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Cancana Resources Corp. (TSXV:CNY) announced that its Brazil joint venture (JV) has closed its acquisition of Eletroligas Ltda.’s Brazil-based manganese processing plant.
Cancana Resources Corp. (TSXV:CNY) announced that its Brazil joint venture (JV) has closed its acquisition of Eletroligas Ltda.’s Brazil-based manganese processing plant. The JV has also acquired three claims that cover a total of 14,986.49 hectares.
As quoted in the press release:
Manganese cobbles have been stockpiled over the last few weeks, from the Jaburi 3 and 5 claims;and the plant will be restarted on September 15, 2014.
With the addition of these 3 claims, the JV now has over 92,073 hectares of high-grade manganese claims in Espigao do Oeste.
Anthony Julien, CEO of Cancana, commented:
It has taken 3 months longer than planned to close this deal due to issues that had to be overcome with landholder surface rights. The JV has taken on the Eletroligas employees and they are working with the management team to ensure that the plant start up goes smoothly. The JV engineering team has already conducted a mass balance and trial production run with good results. With Eletroligas going into production this week, the JV is on track to make the forecast initial production of 8,000 tons for the year.
Click here to read the full Cancana Resources Corp. (TSXV:CNY) press release.