Canaco Drills 16 Metres Grading 5.45 Grams Gold Per Tonne and 48 Metres Grading 2.71 Grams Gold Per Tonne, Extending the Strike of Magambazi Mineralization
Significant new drill intercepts from two holes completed at Magambazi include:
- 48.0m @ 2.71g/t Au, including 7m @ 6.21 g/t Au and 13.6m @ 4.54g/t Au (MGZD0036); and
- 16.0m @ 5.45g/t Au, including 9.4m @ 8.59 g/t Au (MGZD0035).
Interpretation of the structure and new gold results at Magambazi North highlight a 40 degree east-dipping zone of near-surface (all intercepts less than 80m below surface) gold mineralization (Main Zone) which includes new intercepts of 15.4m @ 1.85g/t Au (MGZD0034) and previously reported intercepts (refer to our press release of February 18, 2010) of 18m @ 3.3 g/t Au (MGZD0019), 30.3m @ 3.46 g/t Au (MGZD0023), 12m @ 2.65 g/t Au (MGZD0025), 8m @ 3.25 g/t Au and 8m @ 1.73 g/t Au (MGZD0026).
"Canaco is highly encouraged by the recent results and advances in understanding the gold ore system as a whole", said Andrew Lee Smith, Canaco's President and CEO.
MAGAMBAZI
To date, twenty one diamond drill holes (MGZ001 to MGZ017 & MGZ035 to MGZ038), totaling 5,634 metres, have been drilled to evaluate the Magambazi prospect. New results (see Table 1 below) include intercepts from holes 35 and 36 which were drilled to extend the zone of high-grade gold mineralization to the north and down plunge (i.e. 40m north of hole 12 and 80m north of the Big Pit). Drilling intersected both the Upper and Lower lodes in both holes with excellent widths and grades. Interpretation of the drill results highlights a north plunge of 30 - 50 degrees to the high-grade shoot and mineralization remains open to the north and at depth.
TABLE 1 -- Magambazi Drill Results (1)
|
Drill Hole (3) |
From (metres) | To (metres) | Interval (1) (metres) | Au Grade(2) (grams/tonne) | Dip/Azimuth | |
| MGZD035 | UPPER LODE | 166.0 | 176.5 | 10.5 | 2.40 | -55.6º/060º |
| Including | 168.1 | 174.4 | 6.3 | 3.12 | ||
| LOWER LODE | 201.0 | 217.0 | 16.0 | 5.45 | ||
| Including | 206.7 | 216.1 | 9.4 | 8.59 | ||
| MGZD036 | UPPPER LODE | 202.0 | 207.4 | 5.4 | 5.1 | -63º/ 060º |
| LOWER LODE | 219.0 | 267.0 | 48.0 | 2.71 | ||
| Including | 224.0 | 231.0 | 7.0 | 6.21 | ||
| and | 240.4 | 254.0 | 13.6 | 4.54 | ||
- Drill intercept lengths are down-hole lengths reflecting apparent widths of mineralization with true widths ranging between 80% - 100% of the reported down-hole lengths.
- The calculation of drill intercept employs a 0.3 gAu/t cut-off and no cutting grade for high gold values
- A drill collar location map can be found on the company's website, www.canaco.ca
MAGAMBAZI NORTH
To date, fifteen diamond drill holes (MGZD018 to MGZD020 & MGZ023 to MGZ034) totaling 2,431 metres have been drilled to evaluate Magambazi North. The main body (Main Zone) of the mineralization intersected to date shows continuity over 160m of strike in a 40 degree east-dipping zone of near-surface gold mineralization (all intercepts less than 80m below surface) which include new intercepts of 15.4m @ 1.85g/t Au (MGZD0034) and previously reported intercepts (refer to our press release of February 18, 2010) of 18m @ 3.3 g/t Au (MGZD0019), 30.3m @ 3.46 g/t Au (MGZD0023), 12m @ 2.65 g/t Au (MGZD0025), 8m @ 3.25 g/t Au and 8m @ 1.73 g/t Au (MGZD0026). Every hole into the Main Zone has produced significant near surface intercepts and mineralization on all drill sections remains open down dip. The target also remains open south and north (where soil geochemistry anomalies with a peak value of 1218 ppb Au indicates the system continues for at least 200m north of the most northerly drill hole).
A second gently-dipping mineralized body (West Zone) to the west of the Main Zone has produced significant new intercepts including 13.6m @ 1.71 g/t Au, 11m @ 2.03 g/t Au and 2.4m @ 10.18 g/t Au and previously reported intercepts of 27m @ 2.18g/t Au (refer to our press release of February 18, 2010). The West Zone is possibly the down faulted continuation of the Main Zone position.
TABLE 2 -- Magambazi North Drill Results (1)
|
Drill Hole (3) |
ZONE | From (metres) | To (metres) | Interval (1) (metres) | Au Grade(2) (grams/tonne) | Dip/Azimuth |
| MGZD034 | MAIN ZONE | 43 | 58.4 | 15.4 | 1.85 | -55º /245º |
| MGZD033 | MAIN ZONE | 42 | 44.8 | 2.8 | 1.6 | -55º /245º |
| MGZD028 | WEST ZONE | 180 | 191 | 11 | 2.03 | -55º /245º |
| and | 200 | 202.1 | 2.1 | 5.58 | ||
| MGZD029 | WEST ZONE | 169 | 182.6 | 13.6 | 1.71 | -55º /245º |
| Including | 177 | 182.6 | 5.6 | 3.27 | ||
| MGZD031 | WEST ZONE | 82 | 84.4 | 2.4 | 10.18 | -55º /245º |
| MGZD032 | WEST ZONE | 73 | 83.1 | 10.1 | 1.23 | -55º /245º |
-
1. Drill intercept lengths are down-hole lengths reflecting apparent widths of mineralization with true widths ranging between 80% - 100% of the reported down-hole lengths.
2. The calculation of drill intercept employs a 0.3 gAu/t cut-off and no cutting grade for high gold values
3. A drill collar location map can be found on the company's website, www.canaco.ca
The Magambazi and Magambazi North prospects Are part of a 1.4 kilometre long trend of gold mineralization defined by bedrock gold occurrences, artisanal mine workings and soil geochemical anomalies. This 1.4 kilometre trend includes the Magambazi, Magambazi Central and Magambazi North targets (collectively known as the "Magambazi prospects") and represents the southernmost segment of the 11 kilometre Handeni Gold Trend contained within the Company's Handeni property. Ongoing drilling including detailed structural work (through oriented core) is now providing a solid framework for forward exploration. The diamond drilling operation is progressing with the objective of extending the mineralization at Magambazi North to the north, south and down dip, and at Magambazi down dip and along strike.
The planning, execution and monitoring of quality control programs at the Handeni project are under the supervision of Andrew Lee Smith, P.Geo, Canaco's CEO and Dr. David Groves, Canaco's Director of Project Development, Tanzania. Mr. Smith and Dr. Groves are qualified persons as defined by National Instrument 43-101. Canaco utilizes an industry standard QA/QC protocol with respect to sampling procedures. Blanks, and certified reference standards are inserted into the sample stream to monitor laboratory performance and duplicates of pulps and bulk rejects are also used to monitor laboratory performance.
Additional information and public documents about Canaco Resources, including images of 2009 exploration activities, can be viewed at the Company's website www.canaco.ca or at www.sedar.com. Canaco Resources Inc. is listed on the TSX Venture Exchange and is engaged in the exploration and development of Tanzanian gold prospects.
Andrew Lee Smith, P.Geo, CEO
Canaco Resources
Dr. Jingbin Wang, Chairman
Canaco Resources
For further information, contact:
Nick Watters, Investor Relations
Telephone: 604-488-0822 or 1-866-488-0822
Visit our website: www.canaco.ca
Email: investor@canaco.ca
Nick Watters, Investor Relations
Telephone: 604-488-0822 or 1-866-488-0822
Visit our website: www.canaco.ca
Email: investor@canaco.ca
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the release. The Company relies on litigation protection for "forward-looking" statements.
Canaco Drills 30 Metres Grading 3.46 Grams Gold Per Tonne at Magambazi North 800 Metres North of Magambazi Main Zone
The latest drill hole results highlight continuity of grade and thickness of gold mineralization, in an extensive sheet-like gold system.
New results from Magambazi North include:
- 30.3m @ 3.46g/t Au;
- 27.7m @ 2.18 g/t Au;
- 8.0m @ 3.25 g/t Au; and,
- 12.0m @ 2.65g/t Au.
TABLE 1 -- Magambazi North Drill Results To Date (New Results are MGZD023 to MGZD0027) (1)
Drill Hole (3) |
From (metres) |
To (metres) |
Interval (1) (metres) |
Au Grade(2) (grams/tonne) |
Dip/Azimuth |
|
MGZD018 |
21.0 | 24.7 | 3.7 | 2.25 | -50º / 340º |
|
MGZD019 |
70.0 | 88.0 | 18.0 | 3.30 | -50º / 237º |
|
| Including | 70.0 | 78.0 | 8.0 | 5.68 | ||
| And | 100.0 | 103.0 | 3.0 | 3.04 | ||
MGZD020 |
63.0 | 63.7 | 0.7 | 4.00 | -90º / 0º |
|
MGZD023 |
22.0 | 27.4 | 5.4 | 1.44 | -55º / 237º |
|
| 54.7 | 85.0 | 30.3 | 3.46 | |||
| Including | 70.0 | 76.3 | 6.3 | 5.57 | ||
MGZD024 |
64.4 | 72.4 | 8.0 | 3.25 | -55º / 237º |
|
MGZD025 |
41.4 | 52.6 | 11.2 | 1.33 | -55º / 237º |
|
| 75.0 | 87.0 | 12.0 | 2.65 | |||
MGZD026 |
87.7 | 95.7 | 8.0 | 1.73 | -55º / 237º |
|
MGZD027 |
99.0 | 126.7 | 27.7 | 2.18 | -55º / 237º |
|
| including | 99.0 | 106.4 | 7.4 | 4.05 |
1. Drill intercept lengths are down-hole lengths reflecting apparent widths of mineralization with true widths ranging between 60% - 100% of the reported down-hole lengths.
2. The calculation of drill intercept employs a 0.3 gAu/t cut-off and no cutting grade for high gold values
3. A drill collar location map can be found on the company's website, www.canaco.ca
The Magambazi North prospect is part of a 1.4 kilometre long trend of gold mineralization defined by bedrock gold occurrences, artisanal mine workings and soil geochemical anomalies. This 1.4 kilometre trend includes the Magambazi, Magambazi Central and Magambazi North targets (collectively known as the "Magambazi prospects") and represents the southernmost segment of the 11 kilometre Handeni Gold Trend contained within the Company's Handeni property.
The drilling operation has been re-established at Magambazi to drill several holes into the down plunge extension of the Magambazi mineralized system where previous drilling returned a best intercept of 56.2m @ 6.34 g/t Au. Other holes will be drilled to test several areas where mineralization remains open down plunge, down dip or along strike. Once these are completed and assay results are received for the remainder of holes drilled at Magambazi North, the drill rig will return to Magambazi North to continue drilling the system where it remains open to the south, east and west.
The planning, execution and monitoring of quality control programs at the Handeni project are under the supervision of Andrew Lee Smith, P.Geo, Canaco's CEO and Dr. David Groves, Canaco's Director of Project Development, Tanzania. Mr. Smith and Dr. Groves are qualified persons as defined by National Instrument 43-101. Canaco utilizes an industry standard QA/QC protocol with respect to sampling procedures. Blanks, and certified reference standards are inserted into the sample stream to monitor laboratory performance and duplicates of pulps and bulk rejects are also used to monitor laboratory performance.
Additional information and public documents about Canaco Resources, including images of 2009 exploration activities, can be viewed at the Company's website www.canaco.ca or at www.sedar.com. Canaco Resources Inc. is listed on the TSX Venture Exchange and is engaged in the exploration and development of Tanzanian gold prospects.
Andrew Lee Smith, P.Geo, CEO
Canaco Resources
Dr. Jingbin Wang, Chairman
Canaco Resources
For further information, contact:
Nick Watters, Investor Relations
Telephone: 604-488-0822 or 1-866-488-0822
Visit our website: www.canaco.ca
Email: investor@canaco.ca
Nick Watters, Investor Relations
Telephone: 604-488-0822 or 1-866-488-0822
Visit our website: www.canaco.ca
Email: investor@canaco.ca
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the release. The Company relies on litigation protection for "forward-looking" statements.
Canaco Discovers New Gold Zone At Handeni - Drills 18 Metres Grading 3.3 Grams Gold Per Tonne At Magambazi North
Following the successful initial diamond drilling campaign at Magambazi (refer to our press releases dated October 6, 2009, November 3, 2009 and December 16, 2009), with best intersections of 56.2 metres at 6.43 g/t Au in MGZD0012, a diamond drilling program was initiated at Magambazi North, broadly along trend of the mineralized zones at Magambazi. The objective was to test the largest coincident gold and arsenic soil anomaly on the Canaco property.
To date, nine diamond drill holes (MGZD018 to MGZD020 & MGZ023 to MGZ028) totalling 1,325 metres have been drilled to evaluate targets at Magambazi North. Initial results from Hole 19 have indicated the presence of an extensive zone of alteration and gold mineralization, similar in nature to that at Magambazi, but dipping gently southwest, confirming that it is sited within a thrust zone. Subsequent drilling (holes 23 through 28) has continued to intersect broad intervals of strong sulphide mineralization and confirmed the continuity of the mineralized thrust zone at Magambazi North. The mineralized thrust zone has now been traced 140m along strike to the west and 200m down-dip and remains open in both directions. The drill program at Magambazi North is ongoing with assay results pending for drill holes 23 through 28. Holes 21 and 22 were drilled to intersect targets in Magambazi Central and will be reported separately.
TABLE 1 --Magambazi North Initial Drill Results
Drill Hole(3) |
From |
To |
Interval(1) |
Au Grade(2) |
Notes |
Dip/Azimuth |
(metres) |
(metres) |
(metres) |
(grams/tonne) |
|||
MGZD019 |
70 |
88 |
18 |
3.30 |
Mineralized Thrust |
-50º / 237º |
Incl. 70 |
78 |
8 |
5.68 |
Mineralized Thrust |
||
And 100 |
103 |
3 |
3.04 |
- |
||
MGZD018 |
21 |
24.7 |
3.7 |
2.25 |
Mineralized Thrust |
-50º / 340º |
MGZD020 |
63 |
63.7 |
0.7 |
4.00 |
- |
-90º / 0º |
MGZD023 |
18 |
32 |
14 |
Assays Pending |
Mineralized Thrust |
-55º / 237º |
And 54 |
75 |
21 |
Assays Pending |
|||
MGZD024 |
64 |
72 |
8 |
Assays Pending |
Mineralized Thrust |
-55º / 237º |
MGZD025 |
36 |
54 |
18 |
Assays Pending |
Mineralized Thrust |
-55º / 237º |
And 75 |
83 |
8 |
Assays Pending |
|||
MGZD026 |
95 |
105 |
10 |
Assays Pending |
Mineralized Thrust |
-55º / 237º |
MGZD027 |
101 |
126 |
25 |
Assays Pending |
Mineralized Thrust |
-55º / 237º |
MGZD028 |
180 |
189 |
9 |
Assays Pending |
Mineralized Thrust |
-55º / 237º |
- Drill intercept lengths are down-hole lengths reflecting apparent widths of mineralization with true widths ranging between 60% - 100% of the reported down-hole lengths.
- The calculation of drill intercept employs a 0.3 gAu/t cut-off and no cutting grade for high gold values
- A drill collar location map can be found on the company's website, www.canaco.ca
Bedrock exposure is limited in the Magambazi North area, although an alteration zone in a small pit returned rock chip samples of 5 metres at 4.92 g/t Au (refer to our press release dated November 3, 2009). Importantly, this mineralized zone appeared to be located in a thrust zone that had a gentle (about 30 degree) dip to the southwest on a broadly east-northeast trend, similar to the trends of other structurally-controlled gold deposits further east in the Lake Victoria Goldfields. For example, the majority of the gold in the giant Geita gold deposit is hosted in an east-northeast trending thrust zone.
The Magambazi North prospect was originally defined by geochemical surveying designed to identify the source of large alluvial deposits found in river beds draining the immediate area. The results of the soil sampling program returned 33 samples >100ppb Au with a peak value of 1218ppb Au (1.22g/t Au). The Magambazi North anomaly is part of a 1.4 kilometre long trend of gold mineralization defined by bedrock gold occurrences, artisanal mine workings and soil geochemical anomalies. This 1.4 kilometre trend includes the Magambazi, Magambazi Central and Magambazi North targets (collectively known as the Magambazi prospects) and represents the southernmost segment of the 11 kilometre Handeni Gold Trend contained within the Company's Handeni property.
Further drill results at Magambazi have confirmed the down dip continuity of the gold mineralized zone. The mineralization remains open along strike and down dip and will be the subject of the second phase of the diamond drilling program scheduled for the first quarter of 2010 and will begin once the phase one drilling at Magambazi North is complete.
TABLE 2 --Magambazi Drill Results to Date -- Recent Intercepts
Drill Hole(3) |
From |
To |
Interval(1) |
Au Grade(2) |
Notes |
Dip/Azimuth |
(metres) |
(metres) |
(metres) |
(grams/tonne) |
|||
MGZD014 |
41 |
46 |
5 |
1.53 |
Upper Lode |
-61.5º / 57º |
MGZD015 |
149 |
154 |
5 |
2.10 |
Upper Lode |
-73º / 57º |
And 200 |
210 |
10 |
2.76 |
Lower Lode |
||
MGZD016 |
135 |
140 |
5 |
5.17 |
Upper Lode |
-81º / 57º |
And 240.7 |
246 |
5.3 |
2.76 |
Lower Lode |
||
Incl. 240.7 |
244.2 |
3.5 |
8.30 |
Lower Lode |
||
MGZD017 |
94 |
99 |
5 |
3.06 |
Upper Lode |
-81º / 57º |
- Drill intercept lengths are down-hole lengths reflecting apparent widths of mineralization with true widths ranging between 60% - 100% of the reported down-hole lengths.
- The calculation of drill intercept employs a 0.3 gAu/t cut-off and no cutting grade for high gold values
- A drill collar location map can be found on the company's website, www.canaco.ca
The 2010 exploration program at the Handeni project is ongoing. The program will be multi-phased consisting of geological, geochemical and geophysical surveys combined with RAB, RC and diamond drilling designed to continue the development of the discoveries at Magambazi and Magambazi North and the assessment of priority targets along the 11 kilometre Handeni Gold Trend. An airborne magnetic survey is being initiated that will provide the Company with the ability map the magnetic responses associated with the alteration and mineralization at Magambazi and guide exploration.
The planning, execution and monitoring of quality control programs at the Handeni project are under the supervision of Andrew Lee Smith, P.Geo, Canaco's CEO and Dr. David Groves, Canaco's Director of Project Development, Tanzania. Mr. Smith and Dr. Groves are qualified persons as defined by National Instrument 43-101. Canaco utilizes an industry standard QA/QC protocol with respect to sampling procedures. Blanks, and certified reference standards are inserted into the sample stream to monitor laboratory performance and duplicates of pulps and bulk rejects are also used to monitor laboratory performance.
Additional information and public documents about Canaco Resources, including images of 2009 exploration activities, can be viewed at the Company's website www.canaco.ca or at www.sedar.com. Canaco is listed on the TSX Venture Exchange and is engaged in the exploration and development of Tanzanian gold prospects.
Andrew Lee Smith, P.Geo, CEO
Canaco Resources
Dr. Jingbin Wang, Chairman
Canaco Resources
For further information, contact:
Nick Watters, Investor Relations
Telephone: 604-488-0822 or 1-866-488-0822
Visit our website: www.canaco.ca
Email: investor@canaco.ca
Nick Watters, Investor Relations
Telephone: 604-488-0822 or 1-866-488-0822
Visit our website: www.canaco.ca
Email: investor@canaco.ca
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the release. The Company relies on litigation protection for "forward-looking" statements.
Canaco acquires Copper-Gold exploration assets in Ethiopia
Harvest's exploration assets (the Nefasit, Hamlo, Terakimti, Adi Nebrid, Igub and Medri Felasi concession respectively) are located in the SW extension of the Neo-Proterozoic Asmara VMS type Cu-Zn-Au-Ag metallogenic belt where several deposits have been previously discovered in central Eritrea. These discoveries include the Bisha deposit (27M tonnes grading 2.08 grams gold and 1.8% copper per tonne) and the Emba Derho, deposit (38M tonnes grading 1.08% copper, 0.18 grams gold and 9.31 grams silver per tonne -- "Copper-rich primary ore").
Initial exploration results indicate there is significant potential for the discovery of similar deposits on Harvest's concessions. Since 2007, extensive exploration activities have been completed including, remote sensing, geological mapping, geochemical soil sampling, geophysical ground magnetic surveys, IP surveys and extensive trenching and drilling on selected targets.
According to reports published by Harvest, the main exploration achievements are as follows:
The Nefasit Concession Block
- The Adi Angoda Prospect
- Four intermittent sulphide zones with outcrops of surface oxides have been mapped with strong base metal mineralization and a strong co-incident IP anomaly.
- Diamond drilling results for four recently completed holes indicate the presence of a primary sulphide copper-zinc ore body below the surface oxide cap. Two of these holes drilled to test the IP response encountered several ten meter wide zones of base metal mineralization, including sections of massive sulphides. Assay results for these holes are pending.
- These results have confirmed the potential for the discovery of a medium-large size VMS type copper-zinc deposit in this area.
- The Medadib Prospect
- Geological mapping has outlined a surface oxide zone which has 360 meters of aggregate strike length and mineralization over widths of 3 to 20 meters. Analytical results have confirmed anomalous values for copper and zinc. An IP survey completed in November 2009 indicates a strong IP response co-incident with the surface oxide zone and is interpreted as indicating the presence of primary sulphides at depth.
- Previous RC drilling of the surface oxide cap intersected a gold mineralization with an average thickness of 20m and average gold grade of 4.6 g/t.
- Several zones of sulphide mineralization have been identified within the felsic tuffs and at the contact of the intermediate meta-volcaniclastic rocks and felsic tuff at Terakimti. The sulphide mineralized zone measures 3.5 km along strike and 30 m to 110 m wide -- locally reaching widths of up to 400 m.
- Disseminated sulphides, surface oxide zones have been identified in outcrop. Strong copper, zinc and lead anomalies have been confirmed associated with the surface oxide zones.
- The Mai Sensela Prospect
- a surface sulphide zone anomalous in Cu and Pb has been mapped with over a strike length of 1,200 m and width ranging from 20 m to 100 m.
- Contained within the surface sulfide zone a surface gold oxide zone with a strike length of 800 m and an average width of 20 m has been defined through surface trenching. The average gold grade is 3 grams gold per tonne with peak values of 43 grams gold per tonne. IP surveying has detected chargeability anomalies coincident with the surface gold oxide mineralization and is interpreted as indicating the presence of primary sulphide concentrations at depth.
- Geological mapping has outlined seven sulphidic alteration zones locally with massive sulphide oxide caps. In the north of the Hamlo block, a sulphide zone with strike length of 2.2 km and thickness of 200 m to 300 m has been mapped. Within this sulphide zone a massive sulphide oxide zone with an aggregate length of 1,200 m and thickness of 10-30 m has been identified.
- The Wuhidet Prospect
- Three sulphidic zones have been identified, including one zone measuring 4 km long and 60 m wide.
- Mapping has indicated a surface sulphide zone that measures 800 m along strike and 20 m wide.
- Initial field work has indicated these sulphide zones are strongly anomalous in Cu and Zn.
- Hamlo area contains a geological setting favourable for the discovery of Au-enriched VMS deposits. Initial exploration programs will include extensive trenching, ground magnetic and profile IP surveys, and test drilling of selected targets.
The purchase price is C$6.0 million, payable on closing as follows: $4,000,000 in cash and issuance of an additional 3,508,771 shares to Donia at a deemed price of $0.57 per share (based on the closing price of the past 30 trading days from the date of the letter of intent plus a 5% premium).
Since 2007, Harvest has spent about USD$4.4M for the above-mentioned exploration activities on the six exploration licenses, and has established an operating capability based in Shire, Ethiopia with a strong technical team and exploration equipment and infrastructure. Canaco expects to spend a minimum of C$2 million in exploration costs on the properties in the first year.
The acquisition of Harvest by Canaco is subject to a 90 day due diligence period, and obtaining approvals from third parties, the TSX Venture Exchange and shareholders (if required).
Independent members of the Board of Canaco have considered a number of factors in determining that the consideration for the acquisition is fair and reasonable, including the amount already spent on exploration expenditures and its potential to host commercially viable copper and gold deposits.
Dr. Jingbin Wang is a Director of both Canaco and Donia. Donia is also a sister company of SinoTech (Hong Kong) Corporation Limited, a control person of Canaco. Mr. Shuixing Fu, a Director of Canaco, is also an officer of SinoTech. Dr. Wang and Mr. Fu do not directly own any shares of Canaco. SinoTech presently owns 32 million shares of Canaco, representing 27.8% of the outstanding shares of Canaco. The 3,508,771 shares to be issued by Canaco to Donia on closing of the acquisition represents 3% of Canaco's outstanding shares. The remaining 30% interest of Harvest is owned by an Ethiopian company.
| Andrew Lee Smith CEO, Canaco Resources | - or - |
Dr. Jingbin Wang, Chairman, Canaco Resources |
For further information, contact:
Nick Watters, Investor Relations
Telephone: 604-488-0822 or 1-866-488-0822
Visit our website: www.canaco.ca
Email:
The Acquisition is subject to a number of conditions as set out above. There can be no assurance that the Acquisition will be completed as proposed or at all. Neither 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 or accuracy of this release. The Company relies on litigation protection for "forward-looking" statements. This press release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding the Company's plans with respect to the exploration and development of its projects. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. No independent consultant has rendered an expert opinion on the property.
Media Release
| Andrew Lee Smith CEO, Canaco Resources | - or - |
Nick Watters, Ivestor Relations |
Telephone: 604-488-0822 or 1-866-488-0822
Visit our website: www.canaco.ca
Email:
Neither 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 or accuracy of this release.