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Cancana Announces Departure of CEO and Appointment of Interim CEO

VICTORIA, BRITISH COLUMBIA -- (Marketwired) -- 07/21/14 -- Cancana Resources Corp. (TSX VENTURE: CNY) ("Cancana" or the "Corporation"), announces a change in the leadership of the Corporation. Mr. Andrew Male's appointment as President and Chief Executive Officer has come to an end effective today. The Board is pleased to announce that Mr. Anthony Julien has agreed to take on the role of interim President and CEO. This appointment reflects the transition of the Corporation from a mining exploration company into a producing mining company with assets and operations in Brazil.

The Board expresses its appreciation to Mr. Male for his service to the Corporation and wishes him success in his future endeavours.

Mr. Julien, the interim President and CEO, has served on Cancana's Board of Directors since April 2014.

Mr. Julien is President of Ferrometals BV, a wholly-owned subsidiary of funds managed by The Sentient Group Limited, which develops industrial minerals projects in Brazil and the United States to provide products to both the agricultural and steel industries. Mr. Julien is also Chairman of Rio Madeira, CEO of Oregon Resource Corporation and President of Ferrometals Holdings. Mr. Julien has started and sold various companies over the past 30 years. Mr. Julien sold his mobility software company to Epicor in 2009. He joined SAP in 2011 and focused on providing SAP software solutions to major accounts in energy, mining and retail. Mr. Julien attended the University of New South Wales where he obtained the degree of Bachelor of Commerce - Economics and Japanese Studies.

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 or contact the Company at +1 403 269 2065 or preferably email: [email protected].

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

Bill Pfaffenberger, Chairman of the Board

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.

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