Aurcana Silver Corp (fka AUNFF)

[basserdan]

Aurcana Silver Provides Corporate Update

VANCOUVER, British Columbia, April 11, 2022 (GLOBE NEWSWIRE) -- AURCANA SILVER CORPORATION ("Aurcana" or the "Company") (TSXV: AUN; OTCQF: AUNFF) provides the following update:

As outlined in the press release dated March 21, 2022, Aurcana continues to evaluate all available alternatives with respect to the Company and satisfying the conditions precedents contained in the restructuring agreements entered into with subsidiaries of Mercuria Energy Group in respect of the Company’s outstanding $28 million term loan and associated hedging package. Aurcana is actively pursuing multiple financial and strategic alternatives that are in the best interests of the Company and its stakeholders and has engaged a financial advisor to assist in identifying and analyzing opportunities. The Company remains optimistic as to its prospects, although there can be no assurances that any transaction(s) will occur.

In addition to its focus on the required financing, the Company continues to work to optimize the mine development and restart plan for the Revenue-Virginius Mine to reduce time and capital requirements. The #1 hoist installation remains the critical path followed by finishing the development to have four working faces available and then to resume mining activities on the 1800 level.

ABOUT AURCANA SILVER CORPORATION

Aurcana Silver 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 SILVER CORPORATION

“Kevin Drover”
President & CEO

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

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

https://www.globenewswire.com/news-release/2022/04/11/2419759/0/en/Aurcana-Silver-Provides-Corporate-Update.html