Cancana Resources Corp. (TSX VENTURE:CNY) (the "Company" or "Cancana") is
pleased to announce that on April 17, 2014 the shareholders of Cancana (the
"Shareholders") approved the Rio Madeira Transactions (as defined below), and
that on April 23, 2014 Cancana closed non-brokered private placement offerings
of Units and Debentures (each as defined below) with Ferrometals BV
("Ferrometals") for aggregate gross proceeds of CDN$1.7 million and US$4.15
million, respectively, and, effective immediately upon closing of the Offerings
(as defined below), Anthony Julien, Chief Executive Officer of Ferrometals, was
appointed to the board of directors of Cancana. 


Shareholder Approval of Rio Madeira Transactions

At Cancana's special meeting of Shareholders held on April 17, 2014 (the
"Meeting"), the Shareholders voted overwhelmingly in favour of the ordinary
resolution (the "Resolution") approving the Rio Madeira Transactions (as defined
in Cancana's management information circular dated March 18, 2014 (the
"Circular")) and the creation of Ferrometals, a subsidiary of The Sentient
Group, as a "control person" of the Company as such term is defined in the
policies of the TSX Venture Exchange (the "TSXV"). Of the 15,750,203 Common
Shares voted at the Meeting, approximately 99.9% voted in favour of the
foregoing resolution. As further disclosed in the Company's press release dated
April 15, 2014, the vote on the special resolution with respect to the transfer
of the Company's interest in the mining claims owned by M L B de Nogueira EPP
was withdrawn from the business of the Meeting and has been deferred until the
Company's annual general meeting scheduled to be held on or about July 17, 2014.



Private Placement Financings

At the Meeting, the Shareholders voted in favour of the Joint Venture Financings
(as defined in the Circular) as part of the Rio Madeira Transactions. These
financings were previously disclosed by the Company in its December 20, 2013 and
February 24, 2014 press releases. Accordingly, on April 23, 2014 the Company
completed the Offerings and issued to Ferrometals the following:


1. An aggregate of 8,500,000 units (the "Units") at a price of CDN$0.20 per
Unit. Each Unit consists of one (1) common share in the capital of the Company
(a "Common Share") and one (1) Common Share purchase warrant (a "Warrant"), for
aggregate gross proceeds of CDN$1.7 million (the "Equity Offering"). Each
Warrant is exercisable into one (1) Common Share at a price of CDN$0.25 per
Common Share and is exercisable for a period of two (2) years from the date
hereof; and


2. A secured convertible debenture, (the "Debenture") for a purchase price of
US$4.15 million (approximately CDN$4.58 million) (the "Debt Offering" and,
collectively with the Equity Offering, the "Offerings"). The Debenture has a
term of three (3) years and bears interest at a rate of 8% per annum. The
principal of the Debenture is convertible, in whole or in part, into Common
Shares at a price of CDN$0.20 per Common Share at the option of Ferrometals.


Upon closing of the Offerings, Ferrometals owns an aggregate of 13,857,656
Common Shares and an aggregate of 13,857,656 common share purchase warrants,
including the Warrants issued under the Offerings and the common share purchase
warrants issued to Ferrometals in the private placements of the Company
previously disclosed in the Company's press releases of February 24, 2014 and
March 6, 2014. Accordingly, Ferrometals currently holds approximately 24% of the
issued and outstanding Common Shares on a non-diluted basis (or approximately
53.5% of the Company's then issued and outstanding Common Shares on a
partially-diluted basis, assuming the exercise by Ferrometals of all of the
warrants of the Company held by it and the conversion in full of the principal
amount of the Debenture). As Ferrometals currently owns more than 20% of the
Company's issued and outstanding Common Shares, Ferrometals is a "control
person" of Cancana pursuant to the policies of the TSXV. 


In connection with the Offerings, an aggregate amount of CDN$102,000 and
US$166,000 in cash finder's fees are payable to certain eligible arm's length
persons and an aggregate of 510,000 non-transferable finder's warrants (the
"Finder Warrants") are issuable to certain eligible arm's length persons. Each
Finder Warrant is exercisable into a Unit at an exercise price of CDN$0.20 per
Unit and is exercisable for a period of two (2) years from the date hereof.


All securities issued pursuant to the Offerings, including the Common Shares and
Warrants comprising the Units and the Finder's Warrants and the Common Shares
underlying the Warrants, the Debenture and any Common Shares issuable upon
conversion of the Debenture, are subject to a four (4) month and one (1) day
statutory hold commencing from the date of issuance. The Offerings are subject
to TSXV final acceptance of requisite regulatory filings. 


As further described in the Circular, US$5.5 million of the gross proceeds
raised from the Offerings will be used by Cancana to purchase shares (quotas) of
Rio Madeira Comercio Importacao e Exportacao de Minerios Ltda. ("Rio Madeira")
to enable Cancana's participation in the Rio Madeira joint venture as previously
disclosed. The balance of the gross proceeds raised from the Offerings will be
used by the Company for general working capital.


Andrew Male, President and CEO of Cancana, commented: "We are happy to conclude
this next step of the acquisition of Rio Madeira and Joint Venture with
Ferrometals. This will conclude a total of in excess of $11.0 million in debt
and equity financings since January 2013. The culmination of all these corporate
activities allows the next stages of activity to occur. The exploration,
research and production of the operations of the joint venture will begin to add
corporate value in the near future."


Appointment of Director

As described in the Company's news releases of December 20, 2013 and February
24, 2014, pursuant to the terms of the Company's Revised Binding Term Sheet with
Ferrometals and The Sentient Group, as its Rio Madeira future joint venture
partner Cancana has granted Ferrometals certain board nomination rights, with
such rights to take effect after closing of the Offerings. Cancana is pleased to
announce that, effective today, Anthony Julien has been appointed to the
Company's board of directors.


Mr. Julien, the CEO of Ferrometals, is developing industrial minerals projects
in Brazil and the United States, to provide products to both the agricultural
and steel industries. His business career is underpinned by energy and an
entrepreneurial spirit refined by the experience of developing and selling
various companies in IT, wholesale/distribution and media. He strengthened these
capabilities with a move to enterprise level organizations when he sold his
mobility software company to Epicor in 2009 and took on the global mobility
sales responsibilities. Building on his global sales experience with Epicor, he
joined SAP in 2011, focused on providing SAP mobility solutions to major
accounts in retail, mining and energy. This experience fostered his interest in
resource-based industries and created an opportunity to reconnect with The
Sentient Group who funded his early entrepreneurial business success.
Ferrometals' first major investment is the formation of Rio Madeira as a joint
venture with Cancana to expand existing production and further develop Cancana's
manganese-mining claims in Brazil. In addition to being CEO of Ferrometals, Mr.
Julien will hold the position of chairman of Rio Madeira and holds the positions
of CEO of Oregon Resource Corporation and CEO of Ferrometals Holdings. 


About Cancana

Cancana is an exploration stage company that has transitioned into production
with assets in Brazil and Canada. The Company has been seeking projects that
expand its resource base and provide for near term production and revenue. All
available resource reports and information on the Company's properties are
located on the Company website: www.cancanacorp.com


For further information about Cancana, please visit the Company's website.

Issued on behalf of the Board of Directors of Cancana Resources Corp. 

Andrew Male, President, CEO and Director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this press release. This press release contains
forward-looking information under Canadian securities legislation.
forward-looking information includes, but is not limited to, statements with
respect to completion of the Financings, the development potential and timetable
of the Rio Madeira project and Cancana's other assets in Brazil and Canada;
Cancana's ability to raise additional funds necessary; the future price of
manganese, the estimation of mineral reserves and mineral resources; conclusions
of economic evaluation; the realization of mineral reserve estimates; the timing
and amount of estimated future production, development and exploration; costs of
future activities; capital and operating expenditures; success of exploration
activities; mining or processing issues; currency exchange rates; government
regulation of mining operations; and environmental risks. Generally,
forward-looking statements can be identified by the use of forward-looking
terminology such as "plans", "expects" or "does not expect", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words and phrases or
statements that certain actions, events or results "may", "could", "would",
"might" or "will be taken", "occur" or "be achieved". Forward-looking statements
are based on the opinions and estimates of management as of the date such
statements are made. Forward-looking statements are subject to known and unknown
risks, uncertainties and other factors that may cause the actual results, level
of activity, performance or achievements of Cancana to be materially different
from those expressed or implied by such forward-looking statements, including
but not limited to those risks described in the annual information form of
Cancana and in its public documents filed on SEDAR from time to time. Although
management of Cancana has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking statements, there may be other factors that cause results not to
be as anticipated, estimated or intended. There can be no assurance that such
statements will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking statements. Cancana
does not undertake to update any forward-looking statements, except in
accordance with applicable securities laws.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Cancana Resources Corp.
+1 403 269 2065
cancana.ir@cancanacorp.com
www.cancanacorp.com