PRESS RELEASE: ANCAN RESOURCES PLC SIGNS LETTER OF INTENT WITH WILSON MINES

Ancan Resources PLC / Letter of Intent

09.02.2010 19:26

Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.

=--------------------------------------------------------------------------

Ancan Resources PLC, WKN: A0MP04, Frankfurt Stock Exchange: LTZ is pleased
to announce that the company has entered into a letter of intent with
Wilson Mines. Under the terms of the non-binding letter of intent, Ancan
Resources and Wilson Mines managing company will negotiate a definitive
agreement whereby Ancan Resources would acquire 35 percent interest in
exchange for common shares and cash payments.

The letter of Intent is subject to an exclusivity period of 45 days, during
which both parties agree to negotiate the terms and conditions of the
definitive agreement.

The Wilson Mines Todd Creek property and all the mineral and surface rights
have been held privately by the Wilson family for over a hundred years and
in early November 2009 a NI 43-101 Qualified Resource Report was completed
by a Canadian Coal Specialist and Geologist. According to the report, the
property has an abundance of high grade surface coal, underground coal,
coal bed methane and possible oil and gas resources. The report estimates a
minimum of 3 million tons of underground coal and 500,000 tons of surface
coal with a combined value of $ 490 million US dollars based on a price of
$140.00 US dollars per ton. The property also contains Coal bed methane
(CBM), CBM is the natural gas found in coal, it is near pipeline quality
and is comprised of methane with small amounts of carbon dioxide and
nitrogen. The report estimates a minimum of 2 billion cubic feet of CBM
with a current value of $ 10 million US dollars. The report also indicates
the presence of oil and gas and identifies neighboring properties with oil
and gas drilling activities. With further exploration and analysis, the NI
43-101 report intimates that there may be an additional 6 million tons of
coal in the coal seam.
Ancan Resources Management is very excited to work with Wilson Mines to
finalize the agreement and exploit the full potential of the Wilson Todd
Creek property.

About Ancan Resources PLC
Ancan Resources PLC is a UK-based oil and natural gas exploration and
production company incorporated in the United Kingdom in August 2004, UK
Company Number - 0537769. Ancan Resources plans to exploit the billion
barrels of oil that lies beneath United States soil through acquisitions,
drilling rights and leases or joint venture partnerships. Ancan will focus
operations in the resource rich regions of Louisiana, Texas, Kansas,
Montana, North Dakota, West Virginia and Pennsylvania.

Disclaimer: This release may contain certain 'forward-looking statements'
with respect to the managements objectives and expectations relating to its
future financial condition, performance, results, strategy and objectives.
These forward-looking statements involve certain risk and uncertainty
because they relate to future events and circumstances which are beyond the
companies' control including among other things; 1) UK domestic and global
economic and business conditions, market related risks, and the performance
of financial markets generally; 2) the policies and actions of regulatory
authorities, the impact of competition, inflation, and deflation; 3) the
timing, impact and other uncertainties of future acquisitions or
combinations within relevant industries; 4) and the impact of changes in
capital, solvency or accounting standards, and tax and other legislation
and regulations in the jurisdictions in which Ancan Resources PLC operates.
Ancan Resources PLC undertakes no obligation to update the forward-looking
statements contained in this section or any other forward-looking
statements it may make.

Ancan Resources PLC
Investor Relations Department
UK: + 44 (0) 203 0262815
New York: 1-212-419-0430

09.02.2010 19:26 Ad hoc announcement, Financial News and Media Release distributed by DGAP.
Media archive at www.dgap-medientreff.de and www.dgap.de

=--------------------------------------------------------------------------

(END) Dow Jones Newswires

February 09, 2010 13:26 ET (18:26 GMT)

Quelle: DowJones