Canico Resource Corp (CNI)

[Frank Pembleton]

Canico Resource Corp.: Onca-Puma Nickel Deposit Exceeds 100 Million Tonnes


VANCOUVER, BRITISH COLUMBIA--Canico Resource Corp. is pleased to announce the receipt of new inferred resource calculations for the Onca and Puma nickel laterite deposits in Para State, Brazil. The Onca estimate is based upon Canico's Phase I diamond drill program at Onca. In addition, on-strike drilling at the Puma West deposit, (outside the Xikrin Indigenous reserve), has resulted in the extension of the deposit and an increase in the estimated Puma West resources announced in January, 2003. The Onca estimate and the revised Puma estimate were run at two cut-off grades.

"Our drilling has more than tripled the previously estimated inferred resources at Onca-Puma," said Michael Kenyon, President and CEO. "The new resource estimates demonstrate that this project hosts one of the bigger tonnage and better grade undeveloped nickel deposits in the world, and we are determined to develop it in the earliest possible time frame."

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