Can-Cal Resources Ltd. Engages IBK Capital Corp. as Financial Advisor.

Business Editors

LAS VEGAS--(BUSINESS WIRE)--Feb. 4, 2004

Can-Cal Resources Ltd. ("the Company") (OTC Bulletin Board: CCRE) is pleased to announce that it has engaged IBK Capital Corp. ("IBK") to arrange financing, on a best efforts basis, of up to US$1 million, to be utilized to fund expenditures on the Company's recently acquired El Colomo Gold-Silver Project in Mexico (See December 9, 2003 press release) and for general working capital purposes.

IBK, based in Toronto, Canada, is a private investment bank serving the mining sector and has acted for many junior mining companies in accessing funding. In the past ten years, IBK has raised over $400 million in equity-related funding for its junior mining clients.

Mr. Anthony F. Ciali, President & CEO, stated, "We are extremely pleased that a prominent investment bank such as IBK Capital Corp. has expressed a keen interest in arranging financing for the Company. IBK views Can-Cal Resources as an attractive opportunity, given the Company's focus on gold and silver exploration in Mexico, the merits of the El Colomo Gold-Silver Project and an experienced management / technical team. We look forward to working with IBK on this financing, as well as to developing a long-term relationship."

Can-Cal Resources Ltd. is a public company engaged in the acquisition, exploration and development of precious mineral properties. As part of its future growth strategy, the Company will focus its efforts in the Western Hemisphere, with an emphasis on Latin America, particularly Mexico. Management intends to maximize exploration expenditures by utilizing a focused approach to generative exploration, while simultaneously seeking out potential near-term production properties.

This press release contains certain "forward-looking statements" within the meaning of Section 27A of the United States Securities Exchange Act of 1933, as amended, and Section 21E of the United States Securities Act of 1934, as amended. All statements, other than statements of historical fact, included in this press release, including, without limitation, statements regarding future plans and objectives of Can-Cal Resources, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed under the heading "Risk Factors" and elsewhere in documents filed from time to time with the United States Securities and Exchange Commission and other regulatory authorities.