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Exploring in Canada’s Meguma Terrain and Ecuador’s Prolific Gold Belt

Exploring in Canada’s Meguma Terrain and Ecuador’s Prolific Gold Belt. Disclaimer.

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Exploring in Canada’s Meguma Terrain and Ecuador’s Prolific Gold Belt

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  1. Exploring in Canada’s Meguma Terrain and Ecuador’s Prolific Gold Belt

  2. Disclaimer This presentation contains certain “forward-looking statements” and “forward-looking information” under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as “plan,” “expect,” “project,” “intend,” “believe,” “anticipate,” “estimate,” and other similar words, or statements that certain events or conditions “may” or “will" occur. Forward-looking information may include, but is not limited to, statements with respect to the future financial or operating performances of the Corporation, estimated future capital, operating and exploration expenditures, the future price of gold and copper, the realization of mineral reserve estimates, the costs and timing of future exploration, requirements for additional capital, government regulation of exploration, development and mining operations, environmental risks, reclamation and rehabilitation expenses, title disputes or claims, and limitations of insurance coverage. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of the Corporation and there is no assurance they will prove to be correct. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Corporation undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Unless otherwise stated, the information contained in this presentation is as of April 11, 2011

  3. Company Focus • Canuc Resources will create shareholder value by methodically exploring the Mill Village Project in Nova Scotia and the vast potential at Nambija in Ecuador • Canuc’s Mill Village Gold Project is a past high grade producer that has yet to be tested for bulk tonnage potential and quartz vein extensions • Nambija has produced an estimated 3.0 million ounces of gold since the early 1980s, all by artisanal mining means • Recent Drilling at Nambija has confirmed the excellent potential for bulk tonnage mining as well as very high grade selective mining

  4. Mill Village

  5. Canuc – Mill Village

  6. Mill Village • Completed a 43-101 report in Dec 2010, recommending $1.2m in exploration • The property includes two historic past producing gold mines with shafts • The Gold Eagle was developed between 1899 and 1902 and the Thompson vein was developed in the mid-1940s • In 1981, Card Lake Copper Mines drilled 21 holes and intersected encouraging gold values

  7. Mill Village • Mill Village Gold Property is underlain by geology and fold structures that are very favourable for hosting Meguma type, high grade, gold deposits • The geological environment has potential to host much larger disseminated or stacked saddle reef type Au mineralization

  8. Meguma Gold Deposits, Nova Scotia • Largely forgotten today is the fact that Nova Scotia had its very own gold rush at about the same time as California and the Klondike, and although the results were perhaps not as rewarding, gold has been a significant contributor over the years to the mining economy • Nova Scotia has produced a recorded 1.2 million ounces of gold from the 1860s to the 1950s • Virtually all the declared gold districts are vein deposits in the Meguma Group of the Southern Mainland • The Meguma Group is a six-to nine-mile thick, folded complex of Slates, Greywackes and Quartzites. The ancient marine environment where the clays and sands were deposited was positioned off the coast of Northwestern Africa

  9. Meguma Gold Deposits, Nova Scotia • With the formation of the Atlantic Ocean, the Meguma Group rocks separated from the African continent, remained attached to North America and formed the southern half of Nova Scotia • In the Appalachian Mountain Range, the Meguma Group is unique as it is “the only outcropping remnant of Africa left in North America” • Extensive exploration in the Meguma Group has historically been limited due to the thick glacial till cover

  10. Meguma Gold Deposits, Nova Scotia • Disseminated gold, recently recognized peripheral to the veins, has added a new geological dimension to the Meguma mineralization • This has created a new surge of exploration focused on the potential of bulk tonnage minable resources • Recently, companies including Osisko and Atlantic Gold are in advanced exploration in the Meguma, in and around past producers • These efforts are proving to be successful

  11. Mill Village – 2011 Exploration • A comprehensive work program consisting of line cutting, ground geophysics, till sampling, diamond drilling and underground sampling is scheduled to commence in the spring • The Gold Eagle Mine is to be dewatered in preparation for underground drilling and bulk sampling • Bench scale recovery tests and plant design will follow

  12. Ecuador • An Andean country situated between Peru and Colombia with a Nascent mining industry • Recent confusion over Ecuador’s ambiguous new mining laws are being addressed • Exploration and mining permits being reissued to the many international explorers and miners • Since Peru instituted its clear and fair mining law in 1991, it has become #1 in Ag, #2 in Cu and Zn and #5 in Au Production • Peru’s highly prolific North-Central Mineral Belt extrapolates into Ecuador

  13. EcuadorRecent Discoveries – Within the Mineral Belt Extension from Peru • Aurelian’s Fruta Del Norte > 13 million ounces at > 14g/t • Purchased by Kinross in 2008 for $1.2 billion • Corriente’s Copper Belt > 25 billion lbs of Cu • Purchased by a Chinese Group in 2010 for $680 million • Dynasty Metals and Mining Zaruma Gold Project – 1.1 million ounces at 13 g/t Au

  14. Ecuador’s Economy

  15. Ecuador Mining Law • In April 2007, the new Correa Government surprisingly issued a decree, effectively freezing hundreds of exploration rights • On January 29, 2009, a new mining law was published in the Ecuadorian Government’s official registry and has now taken effect • Correa’s “It’s paradoxical, but the large mining companies generate less environmental impact than the small ones, let us not be misled compatriots.”

  16. New Mining Law • November 2009 – Kinross received approval from the Ecuadorian government to re-commence exploration at Fruta Del Norte • May 2010 – Kinross announced that it had completed its 18,000m infill drilling program • July 2010 – Kinross received its Environmental License for the concession where the exploration decline has been proposed • Kinross was the first company to receive such an Environmental License under the new Law • April 2011 – the Vice-Minister of Mines and 200 support staff are being relocated to Zamora, 8 kilometres from Nambija, providing immediate access for Kinross, Corriente and Canuc

  17. Nambija • Nambija without exception has and continues to be the most productive gold belt in Ecuador • Production at Nambija dates back to the Colonial times when the Inca mined the mountain side • A minimum of 3 million ounces of gold production since the 1980s (as per the National Bank in Zamora) • Rediscovered in the early 1980s, it was the last great gold rush in the Americas Old Spanish Workings, Nambija

  18. Norte and Sur Condominios Nambija • Due to the rapid influx of people, the government implemented mining controls by forming two condominios, Norte and Sur, the titles properly constituted under the mining act • Miners who could verify their workings were given a mining right in either one or the other Condominios with no further miners allowed to enter • This gave the mining rights holders joint ownership of the land and rules were put in place to control all activity

  19. Nambija - Canuc • The legal formalization of mining titles allowed Canuc to purchase these rights from the respective owners and following the acquisition of the GoldStar Mine, Canuc commenced to increase its land position • By 1998, Canuc had acquired 86.6% ownership of Condominio Norte and 80% ownership of Condominio Sur • By 1999, the gold market had softened and the project was put on care and maintenance

  20. Nambija • 68.7 hectares, centrally located in the historic Nambija Au Belt • Two deposit types are documented – Au Skarn and Epithermal Au • In 1997, Placer Dome suggested the potential for the discovery of a large Cu Porphyry at depth (see Corriente) • Drilling and underground sampling in 2010 continues to support this concept • Additional land adjacent to the property is being investigated for acquisition • Mining majors previously on the property include: • Consolidated Goldfields Ltd. (extensive surface sampling in the 1990s) • Placer Dome Inc. (DDH program in the 1990s) • Barrick Gold Corp. (site visits in the 1990s)

  21. 2010 Exploration

  22. Management

  23. Share Capital(As of April 2011) Common Shares 47,997,598 Options June 24 2011 ($0.25) 500,000 August 19 2011 ($0.25) 700,000 August 19 2011 ($0.15) 100,000 November 23 2012 ($0.25) 300,000 December 22 2012 ($0.275) 300,000 April 29 2013 ($0.25) 100,000 May 25 2013 ($0.25) 200,000 June 29 2013 ($0.25) 1,600,000 July 1 2013 ($0.25) 350,000 Warrants June 1 2011 ($0.25) 400,000 August 25 2011 ($0.15) 200,000 June 30 2011 ($0.25) 270,000 September 18 2012 ($0.25) 148,100 March 18 2013 ($0.25) 3,728,000 April 5 2013 ($0.25) 6,575,000 Fully Diluted 63,268,698 Inside Ownership ≈20% Major Institutional Holders Hinde Capital, Sprott, Epic, Salida) ≈20%

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