MLB Mlb Industries

Cancana Resources Corp. (TSX VENTURE:CNY) (the "Company" or "Cancana") announces
that the board of directors of the Company, after discussions with Ferrometals
(as defined below) and The Sentient Group, has determined to withdraw and defer
the shareholder vote on the special resolution ("Resolution #2") with respect to
the transfer of the Company's interest in MLB (as defined below) from the
business to be voted on at the special meeting of the shareholders of Cancana
(the "Meeting") to be held on Thursday, April 17, 2014, until the annual general
meeting of the shareholders of the Company which will be scheduled to be held on
or about July 17, 2014.


As further described in Cancana's management information circular dated March
18, 2014 (the "Circular"), at the Meeting shareholders of Cancana were to be
asked to consider, and if thought fit, approve a special resolution relating to
the transfer by the Company of 100% of its interest in M L B de Nogueira EPP
(referred to as M.L.B. de Nogueira Mineracao Ltda in the Circular) ("MLB") to
Rio Madeira Comercio Importacao e Exportacao de Minerios Ltda ("Rio Madeira"),
in connection with the operation of Rio Madeira as a joint venture between
Cancana and Ferrometals BV ("Ferrometals"), which is currently owned by
Ferrometals, a special purpose vehicle established by The Sentient Group. 


Cancana's board has determined to withdraw Resolution #2 after extensive
discussions with Ferrometals in order for the Company to complete a
restructuring of MLB in accordance with Brazilian law. This restructuring will
allow Cancana to complete the disposition of the mining claims of MLB (the "MLB
Mining Claims") into Rio Madeira in the most tax efficient manner, whether by
way of a share or asset sale (the "Restructuring"). Cancana has a contractual
agreement with a Brazilian national pursuant to which Cancana can exercise
control and gain beneficial ownership of the MLB Mining Claims. The MLB Mining
Claims are not currently held through the 100% ownership of the share capital of
a Brazilian subsidiary known as M.L.B. de Nogueira Mineracao Ltda. as has been
previously disclosed by Cancana. As part of the Restructuring, it is anticipated
that Cancana will be completing the final steps in establishing a Brazilian
corporate subsidiary entity pursuant to which the MLB Mining Claims will be
transferred and this process is estimated to be completed in approximately 90
days. 


Andrew Male, CEO of Cancana commented that "While it would have been ideal to
complete the transfer of the mining claims of MLB into Rio Madeira concurrently
with closing the financing with Ferrometals, the board of Cancana felt it
imperative to defer this aspect of the Meeting until Cancana's interests are
structured in the most optimal manner." 


The withdrawal of this item of business will not affect the validity of the
proxy form enclosed with the Circular. Shareholders wishing to complete and
lodge a proxy in relation to the Meeting do not need to indicate their voting
instructions on Resolution #2. Cancana confirms that, at the Meeting, the
shareholders will be asked to vote on the first resolution set forth in the
Circular with respect to the approval of the Rio Madeira joint venture, the
creation of Ferrometals as a control person of the Company and the proposed
financings of Cancana by Ferrometals which is anticipated to close on or before
April 22, 2014 subsequent to shareholder approval. 


About Cancana

Cancana is an exploration stage company that has transitioned into production 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.


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 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 MLB, 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

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