Cannon Exploration Inc. (fka CNEX)

[million]

Cannon Exploration Inc. Announces Acquisition

2008-07-24 08:30 ET - News Release

TORONTO -- (MARKET WIRE) -- 07/24/08


Cannon Exploration Inc. (PINKSHEETS: CNEX) is pleased to announce that it has exercised its option to acquire 100% ownership of The Queen Alexandra Mine, located outside of Dryden, in Northern Ontario, Canada, having fully satisfied their requirements relating to the due diligence and initial earn in.

The Queen Alexandra Mine has known gold values, having produced gold in the past. Based on the historical data available, a recent geophysical testing program, completed by Cannon Exploration, demonstrated a possible extension of the mineralized zone.

Cannon Exploration Inc. will now begin full exploration of the Queen Alexandra property.

More information and data will be released in the coming weeks as it becomes available.

About Cannon:

Cannon Exploration is positioning itself to emerge as a pre-eminent resource exploration company in the North American mining industry, and particularly properties located in preferred mining districts in Canada.

Forward-Looking Statements: The statements which are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties, including but not limited to, the effect of economic conditions, the impact of competition, the results of financing efforts, changes in consumers' preferences and trends. The words "estimate," "possible," and "seeking" and similar expressions identify forward-looking statements, which speak only to the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, because of new information, future events, or otherwise. Future events and actual results may differ materially from those set forth herein, contemplated by, or underlying the forward-looking statements.


Contact:
Investor Relations:
1-866-365-4724
Website: http://www.cannon-exploration.com