producer. As a speculation stock, it looks pretty good.

When you do the math, their potential annual future free cash flow will be higher than their current FD market cap of $58 million. That is one of the best indicators for an undervalued stock. Why? Because a company can be valued at 5x, 10x, even 20x free cash flow.

Project Information

(refer to company presentation: http://www.aurcana.com/)

* Location: USA (Colorado).
* RV Project: 30 million oz. at 700 gpt (likely to increase in size).
* Mine Type: Underground (thin veins).
* Capex: $37 million (they have been spending money on development, so the required financing is much lower than this amount, perhaps only $25 million).
* Costs: $8 per oz. cash costs / $14 per oz. all-in costs (more likely $15 or $16).
* Permitted and construction ready.
* Annual Production: 2 million oz. (likely to increase with exploration success).
* Recovery Rate: 90% recovery rate (my estimate).
* After-tax IRR: 50% (approximately).
* Production Date: 2022 (my estimate) (7-month build).

Management

Their management team has extensive experience in building and operating mines. They shouldn't have any trouble building and operating the RV mine. They are ready to go once they get financing.

Balance Sheet

(refer to Sedar.com: http://sedar.com/)

They have about $3 million in cash and have no debt. They are currently trying to finance construction, so they do not need to spend very much money until they get financing.

Concerns/Red Flags

I mentioned the red flags in the introduction. They need financing, higher silver prices, and costs not to exceed their targets. If silver remains under $16, they might have trouble getting financing in 2020. Also, they will need to dilute shares to finance the capex. Plus, there is always the chance that they could sell the project for a small premium.

Another red flag is that they are somewhat dependent on base metal offsets (lead and zinc) for their low cash costs. They list their reserves at 1265 gpt silver equivalent. However, silver is only about half that total. I wish they listed their cash costs for silver-only to give us an idea of the risk.

Future Valuation

Note: I'm going to use two silver price scenarios and you can pick the one you prefer. I am using a free cash flow multiplier of 7, which I think is realistic if silver prices rise and there is good investor sentiment for silver miners, which are becoming rare.

Scenario #1 ($50 Silver Price)

* Estimated future All-In Cost Per Oz.: $18

* Estimated future annual free cash flow: 3 million oz. x $32 = $96 million

* Estimated future market cap: $96 million x 7 = $700 million

* Comparing the current market cap ($58 million) to the future market cap ($700 million), you get a potential 1,100% increase.

Scenario #2 ($72 Silver Price)

* Estimated future All-In Cost Per Oz.: $20

* Estimated future annual free cash flow: 3 million oz. x $55 = $165 million

* Estimated future market cap: $165 million x 7 = $1.1 billion

* Comparing the current market cap ($58 million) to the future market cap ($1.1 billion), you get a potential 1,900% increase.

Both scenarios are optimistic because I am not reducing the upside potential for the share dilution required to fund the capex. Also, this is a long-term expectation that they reach 3 million oz. annual production. They likely won't reach that level for 3-5 years.

For scenario #2 (the most optimistic) valuation, it assumes that Aurcana will reach 3 million oz. of production and they will reach $165 million in free cash flow. This high cash flow is based on the assumption that silver prices will reach $75 per oz. and all-in costs (free cash flow) are $20 per oz. This is close to a best-case scenario for the long term.

Note: I don't think it is too optimistic to anticipate higher valuations than these two scenarios. I think it is plausible that quality mid-tier silver producers will receive cash flow multiples of at least 10, and 20 is not inconceivable. I was going to use a multiplier of 10 (which is my expectation), but decided to be more conservative. I also don't think it is implausible to expect $100 silver prices. Run the numbers with a 15x cash flow multiplier at $100 silver and Aurcana has huge upside potential.

Conclusion

Aurcana Corp. looks really good from a risk-reward standpoint. If they get financed and silver prices begin to trend higher, their share price will do very well. And if silver prices blast off, they are extremely well leveraged for that outcome.

This development story does not have everything you look for, but still has most of the factors. Let's review:

1) High upside potential. (Yes)

2) High insider ownership to prevent a hostile takeover. (Yes)

3) Quality management team. (Yes)

4) Desire by the company to get a high return for shareholders. (Yes)

5) Low to moderate cash costs per oz. (Yes)

6) Low to moderate capex. (Yes)

7) Good entry price. (Yes)

8) Good buzz. (No)

9) Low downside potential. (No)

10) Long-life mine. (Yes)

11) Good grade. (Yes)

12) Good recovery rate. (Yes)

13) Good location. (Yes)

14) Good exploration potential. (Yes)

15) Good pipeline - potential second mine. (Yes)

Note: You can check the data included in this analysis on the company website. http://www.aurcana.com/

Disclosure: I am/we are long AUNFF. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

https://seekingalpha.com/article/4347497-aurcana-corp-silver-mine-development-story

[Zardiw]

Hearing Silver Mining Stocks could boom big time soon........

z

[basserdan]

Aurcana Corporation: Site Progress Update and the Virginius North Project Staffing Updates

Vancouver, BC – March 26, 2020 - Aurcana Corporation ("Aurcana" or the "Company") (TSXV: AUN; OTC: AUNFF) Vancouver, BC - is pleased to provide a progress update for the Revenue-Virginius Mine in Ouray, CO, including the Virginius North underground development project (“VN Project”) currently underway in preparation for a full mine restart. During the third quarter of 2019 and the first quarter of 2020, Aurcana has cumulatively raised C$14.8 million in equity in order to fund working capital and advance the Virginius North project.

The VN Project (November 11, 2019 news release) entails initiating the planned horizontal and vertical development to access the 1500 and eventually 1200 levels on the Virginius vein in the Monagnahela area of the mine. Once the level access is completed, the Company will then be in a position to sample and assay along these levels in conjunction with the planned lateral development.

In preparation for the commencement of the vertical development and subsequent lateral development on the 1500L a cross-cut is nearing completion on the 2000L. The cross-cut is necessary in order to correctly locate and orient the vertical raise to the 1500L and to allow efficient removal of waste from the development process. The Number 1 Alimik raise climber is being refurbished and will be completed by mid-April along with a number of other important pieces of mining equipment needed to efficiently execute the VN development plan.

The goal of VN Project is two-fold:

1) The vertical development of the VN Project is required as part of the current mine plan based on the 2018 feasibility study (the “FS”) prepared in accordance with National Instrument NI 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) demonstrating an economic restart of the RV Mine. A copy of the 2018 FS is posted on the Company’s website and is also available on the Company’s profile on SEDAR at www.sedar.com. This development should reduce the time and capital to production which will further prepare the mine as we seek to secure financing for the re-start of operations.

2) Aurcana expects the sample and assay program included in the VN Project to provide information that may allow resources on the 1500 level and areas North of the current stopes on the 1800 level and 1200 level that are currently classified as inferred to be converted at a minimum, to a category of indicated, thereby also allowing conversion of these resources to reserves after a review of the economics of the FS mine plan. The FS mine plan directly passes by the potential stopes that have previously been excluded from the FS mine plan. Ultimately, the Company believes the resource conversion - if successful - has the potential to materially increase mine life with a commensurate uplift in net asset value.

In conjunction with the VN Project and to supplement the leadership at site as the Company progresses to a full restart, Aurcana is pleased to announce the hiring of Mike Lee as general manager at the Revenue Virginius Mine. Mr. Lee has over 40 years’ experience in mining, including significant narrow vein and conventional mines while working at Coeur d’Alene Mines and ASARCO. He was also instrumental in the construction of numerous other mining startup operations around the world. Through his and Aurcana’s COO Brian Briggs connections locally in Colorado and across the industry, the Company is also adding additional miners to accelerate the VN Project’s progress. The Company is pleased to be attracting experienced managers and miners to join in this development campaign as the first step toward full restart.

With the hiring of Mike Lee and staffing up with additional mining crews the company is on schedule with the VN Project development plan and is targeting samples to be available for testing in the second quarter of this year.

As of the date of this press release Aurcana remains unaffected by the Covid-19 virus. Vancouver staff have been successfully working remotely, and operations at the Revenue-Virginius mine in Ouray are able to continue while at the same time following local, state and federal guidelines for social distancing and other prudent containment measures.

Qualified Person Statement
The scientific and technical content of this news release was reviewed and approved by Michael Gross, P.Geo., a “qualified person” within the meaning of NI 43-101.

ABOUT AURCANA CORPORATION
Aurcana Corporation owns the Revenue-Virginius Mine, in Colorado, and the Shafter-Presidio Silver Project in Texas, US. The primary resource at Shafter and Revenue-Virginius is silver. Both are fully permitted for production.

ON BEHALF OF THE BOARD OF DIRECTORS OF AURCANA CORPORATION

“Kevin Drover”, President & CEO

For further information, visit the website at www.aurcana.com or contact:
Aurcana Corporation
850 – 789 West Pender Street
Vancouver, BC V6C 1H2

Phone: [phone]

Gary Lindsey, Corporate Communications
Phone: [phone]
Email: [e-mail]

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 or accuracy of this release.

http://www.aurcana.com/news/2018/index.php?content_id=452

[Pennyes]

No one is sure why it is cheap, the answer is it should not be this cheap, dirt cheap, that means Buy and accumulate!...
------------------------------------------

I'm not sure why Aurcana is so cheap. Usually, when a stock is cheaper than it should be, there is a reason. But it has been trending in recent months. As a speculation stock, it looks pretty good.

[basserdan]

10 Best Silver Mining Stocks For 2020

(excerpt)

Aurcana Corp
Stock Name - Aurcana Corp
Symbol (US) - OTCPK:AUNFF
Type - Silver
Category - Development
Share Price (US) - $0.23
FD Shares - 201M
FD Mkt Cap (1/1/2020) - $46M

Aurcana Corp. is developing a silver project (Ouray) in Colorado. Plus, they have another silver mine (Shafter) on care and maintenance in Texas. Ouray looks very promising. It is a past producing mine that is permitted with 30 million oz. and very high grade (700 gpt). They need to raise about $35 million to restart the mine at about 2 million oz. annual production.

The risk is that they can't raise the capex. But they own the Shafter mine, which they could sell or use as collateral for a loan. I think Ouray will get built and soon. Shafter could also be restarted and has 18 million oz. (240 gpt). The capex to resume Shafter is about $20 million to produce about 1 to 1.5 million oz. annually.

I'm not sure why Aurcana is so cheap. Usually, when a stock is cheaper than it should be, there is a reason. But it has been trending in recent months. As a speculation stock, it looks pretty good.

https://seekingalpha.com/article/4315151-10-best-silver-mining-stocks-for-2020

[Pennyes]

I am inclined to think so!...if you look at other penny juniors like Allegiant, Tono Gold, rallied hard!, but this Vagrant did not move!...it is time now!

[Pennyes]

is there a storm brewing for a Rally in Aurcana?

[Pennyes]

one of the longest bear stock, been there below this level for more than 2 years or even more!...

[Pennyes]

SILENCE here!!?

[basserdan]

Aurcana Update on Underground Development and Resource Expansion Plans Progress

November 11, 2019

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Vancouver, BC – November 11, 2019 - Aurcana Corporation ("Aurcana" or the "Company") (TSXV:AUN; OTC:AUNFF) is pleased to provide an update on the progress made at its wholly owned Revenue-Virginius mine located near the town of Ouray, Colorado USA.

Underground Development and Resource Expansion Plans Progress
At the end of the third quarter 2019 all preparatory and rehabilitation work on the 7,600 ft Revenue Tunnel was completed, including the replacement and upgrades of rail sidings, track and switches. In addition, and consistent with the strategic vision announced June 19, 2019, Aurcana is initiating the planned vertical development to access the 1500 level in the Monagnahela area of the mine. Once the vertical access is completed, we will be in a position to sample and assay along the 1500 level in conjunction with the planned lateral development. The goal of this development effort is two-fold:

Aurcana expects its sample and assay program will provide information that may allow resources that are currently classified as inferred to be converted to a minimum category of indicated, thereby also allowing conversion of these resources to reserves after a review of the economics of the mine plan. The current mine plan is based on the 2018 feasibility study (the “FS”) prepared in accordance with National Instrument NI 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) demonstrating an economic restart of the RV Mine. A copy of the 2018 FS is posted on the Company’s website and is also available on the Company’s profile on SEDAR at www.sedar.com. The FS mine plan directly passes by the potential stopes on the 1500 level.

Ultimately, we believe the resource conversion of the 1500 level - if successful - has the potential to materially increase mine life with a commensurate uplift in net asset value.

The vertical and lateral development is required as part of the FS restart plan and should reduce the time and capital cost to production which will further prepare the mine as we seek to secure financing for the re-start of operations.

Environmental Programs
The ongoing environmental project relating to earthworks and construction of the expanded passive water treatment system for the mine site continues to progress and will be completed in 2020. The project involves enlargement of the existing retention ponds to handle potential events of increased water flow to ensure long term water treatment and handling performance.

Land Package Expansion
In addition to the development program and mineral resource expansion plans as outlined above, Aurcana’s wholly owned subsidiary Ouray Silver Mines Inc. (OSMI) has recently applied for a lease on lands acquired by the US Forest Service. This process is well defined in the Mineral Leasing Act for Acquired Lands of 1947 and is expected to take approximately 18 months to complete. The new leases will materially expand OSMI’s land package - most importantly including the strike length of vein systems with known Measured and Indicated Resources as well as other vein systems with historic high grade mineralization and production.

Head Office Relocation to Ouray
In January 2020 the company will be relocating the head office from Vancouver, Canada to the town of Ouray, Colorado, USA. We believe this will provide a more efficient and cost effective management approach due to the close proximity to the company’s primary operation as we progress the development of the project. Kevin Drover, the President and CEO, as well as the CFO will be relocating to work out of the existing offices and facilities located in Ouray.

Kevin Drover, President and CEO of Aurcana, stated “We continue to cross important milestones in the ongoing development and progress to production for our Revenue-Virginius mine. I look forward to moving to Colorado to be closer to operations at the site and the efficiencies it should bring, setting us up for exciting opportunities for value creation in 2020.”

ABOUT AURCANA CORPORATION

Aurcana Corporation owns the Revenue-Virginius Mine, in Colorado, and the Shafter-Presidio Silver Project in Texas, US. The primary resource at Shafter and Revenue-Viriginius is silver. Both are fully permitted for production.

ON BEHALF OF THE BOARD OF DIRECTORS OF AURCANA CORPORATION

“Kevin Drover”, President & CEO

For further information, visit the website at https://www.aurcana.com or contact:

Aurcana Corporation
850 – 789 West Pender Street
Vancouver, BC V6C 1H2
Phone: [phone]

Gary Lindsey, Corporate Communications
Phone: [phone]
Email: [e-mail]

http://www.aurcana.com/news/2018/index.php?content_id=445

[basserdan]

Slideshow presentation by Aurcana's COO Brian Briggs at last week's Precious Metals Summit Conferences at Beaver Creek, Colo.

Aurcana TSX-V: AUN

https://www.gowebcasting.com/events/precious-metals-summit-conferences-llc/2019/09/12/aurcana-corporation/play/stream/28413

[basserdan]

Aurcana Announces Strategic Vision to Enhance Shareholder Value

VANCOUVER, British Columbia, June 19, 2019 -- AURCANA CORPORATION ("Aurcana" or the "Company") (AUN.V; AUNFF) is pleased to announce today its updated strategic vision to enhance shareholder value.

The Company’s strategic vision, which has been developed by the board and management of the Company in the context of current market conditions following successful completion of the Company’s transformative 2018 acquisition and financing transactions, focuses on a plan to increase mineral resources and reserves at the Company’s production ready Revenue-Virginius Mine in Ouray, Colorado (the “RV Mine”). This strategic plan will require significantly less capital in the near term than a full restart of the RV Mine. In conjunction with these efforts, the Company has also set a second goal to develop a plan for strategic options for the Shafter Project in Presidio County, Texas.

Management of the Company believes that the RV Mine is arguably the highest-grade silver mine in North America, as well as one of the highest-grade silver mines in the world with proven and probable mineral reserves. It has a 2018 feasibility study (the “2018 FS”) prepared in accordance with National Instrument NI 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) demonstrating an economic restart of the RV Mine. A copy of the 2018 FS is posted on the Company’s website and is also available on the Company’s profile on SEDAR at www.sedar.com.

The main components of the strategic vision are for the Company to:

* expand mineral resources and reserves at the RV Mine by proving up extensions of strike length on established vein systems, extending the life of mine and enabling an increase in throughput rate (thus improving the already strong economics of the 2018 FS);

* establish the optimal strategic and technical path at the Shafter Project to maximize shareholder value; and

* seek merger and acquisition opportunities by utilizing and leveraging the Aurcana technical team’s strong evaluation and operating expertise to develop future production opportunities.

Resource and Reserve Expansion on the Virginius Vein at the RV Mine

The Company has developed, planned, and costed a program to potentially expand the RV Mine mineral resources and reserves with targeted diamond drilling and level development on the Virginius Vein adjacent to historic mining areas. The goal of this three-phase program will be to target a significant increase in mineral resources at the RV Mine as compared to the current mineral resources defined in the 2018 FS.

Given the Virginius vein average width over the expansion area to be evaluated (as shown below in Figure 1), Aurcana believes that between 450,000 to 676,000 tons is a reasonable estimate of the tonnage for this area. Assuming that this area would have similar grades to the Monongahela reserve stopes (for the tonnages noted above) this would equate to between 17 and 25.5(1) million ounces of Ag, 32 to 48 thousand ounces of Au, 55 to 82.5 million lbs Pb, and 39 and 58.5 million lbs of Zn. The foregoing potential quantity and grade is conceptual in nature as there has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the foregoing exploration target being delineated as a mineral resource.

Each phase of the program is expected to last approximately 7 months and average $6.5 million per phase. The level development completed during this program can be utilized in future production and should also reduce future restart capital costs.

FIGURE 1: Resource and Reserve Expansion in Virginius Vein at the RV Mine


https://www.globenewswire.com/NewsRoom/AttachmentNg/38b75146-cb0b-4a6b-96f8-8e095be1f570

Resource Conversion and Additional Exploration Opportunities

The Company has also identified opportunities to potentially upgrade and additionally increase the RV Mine’s mineral resources as shown in Figure 2 by accomplishing the following:

* during production start-up development, converting the current inferred mineral resources to measured and indicated resources; and

* developing longer term exploration targets situated adjacent to the current mineral resources.

FIGURE 2: Resource Conversion and Additional Exploration Upside on the Virginius Vein


https://www.globenewswire.com/NewsRoom/AttachmentNg/671e36d3-b523-48f2-9ae0-fc6dd3e7e50a

Qualified Person Statement

The scientific and technical content of this news release was reviewed and approved by Val Pratico, P.Geo., of the Company and a “qualified person” within the meaning of NI 43-101.

Notes (1)
Grades below are calculated from FS Model (SRK) and FS Stope design (OSMI). Average vein width is calculated from same model region as grade and averaged on a weighted basis off block tonnage. 1.5 ft' Avg vein width is a rounded average between V1/V2 intercepts and modeled width of a more representative area. There is no guarantee that the above averages will be realized in the new expansion zone.

 
  	                                      Au OPT	Ag OPT	Pb%	Cu%	Zn%	Width 
 Monongahela V1 Stopes (with 1500 Inferred)	0.07	37.70	6.10%	0.40%	4.32%	1.94

ABOUT AURCANA CORPORATION
Aurcana Corporation owns the Revenue-Virginius Mine, in Colorado, and the Shafter-Presidio Silver Project in Texas, US. The primary resource at Shafter and Revenue-Virginius is silver. Both are fully permitted for production.

ON BEHALF OF THE BOARD OF DIRECTORS OF AURCANA CORPORATION

“Kevin Drover”, President & CEO

For further information, visit the website at www.aurcana.com or contact:

Aurcana Corporation
850 – 789 West Pender Street
Vancouver, BC V6C 1H2
Phone: [phone]

Gary Lindsey, Corporate Communications
Phone: [phone]
Email: [e-mail]

http://www.aurcana.com/news/2018/index.php?content_id=439

[basserdan]

Aurcana Announces New Chief Operating Officer

GlobeNewswire
January 31, 2019

VANCOUVER, British Columbia, Jan. 31, 2019 (GLOBE NEWSWIRE) -- Aurcana Corporation ("Aurcana" or the "Company") (AUN.V) is pleased to announce the appointment of Brian K. Briggs PEng to the position of Chief Operating Officer of Aurcana Corporation. In his new role, Mr. Briggs will oversee both of Aurcana’s development projects, the Revenue-Virginius Mine, located near Ouray, Colorado and the Shafter Mine, located near Presidio, Texas.

Mr. Briggs has more than 30 years of engineering, environmental, mine development and mining operations experience throughout North America and Africa. Mr. Briggs received an BS in Mining Engineering and a MS in Agricultural Engineering from the University of Wyoming in the late 1980s. He has worked for both major mining companies such as Shell Mining and Rio Tinto as well as numerous private and public junior mining companies holding positions such as Mining Engineer, Environmental Engineer, Chief Engineer, V.P Technical Services, Mine Manager, President and CEO during the course of his career.

Mr. Briggs will also remain the CEO of Ouray Silver Mines which was acquired by Aurcana in December 2018. Over the past three years in that role Mr. Briggs successfully rebuilt the organization in all phases including installing a highly experienced and knowledgeable management team with a history of success in developing and operating high grade narrow vein deposits. Under Mr. Briggs direction the team rebuilt the resource/reserve base, proved the successful use of resue as the mining method of choice, and fully redesigned the underground development and processing to a shovel ready state. This work culminated in the completion of a full Feasibility Study in 2017 which was further updated in June, 2018 as part of the Aurcana acquisition of Ouray Silver Mines and is the basis for the expected restart of the Revenue-Virginius silver mine.

Additionally, Ouray Silver Mines and the Shafter Mine are both fully permitted for operations. However, Aurcana is currently evaluating funding options as it seeks to return, firstly, the Revenue-Virginius Mine back into production.

Kevin Drover, President & CEO, stated, “As Aurcana positions itself to become a mid-tier producer again with the proposed re-start of the Revenue-Virginius Mine and with the Shafter project in the pipe-line, we need to streamline our management structure. Brian brings a wealth of experience to the position of COO that will prove invaluable as we move toward becoming a producer again.”

Disclaimers

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

ABOUT AURCANA CORPORATION

Aurcana Corporation owns the Revenue-Virginius Mine, in Colorado, and the Shafter-Presidio Silver Project in Texas, US. The primary resource at Shafter and Revenue-Viriginius is silver. Both are fully permitted for production.

https://finance.yahoo.com/news/aurcana-announces-chief-operating-officer-140000493.html

[Renee]

AUNFF: effective Dec. 31,2018 a one for 5 reverse split:

http://otce.finra.org/DLSymbolNameChanges

[basserdan]

AURCANA PROVIDES UPDATE TO ACQUISITION OF OURAY SILVER MINES INCLUDING NEW DATE OF SHAREHOLDER MEETING

http://aurcana.com/news/2018/index.php?content_id=430

[basserdan]

Aurcana Announces Transformational Transaction

GlobeNewswire
July 30, 2018

PROPOSED REVERSE TAKEOVER WITH OURAY SILVER MINES

EQUIPMENT PURCHASE AGREEMENT FOR SHAFTER EQUIPMENT

UPDATED SHAFTER-PRESIDIO MINE PRELIMINARY ECONOMIC ASSESSMENT (“PEA”)

VANCOUVER, British Columbia, July 30, 2018 (GLOBE NEWSWIRE) -- Aurcana Corporation (AUN.V) (“Aurcana” or the “Company”) is pleased to announce a series of transactions to enable the Company’s plan to become a multi-asset mid-tier silver producer. The Company will announce its funding approach in the near future and is already in discussions with potential equity partners and non-dilutive capital providers.

All dollars herein are in United States Dollars unless otherwise noted.

1) Material Acquisition and Reverse Take Over:

Aurcana has entered into a letter of intent dated July 27, 2018 (the “LOI”) with certain wholly owned investment vehicles controlled by Lascaux Resource Capital Fund I LP (collectively, the “LRC Group”) pursuant to which Aurcana will effect a business combination and reverse takeover transaction that will result in, among other things, Aurcana acquiring all of the issued and outstanding shares of common stock of Ouray Silver Mines, Inc. a corporation incorporated under the laws of Colorado (“Ouray” and together with the LRC Group, the “OSM Group”) on a debt free basis in exchange for newly issued common shares of Aurcana (collectively, the “Proposed Transaction”). Ouray is a private company wholly owned by the LRC Group. The OSM Group is at arm’s length to Aurcana and owns 100% of the Revenue-Virginius Mine (“RV Mine”) in Ouray, Colorado which is a fully permitted past producing (last production 2015) polymetallic deposit that derives the majority of its revenue from silver. In June 2018, SRK Consulting (U.S.), Inc. (“SRK”) completed a feasibility study (the “RV Mine FS”) in compliance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) of the Canadian Securities Administrators on the RV Mine demonstrating a Base Case1 After-Tax Net Present Value using a 5% discount rate (“NPV5”) of $74.9 million and an After-Tax Internal Rate of Return (“IRR”) of 71.2%. In connection with the Proposed Transaction, Aurcana also intends to complete an offering of subscription receipts to raise gross proceeds of not less than C$10 million (the “Offering”) to close concurrent with the Proposed Transaction. Terms and the ultimate size of the Offering will be announced at a later date. The Proposed Transaction has the support of the Board of Directors of Aurcana, as well as Orion Mine Finance (“Orion”), the largest (15%) shareholder of Aurcana, and Orion and each of the directors and senior officers of Aurcana have executed support agreements in favor of the Proposed Transaction. The Proposed Transaction is contemplated to be completed by a Plan of Arrangement pursuant to the Business Corporations Act (British Columbia) (the “Plan”). The Parties target closing the Proposed Transaction in early November.

2) Equipment Purchase Agreement:

Aurcana has entered into a purchase agreement (the “Equipment Purchase Agreement”) with entities controlled by Orion to purchase equipment owned by the Orion entities and that remains located at Aurcana’s wholly owned oxide silver Shafter-Presidio Mine (the “SP Mine”) in Texas. The consideration paid under the Equipment Purchase Agreement will total $4.5 million, of which $500,000 will be paid in cash and the remainder of which will be paid by the issuance of 23,894,535 pre-Share Consolidation Aurcana Shares (see definition herein), which will be issued to Orion under the Plan of Arrangement. This Equipment Purchase Agreement is anticipated to reduce the overall capital cost of placing the SP Mine into production.

3) Updated PEA for the SP Mine:

Aurcana has received results of an updated PEA for the SP Mine based on the Company’s current mineral resource estimate, as disclosed in the Company’s news release dated January 12, 2016 (the “Resource Estimate”). The Resource Estimate was combined with an updated capital cost (in part based on the Equipment Purchase Agreement), updated operating cost, and an optimized mine plan. The updated PEA demonstrates a Base Case2 After-Tax NPV5 of $15.9 million and an After-Tax IRR of 38.1%. The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the economic results described in the PEA will be realized.

Story Continues...

https://finance.yahoo.com/news/aurcana-announces-transformational-transaction-180159065.html

[basserdan]

Aurcana's April 2018 slide show presentation


http://www.aurcana.com/_resources/presentations/Corporate_Presentation.pdf

[basserdan]

Aurcana's slideshow Presentation At 2017 Precious Metals Summit (TSX-V: AUN; OTC: AUNFF)

By Kevin Drover, President & CEO



Here's the link to the 9/20/17 slide-show presentaton...

https://seekingalpha.com/article/4108644-aurcana-aunff-presents-2017-precious-metals-summit-slideshow

[basserdan]

Aurcana Corporation Provides Update on Shafter Project

VANCOUVER, British Columbia, June 01, 2017 (GLOBE NEWSWIRE) -- Aurcana Corporation (AUN.V; AUNFF) ("Aurcana" or the "Company") is pleased to provide an update of the Company’s planned exploration drilling programme and process of potentially restarting the Shafter Project.

An exploration drill programme will commence shortly at the Shafter Project, the Company’s first since 2012. A number of targets have been selected for a first-pass test, including historic mineralized intercepts and structures identified in the early 1980’s and geophysical anomalies that have not been tested previously. The exploration programme in 2017 will test targets that are located in favourable geological settings and are outside the mineral resource block model.

Separately the Company is assessing in greater detail, the costs of potentially restarting the Shafter Project, including the costs associated with reopening the underground mine and the extent of the definition drill program needed to confirm available mineralization for immediate mining when and if a production decision is made. A separate in-fill drill programme is being laid out in anticipation of moving forward at the earliest possible date.

The Company is active with a number of in-house studies and has engaged consultants to examine and further develop the mining scenario outlined in the preliminary economic assessment of the Shafter Project prepared by Mine Development Associates and filed by the Company on SEDAR on January 25, 2017 (the “PEA”). Alternative mining methods to those contemplated in the PEA are being examined, and a list of the measures that need to be undertaken to upgrade the mineral resource block model in the proposed initial mining area is being created.

Aurcana’s management view the Shafter Project as a valuable asset for Aurcana due to the following factors:

• The Shafter Project is located in the State of Texas, USA, which is a mining-friendly jurisdiction.

• The Shafter Project is highly leveraged to the price of silver.

• The processing facility and refinery at the Shafter Project are built; some modifications are planned before restart to ensure maximum operating efficiencies are achieved when and if a production decision is made.

• The Shafter Project has excellent infrastructure, with water, electrical power installed and a labour pool nearby.

• Prior mining activity has allowed for an improved, more refined resource model; development issues were identified and a realistic plan has been developed.

• Much of the technical risk of the Shafter Project has now been identified; what remains is anticipated to be manageable.

• Major permits needed to operate are in place.

• The Company is debt free, with a favourable share structure.

• A modified discharge permit was granted by the Texas Commission on Environmental Quality that allows the Company to de-water the underground workings of the Shafter Project, then use the water at site, discharge it at previously permitted locations on the Shafter property, or potentially sell it to a third party for industrial uses.

• The Company has completed the PEA

Jerry Blackwell, P.Geo., a director of Aurcana and a Qualified Person as defined by NI 43-101, reviewed and approved the technical information in this news release.

ABOUT AURCANA CORPORATION
Aurcana Corporation owns the Shafter Silver Project in Texas, US. The Shafter Silver Project was put on care and maintenance in December 2013, in part due to depressed silver prices.

ON BEHALF OF THE BOARD OF DIRECTORS OF AURCANA CORPORATION

“Kevin Drover”, President & CEO

https://finance.yahoo.com/news/aurcana-corporation-provides-shafter-project-132000813.html

[basserdan]

Aurcana Announces New VP Project Development and Files 2016 Financials

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 26, 2017) - Aurcana Corporation ("Aurcana" or the "Company") (TSX VENTURE:AUN; OTC:AUNFF) is pleased to announce the appointment of Kevin Francis as Vice President Project Development. Mr. Francis has over 25 years of mine management and re-engineering experience. He has extensive experience in project development, including, mine operations, technical and financial analysis, permitting, and mine safety compliance. He previously led the advancement of a historical copper producer in Arizona and an operating gold mine in Alaska. Kevin Drover, President & CEO, stated, "We are especially pleased to have Kevin join the Aurcana team as we begin preparations for the upcoming exploration program at the Shafter Project and as we evaluate the feasibility of restarting production at the Shafter Mine."

In addition, Aurcana, has filed its audited Financial Statements and Management Discussion and Analysis for the financial year ended December 31, 2016. For more details please see Aurcana.com or SEDAR.

About Aurcana Corporation
Aurcana Corporation owns the Shafter Silver Project in Texas, USA. The Shafter Silver Project was put on care and maintenance in December 2013, in part due to depressed silver prices. A Preliminary Economic Assessment was completed on the Shafter project on August 31, 2016.

ON BEHALF OF THE BOARD OF DIRECTORS OF AURCANA CORPORATION

"Kevin Drover", President & CEO

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 or accuracy of this release.

https://finance.yahoo.com/news/aurcana-announces-vp-project-development-201000615.html

[quicksilver459]

Thank you for this post. Did the CEO say they will get into PRODUCTION this July-August 2017? That's what I heard! Is that correct? They will start producing in a matter of months? How high can the stock price go?

[basserdan]

Aurcana: Financing 13M$ for Fast Ramp Up of Silver Production in 2017 in Mexico.

Interview with President & CEO Kevin Drover.

https://www.youtube.com/watch?v=B3IiVCVdCL8&feature=youtu.be

[silvereagle123]

ANYONE know what's new with this company? What's been going on, any new developments, news, rumors, etc.? A .20 cent stock looks enticing! Is this company still a worthy investment?
Aren't they very close to starting up production in Shafter mine? What's the hold up? Thank you.

[basserdan]

Aurcana'a video/slideshow presentation at last month's Denver Gold Forum. (AUN.V; AUNFF)

http://www.denvergoldforum.org/xpl16/company-webcast/AUN:CN/

[basserdan]

Aurcana's Corporate Presentation for September 2016 (AUN.V ~ AUNFF)



http://www.aurcana.com/investor-hub/presentations/



Website: http://www.aurcana.com/

[basserdan]

Aurcana's Corporate Presentation for August 2016 (AUN.V ~ AUNFF)


http://www.aurcana.com/investor-hub/presentations/

Aurcana recent history - 2016

* January 2016 - Aurcana completed a restructuring transaction extinguishing all of the Company's secured debt obligations ($40 million) conveying La Negra to Orion Mine Financing

* As a result, Aurcana has an unencumbered 100% ownership in Rio Grande Mining Co ("RGMC") and the Shafter property.

* Orion remains a significant Aurcana shareholder

* Company has a technical support agreement with Orion for management consulting services provided by Aurcana.
- Aurcana receives US $40,000/month over a 12-month term

* On May 31, 2016 Aurcana iitiated a Preliminary Economic Assessment on the Shafter mine. Completion date August 2016

* Aurcana initiated a non-brokered private placement financing in August 2016



Website: http://www.aurcana.com/

[silvereagle123]

How far are they from starting Production?

[basserdan]

Aurcana Corporation Announces Preliminary Economic Assessment

http://finance.yahoo.com/news/aurcana-corporation-announces-preliminary-economic-211548293.html

[stocktrademan]

AUNFF bullish 0.46

stochastic14,3,3 oversold crossup scan

[ClemsonWins]

They sold their only producing mine, so good luck with that. Far as I know, their only income stems from their oil and gas leases. No clue how this thing has gone up over the last 9 months but appears to be settling back.

[silvereagle123]

What is making this thing go up daily? I can imagine when/if they start producing. $2 easy!

[silvereagle123]

This thing has become a winner! Consistently going up.

[paladin551]

I don't know what is driving this but I like it a lot

[basserdan]

AURCANA RECEIVES PAYMENT FOR OIL & GAS LEASES

July 20, 2016

Vancouver, BC, July 20, 2016, Aurcana Corporation (the “Company”) (TSXV: AUN; OTC: AUNFF) announces that its wholly-owned subsidiary, Silver Assets, Inc. (“SAI”), has entered into a term assignment agreement (the “Assignment”) with a privately-owned, Texas-based oil and gas firm (the “Assignee”). Under the Assignment, three contiguous oil and gas leases (the “Leases”) have been assigned by SAI to the Assignee for a three-year term, plus any further period during which oil or gas production takes place on the Leases. SAI has retained a Net Revenue Interest Royalty in respect of the Leases that may provide up to 25% of the net revenues therefrom. In consideration of the Assignment, the Assignee made a cash payment of US$374,469.41 to SAI. The Leases total 564 “mineral acres” and are located approximately 200 miles northeast of the Company’s Shafter project, in the Permian Basin of West Texas, near Midland.

In 2008 the Company acquired SAI as part of a share purchase transaction to acquire an indirect interest in the Shafter silver project held by SAI’s subsidiary companies. SAI has a long corporate history that can be traced back to 1932 through a series of predecessor companies. It was very active in the oil and gas industry from 1977 through 1995, at which time it sold most of its oil and gas assets, retaining only a few non-producing leases. At the time of the transaction to acquire the Shafter silver project, the oil and gas leases were considered non-material and have remained so.

Kevin Drover, President and CEO of the Company noted that “this Assignment has presented the Company with the opportunity to access a potential near-term revenue stream by placing non-core assets with an established operator in the Permian Basin. It is anticipated that this transaction could assist the Company financially as it focuses upon the redevelopment of the Shafter silver project. We intend to continue our review of SAI’s other oil and gas holdings and may complete similar transactions if and when opportunities arise.”

http://aurcana.com/news/2016/index.php?&content_id=401

[paladin551]

I am about to give up on this dog. any reasons to stay in?

[basserdan]

Aurcana Initiates PEA on Shafter Silver Project

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 31, 2016) - Aurcana Corporation ("Aurcana" or the "Company")(TSX VENTURE:AUN; OTC:AUNFF) Aurcana Corporation is pleased to announce that it has initiated a Preliminary Economic Assessment (the "PEA") in respect of the Company's 100% owned Shafter Silver Project, in Presidio County, Texas. The PEA will provide a base-case assessment for the further development of the existing mineral resource and the recommencement of mining operations utilizing current mining infrastructure, including the existing shaft and the fully-constructed and permitted mill and tailings facilities. The objective of this study is to determine the potential economic viability of the mineral resources at Shafter along with a level of cost indication sufficient to proceed to the next level of evaluation. Completion of the PEA is expected in Q3 2016.

"The Shafter Silver Project is a unique Texas-based asset with a history of high-grade production, an in-situ high-grade silver resource, mining infrastructure, and constructed and permitted milling and tailings facilities. The completion of a base case development scenario will be a significant milestone as we move toward re-establishing Aurcana as a mineral producer" said Kevin Drover, President and CEO of Aurcana.

Mine Development Associates ("MDA"), based in Reno, Nevada and Samuel Engineering, Inc. ("Samuel") in Denver, Colorado have been contracted to work with the Company's technical team on the PEA. They will report on the PEA level projected capital costs, operating costs, and project economics associated with the potential development of the Shafter mineral resource. The PEA will consider and make recommendations based upon:

* An analysis and evaluation of the economic, technical and geological factors that will determine the potential viability of the mineral resources.

* The requirements to estimate mineable tons and grade based on the shaft-accessible portion of the mineral resource;

* Mine design utilizing the existing shaft and/or surface portal, phased expansion of the related underground access, and mechanized underground mining methods;

* Mill production, which is assumed to be approximately 500 tonnes per day using the existing milling and tailings facility; and a review of throughput efficiencies and opportunities;

* A review of milling performance and metallurgical recovery based on existing mill records;

* A proposed work program to continue advancing the project.

Although the Company had previously completed studies of Shafter and commenced operations during the period from 2012-2013, it is felt that in light of the recently revised resource estimate, volatile metal prices, and changing operating costs, the project should be advanced one-step at a time, starting with this new PEA. The results of the PEA will provide valuable information as to the potential economics and viability of the Shafter Project.

About Shafter

Historic mining at Shafter was conducted by the Presidio Mining Company from 1883 to 1926 and was focused on the outcropping, western end of the deposit. It was then known as the Presidio Mine. Subsequently the American Metal Co. ("Amax") acquired the property and continued production until 1942. Amax mined the Presidio Mine from three principal vertical shafts and developed the mine on eight levels over a vertical distance of approximately 600 feet. From 1883 to 1942, when the Presidio mine was closed, total recorded production was 2.307 million tons of ore containing 35.153 million ounces of silver at an average grade of 15.24 ounces silver ("Ag") per ton.

Gold Fields Mining Corporation ("Gold Fields") held the Shafter property from 1977 to 1982. Gold Fields identified the northeastern, down-dip extension of the Shafter deposit, extending more than 5,000 feet from the deepest development workings in the Presidio mine, through a systematic surface-drilling program. During the 1980s, Gold Fields sunk a 1,052-foot shaft to access and explore this extension, extracting a 10,000 ton bulk sample for metallurgical studies and completing several internal economic assessments.

Rio Grande Mining Company ("RGMC") acquired Shafter in 1994 and in 2008 RGMC was purchased by Aurcana. Aurcana began exploration at Shafter in 2011 and has conducted geophysical surveying, drilling, mapping, and geochemical sampling since that time. Aurcana re-entered the old Presidio mine through a new decline in June 2012, with limited production commencing in December 2012 from mineralized materials found adjacent to Amax's old stopes. During this time a mineral processing plant and silver-recovery facility were constructed and brought on-line. The operation was placed on care and maintenance in December 2013.

Silver mineralization at Shafter occurs as sub-horizontal bodies of variably silicified oxide mineralization in Permian limestone. Mineralization occurs over a 13,000 feet east-northeast strike length, is locally up to 1,200 feet across, and is locally up to 20 feet thick. Thicknesses and silver grades can be variable.

The Shafter Silver Project currently has an Indicated Resource of 10,171,000 ounces silver at 9.15 ounces per ton Ag (in 1.11 million tons) and an Inferred Resource of 6,511,000 ounces silver at 7.47 ounces per ton Ag (in 0.87 million tons)1, 2. The mineral resource is based on 1,694 drill holes, the majority being underground holes evenly dispersed throughout the mineral resource, and a geologic model based on geological mapping and sampling.

(1) See the Company's press release dated January 12, 2016.
(2) See the National Instrument 43-101 technical report titled "Technical Report on the Shafter Silver Project, Presidio County, Texas", dated January 11, 2016, that was prepared for Aurcana by Paul Tietz, CPG of Mine Development Associates, Inc. and Ross MacFarlane P.Eng of Watts, Griffis, and McQuat. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

The technical information contained in this news release has been reviewed and approved by Jerry Blackwell, P.Geo, a Technical Advisor to and director of the Company. Mr. Blackwell is a Qualified Person ("QP") as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

ON BEHALF OF THE BOARD OF DIRECTORS OF AURCANA CORPORATION

Kevin Drover, President & CEO

For further information, visit the website at http://www.aurcana.com.

http://finance.yahoo.com/news/aurcana-initiates-pea-shafter-silver-210000968.html

[silvereagle123]

Hi. Can you enlighten me as to exactly what happened to Aurcana that caused the company to go almost bankrupt and the caused stock price to tank? Did something happened with La Negra Mine? (I do remember that Aurcana looked like such a powerhouse at the time.) Thanks

[stocktrademan]

$AUNFF recent news/filings

bullish 0.127

$AUNFF charts

basic chart ## source: stockcharts.com



basic chart ## source: stockscores.com



big daily chart ## source: stockcharts.com



big weekly chart ## source: stockcharts.com



$AUNFF company information

## source: otcmarkets.com

Link: http://www.otcmarkets.com/stock/AUNFF/company-info
Ticker: $AUNFF

$AUNFF extra dd links

## STOCK DETAILS ##
After Hours Quote (nasdaq.com): http://www.nasdaq.com/symbol/AUNFF/after-hours
Option Chain (nasdaq.com): http://www.nasdaq.com/symbol/AUNFF/option-chain
Historical Prices (yahoo.com): http://finance.yahoo.com/q/hp?s=AUNFF+Historical+Prices
Company Profile (yahoo.com): http://finance.yahoo.com/q/pr?s=AUNFF+Profile
Industry (yahoo.com): http://finance.yahoo.com/q/in?s=AUNFF+Industry

## COMPANY NEWS ##
Market Stream (nasdaq.com): http://www.nasdaq.com/symbol/AUNFF/stream
Latest news (otcmarkets.com): http://www.otcmarkets.com/stock/AUNFF/news - http://finance.yahoo.com/q/h?s=AUNFF+Headlines

## STOCK ANALYSIS ##
Analyst Research (nasdaq.com): http://www.nasdaq.com/symbol/AUNFF/analyst-research
Guru Analysis (nasdaq.com): http://www.nasdaq.com/symbol/AUNFF/guru-analysis
Stock Report (nasdaq.com): http://www.nasdaq.com/symbol/AUNFF/stock-report
Competitors (nasdaq.com): http://www.nasdaq.com/symbol/AUNFF/competitors
Stock Consultant (nasdaq.com): http://www.nasdaq.com/symbol/AUNFF/stock-consultant
Stock Comparison (nasdaq.com): http://www.nasdaq.com/symbol/AUNFF/stock-comparison
Investopedia (investopedia.com): http://www.investopedia.com/markets/stocks/AUNFF/?wa=0
Research Reports (otcmarkets.com): http://www.otcmarkets.com/stock/AUNFF/research
Basic Tech. Analysis (yahoo.com): http://finance.yahoo.com/q/ta?s=AUNFF+Basic+Tech.+Analysis
Barchart (barchart.com): http://www.barchart.com/quotes/stocks/AUNFF

## FUNDAMENTALS ##
Call Transcripts (nasdaq.com): http://www.nasdaq.com/symbol/AUNFF/call-transcripts
Annual Report (companyspotlight.com): http://www.companyspotlight.com/library/companies/keyword/AUNFF
Income Statement (nasdaq.com): http://www.nasdaq.com/symbol/AUNFF/financials?query=income-statement
Revenue/EPS (nasdaq.com): http://www.nasdaq.com/symbol/AUNFF/revenue-eps
SEC Filings (nasdaq.com): http://www.nasdaq.com/symbol/AUNFF/sec-filings
Latest filings (otcmarkets.com): http://www.otcmarkets.com/stock/AUNFF/filings
Latest financials (otcmarkets.com): http://www.otcmarkets.com/stock/AUNFF/financials
Short Interest (nasdaq.com): http://www.nasdaq.com/symbol/AUNFF/short-interest
Dividend History (nasdaq.com): http://www.nasdaq.com/symbol/AUNFF/dividend-history
RegSho (regsho.com): http://www.regsho.com/tools/symbol_stats.php?sym=AUNFF&search=search
OTC Short Report (otcshortreport.com): http://otcshortreport.com/index.php?index=AUNFF
Short Sales (otcmarkets.com): http://www.otcmarkets.com/stock/AUNFF/short-sales
Key Statistics (yahoo.com): http://finance.yahoo.com/q/ks?s=AUNFF+Key+Statistics
Insider Roster (yahoo.com): http://finance.yahoo.com/q/ir?s=AUNFF+Insider+Roster
Income Statement (yahoo.com): http://finance.yahoo.com/q/is?s=AUNFF
Balance Sheet (yahoo.com): http://finance.yahoo.com/q/bs?s=AUNFF
Cash Flow (yahoo.com): http://finance.yahoo.com/q/cf?s=AUNFF+Cash+Flow&annual

## HOLDINGS ##
Major holdings (cnbc.com): http://data.cnbc.com/quotes/AUNFF/tab/8.1
Insider transactions (yahoo.com): http://finance.yahoo.com/q/it?s=AUNFF+Insider+Transactions
Insider transactions (secform4.com): http://www.secform4.com/insider-trading/AUNFF.AUNFF
Insider transactions (insidercrow.com): http://www.insidercow.com/history/company.jsp?company=AUNFF
Ownership Summary (nasdaq.com): http://www.nasdaq.com/symbol/AUNFF/ownership-summary
Institutional Holdings (nasdaq.com): http://www.nasdaq.com/symbol/AUNFF/institutional-holdings
Insiders (SEC Form 4) (nasdaq.com): http://www.nasdaq.com/symbol/AUNFF/insider-trades
Insider Disclosure (otcmarkets.com): http://www.otcmarkets.com/stock/AUNFF/insider-transactions

## SOCIAL MEDIA AND OTHER VARIOUS SOURCES ##
PST (pennystocktweets.com): http://www.pennystocktweets.com/stocks/profile/AUNFF
Market Watch (marketwatch.com): http://www.marketwatch.com/investing/stock/AUNFF
Bloomberg (bloomberg.com): http://www.bloomberg.com/quote/AUNFF:US
Morningstar (morningstar.com): http://quotes.morningstar.com/stock/s?t=AUNFF
Bussinessweek (businessweek.com): http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=AUNFF