Cancana Announces Extension of Warrants and Amendment to Grant of Stock Options

TORONTO, ONTARIO--(Marketwired - Apr 29, 2014) - Cancana Resources Corp. (TSX VENTURE:CNY) (the "Company" or "Cancana") is pleased to announce that an application has been approved by the Toronto Venture Exchange to extend the term of the 770,000 warrants issued by the Company on May 11, 2012 (the "Warrants"). The Warrants were scheduled to expire on May 11, 2014, but will now expire on May 11, 2015. All other terms of the Warrant will remain in effect. For additional information on the original issuance of the Warrants, please refer to the press release of the Company dated May 3, 2012 and filed on SEDAR.

Warrantholders are advised that replacement Warrant certificates will not be issued and that the original Warrant certificates must be presented to Cancana in order to effect the exercise of such Warrants.

Further to the news release dated April 28, 2014, the Company announces that it has reduced the number of options granted from 3,500,000 options to 3,200,000 options, in the aggregate. All other terms of the options as set out in the Company's news release of April 28, 2014 remain the same.

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.

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

William 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. 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.