Aurcana Silver Corp V.AUN.H

Financing closed.

[JonEcash]

News Release

Friday, July 23, 2010
Aurcana Closes Non-Brokered Private Placement

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Aurcana Corporation ("Aurcana" or the "Company") is pleased to announce it has received approval from the TSX Venture Exchange (the "Exchange") and has closed its non-brokered private placement (the "Financing") for 6,485,000 units (each a "Unit") at a price of
.25 per Unit, for aggregate gross proceeds of CDN$1,621,250.

Each Unit consists of one share (a "Share") and one common share purchase warrant. Each common share purchase warrant (a "Warrant") permits the holder to purchase a further common share (a "Warrant Share") for a period of 36 months from closing at a price of
.40 per Warrant Share. Finders' fees of 8% cash and 8% warrants at a price of
.35 per warrant on the same terms as the Warrants were paid on a portion of the Financing, in accordance with the policies of the Exchange.

The net proceeds from the Financing will be utilized for the repayment of certain debt obligations, general working capital purposes and continued permitting for the Company's Shafter Silver Mine.

In accordance with securities legislation currently in effect, the Shares, the Warrants and the Warrant Shares issued pursuant to the Financing will have a restricted "hold" period of four months plus one day from the date of closing of the Financing.

About Aurcana Corporation:
The Shafter Silver Mine is scheduled to start up production within 18 months of securing permits and financing, producing 3.9 million ounces of silver in the first year. It has a NI 43-101 measured and indicated resource of 24.6 million ounces of silver (2,900,000 tons at 8.48Ag opt) and an inferred resource of 22.8 million ounces of silver (2,167,000 tons at 10.52 Ag opt) using a 4.0 ounce per ton cut off. The 92% owned La Negra silver-lead-zinc-copper mine is on target to increase production to over 2 million ounces Silver Equivalent annually with the recently completed expansion to 1,500 tonnes per day. The reader should be cautioned the Company has not completed a feasibility study confirming the projected production capacity for La Negra and there is no certainty the Company's plans will be economically viable. Ron Nichols, P.Eng. a Director and Senior Vice President for Aurcana, and a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this release.

ON BEHALF OF THE BOARD OF DIRECTORS OF

AURCANA CORPORATION

"Lenic Rodriguez", President

For further information, visit the website at www.aurcana.com or contact:
Jack Barnes, Corporate Relations
Aurcana Corporation
Phone: [phone]
Toll Free: [phone]
Fax: [phone]
Email: [e-mail]
NR#10-12