Cancor Mines Inc. is pleased to announce that it has obtained very encouraging results from the first phase of diamond drilling on its vast Kistabiche property, which is located in the Abitibi region. The drilling campaign was carried out over the past 5 months with the objective of discovering a base metal deposit on the property. Eight of the ten holes drilled revealed information of interest, which has led to the identification of two priority targets. These two targets will be followed up by drilling when exploration work resumes in 2006. A 7,000-metre drilling program was conducted during the summer and fall of 2005, based on a series of InfiniTEM, magnetometric, and gravimetric geophysical surveys, as well as lithostructural and geochemical studies and diagnostic interpretation based on artificial intelligence. A total of 10 drill holes have now been completed. One of these drill holes targeted the deep extension of the EXPLO-ZINC deposit. InfiniTEM-type geophysical surveys have been conducted in almost all of the drill holes, and also in some old holes located near the EXPLO-ZINC deposit. While no major massive sulphide lenses were encountered, a number of significant geological indicators were observed, including hydrothermal alterations and disseminated mineralization consisting of sphalerite (zinc) and chalcopyrite (copper). Geophysical surveys also revealed deep anomalies of the InfiniTEM "Off- Hole" type, indicating the possible presence of metallic masses nearby. Detailed results are presented below. This program constitutes the first phase of a planned exploration campaign aimed at discovering massive sulphides on the property. The second exploration program will be conducted during 2006 in order to identify more targets of interest on the property and to verify the priority targets that were identified as a result of the drilling campaign discussed above. The Kistabiche property covers an area of 1,735 hectares. Located near Joutel, in the central northern sector of the Abitibi mining region, the property is the site of the EXPLO-ZINC polymetallic deposit, which was discovered in 1963, and which includes geological resources of 1.06 million tons at 7.13% zinc, 0.69% copper, and 31.0 g/t of silver (Consolidated Northern Exploration (CNE), 1968). The main results obtained during the drilling campaign are as follows: Drill hole KIST-05-01: The target consisted of a zone of decimetric sphalerite (zinc) veinlets, which were previously encountered in drill hole KIST-03-07 in 2003. The zone of sphalerite and pyrite stringers was found at a depth of 696 metres in the hole. It extends 25 metres, and the best results were 0.25% Zn for 2.60 m at 708 metres in the hole. Drill hole KIST-05-02: This drill hole targeted the deep extension of a zinc-rich (14.75% Zn, 0.77% Cu, and 68 g/t Ag over 1.22 metres) massive sulphide mineralization that was found during drilling in the 1960s. Massive sulphides were not found beneath the known intersection, but the encountered rocks were highly altered, like those near typical massive sulphide deposits. Drill holes KIST-05-03 and KIST-05-04: These two holes, which were 432 and 306 metres long respectively, targeted a zinc-copper-silver zone that was discovered in the 1960s. Recent work has led to the determination of a spatial correlation between this zone and an InfiniTEM-type weak anomaly and an induced polarization anomaly of average intensity. The first hole (KIST-05-03) did not intersect mineralization, but the KIST-05-04 intersected the favourable horizon between 196 and 277 metres. In this horizon of rhyolite strongly altered by chlorite, mineralization consisting of pyrite and sphalerite is practically omnipresent. The three best intersections revealed 0.25% Zn and 7.5 g/t Ag over 2.70 metres at 196.1 metres depth, 0.27% Zn over 1.35 metres at 227.5 metres, and 0.21% Zn, 3.0 g/t Ag, and 0.2 g/t Au for 1.85 metres at 274.9 metres. Drill hole KIST-05-05: This 1,000-metre hole targeted a strong alteration zone of rhyolite north of the EXPLO-ZINC deposit and a weak InfiniTEM anomaly. The first 200 metres were highly altered, and contained a small amount of chalcopyrite infilling in the fractures. However, the alteration zone of drill hole KIST-03-06 was not intersected. Drill hole KIST-05-06: This hole, which was 1,704 metres long, targeted the deep extension of the EXPLO-ZINC deposit west of the exploration shaft, below the 500 metres depth. The massive sulphides were not intersected under the EXPLO-ZINC deposit. A major northeast fault with a 60 degrees southeast dip intersected the deposit at a depth of 750 metres. The rhyolites present below the fault are strongly chloritized, containing low concentrations of disseminated chalcopyrite. Drill holes KIST-05-07 and KIST-05-08: These two drill holes targeted a high-intensity InfiniTEM anomaly located in the southern sector of the property whose position coincided with that of a strong isolated MEGATEM anomaly. The first drill hole, KIST-05-07, intersected only disseminated sulphides at metric intervals, consisting of pyrite and pyrrhotite with traces of chalcopyrite. Drill hole KIST-05-08 intersected centimetric zones of pyrrhotite, with occasional traces of chalcopyrite in the sediments found at the intersection with pillow lavas. Results of the analyses are pending. Drill hole KIST-05-09: The target of this drilling was an InfiniTEM-type anomaly of moderate intensity, located approximately 650 metres south of the EXPLO-ZINC deposit. No significant mineralization was encountered in this drill hole. However, the borehole InfiniTEM survey revealed the presence of a high-intensity anomaly near 80m depth, located 10 metres above the hole, and apparently oriented toward the southeast. Drill hole KIST-05-10: The last hole targeted the massive sulphide pyrite deposit that outcrops approximately 1,700 metres northeast of the EXPLO-ZINC deposit. A summary examination of this hole revealed the presence of an 8.7 m quartz vein mineralized with pyrite, a brecciated porphyritic rhyolite with pyrite infilling over more than 40 metres, and a 3.5 m zone consisting of 10% to 15% pyrite distributed in centimetric bands in a silicified porphyritic rhyolite. The InfiniTEM survey is underway. Quality control --------------- The drilling program was conducted under the supervision of Mr. P. Girard, Eng., Ph.D., and Mr. Michel Lacey, both consulting geologists to Cancor and qualified persons as defined by National Instrument 43-101. The samples that were analyzed were from the core halves, at lengths varying from 0.5 to 1.5 metres. They were sent to ALS Chemex laboratory in Val d'Or, Quebec for analysis by pyro analysis, atomic absorption or gravimetry, according to industry standards. Cancor and SOQUEM are 50/50 partners in this project. SOQUEM is a wholly- owned subsidiary of Société générale de financement du Québec ("SGF"), an industrial and financial holding which mission is to undertake economic development projects in the industrial sector in cooperation with partners and in compliance with the economic development policies of the Government of Quebec. Cancor Mines Inc. is a Canadian mining company engaged in the exploration and development of properties with gold and base metal potential in established mining camps. The acquisition and development of gold bearing and polymetallic projects remains the cornerstone of Cancor's corporate strategy. The participation of major partners is a significant component of this strategy. With no debt and approximately $1 million in working capital, Cancor is in an enviable financial position. Currently, Cancor is looking at potential acquisitions which would add value to the company's existing assets. All Cancor Mines press releases are available at the Company's Website: www.cancor.ca. This press release has been read and approved by Mr. Khobzi, engineer and qualified person. Caution concerning forward-looking statements This press release contains certain "forward-looking statements", including, but not limited to, the statement regarding exploration work and the emphasis on looking for a certain type of deposit. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements include, among other things, those set forth in Cancor's 2005 Annual Information Form, a copy of which can be obtained on the SEDAR website at www.sedar.com.

For further information: Cancor Mines Inc.: Mr. A. Khobzi, President, (514) 849-3013; Investor Relations: Groupe Evolution Inc.: Sylvain Archambault, (514) 448-4887, 1 866 703-4887, s.archambault@evolutiongrp.com, www.evolutiongrp.com

Source: newswire