Canuc Resources to Option Mill Village Gold property, Liverpool Nova Scotia

TSX Venture Exchange
Symbol: CDA
Shares Outstanding: 43,004,598

TORONTO, Nov. 30 /CNW/ - Canuc Resources Corporation ("Canuc" or the "Company") is pleased to report that it has signed an Option Agreement with Magnum Resources Inc. (Magnum) whereby Canuc has the right to acquire 100% interest in the Mill Village gold property located near Liverpool Nova Scotia. The property consists of 31 claims totalling 501.8 hectares covering the Mill Village gold occurrences including the historic Gold Eagle and Thompson mines. A former historic producer, the Gold Eagle and Thompson mines host geology and mineralization identical to the other "Meguma Series" gold deposits located in the province. Characterized by high grade gold enclosed within a quartz vein / slate package adjacent to a sandstone contact, the Meguma deposits are typically 100,000 - 200,000 ounces in size with gold generally occurring in high grade zones that can be exploited very rapidly.

The terms of the agreement require Canuc to pay $50,000 to Magnum within 5 days of the commencement date and to issue 1 million common shares of Canuc and 2 million common share purchase warrants, exercisable at $0.25. Work commitments include $500,000 in the first year, $300,000 in the second year followed by a minimum production commitment of 7,300 tonnes of run of mine ore in the third.  Magnum will retain a 3% Gross Smelter Return which can be purchased by Canuc at a later date on terms to be agreed by both parties.

About Canuc

Canuc is a junior mining exploration company with its principal properties located in Ecuador. Canuc's main holding today is an approximate 85% interest in the Nambija Gold Mine located in south-eastern Ecuador. According to records obtained from the Central Bank of Ecuador, it is estimated that, to date, nearly 3 million ounces of gold have been produced using the most primitive of mining and milling recovery processes from the Nambija area.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this release..

For further information:

Hub Mockler, President & CEO                                                        
416-867-1300                                                                                        
[email protected]                                                          

Ken Murton, Chairman
416-920-2748
[email protected]

Investor Cubed Inc.:
Neil Simon
Telephone: [phone]
Fax: [phone]
E-mail: [email protected]