CAN Orca Gold, Inc.

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR RELEASE,
PUBLICATION, DISTRIBUTION OR DISSEMINATION, DIRECTLY OR INDIRECTLY, IN WHOLE OR
IN PART, IN OR INTO THE UNITED STATES


Canaco Resources Inc. (TSX VENTURE:CAN) ("Canaco" or the "Company") is pleased
to announce it has completed the sale of an additional 3,330,000 common shares
of the Company following the exercise in full of the underwriters'
over-allotment option granted by the Company in connection with its previously
announced bought deal financing by Canaccord Genuity Corp. and TD Securities
Inc. The common shares were sold at a price of $5.40 per share for additional
gross proceeds to Canaco of $17,982,000. With the over-allotment option,
aggregate gross proceeds of $137,862,000 were raised for the Company.


The securities offered have not been, and will not be, registered under the U.S.
Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state
securities laws, and may not be offered or sold in the United States or to, or
for the account or benefit of, United States persons absent registration or any
applicable exemption from the registration requirements of the U.S. Securities
Act and applicable U.S. state securities laws. This news release shall not
constitute an offer to sell or the solicitation of an offer to buy securities in
the United States, nor shall there be any sale of these securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful.


About Canaco

Canaco is a Vancouver-based mineral exploration company focused on advanced
exploration in Africa. Built on a foundation of experienced management and
focused on rapidly advancing exploration projects in Tanzania and Ethiopia,
Canaco believes it is well positioned to build shareholder value through
discovery and resource development.


Canaco's shares trade on the TSX Venture Exchange under the symbol CAN.

On behalf of the Board of Directors,

Andrew Lee Smith, P.Geo, President, CEO and Director

Cautionary Statement Regarding Forward-Looking Information

This news release contains "forward-looking information" within the meaning of
applicable Canadian securities legislation. Generally, forward-looking
information can be identified by the use of forward-looking terminology such as
"anticipate", "believe", "plan", "expect", "intend", "estimate", "forecast",
"project", "budget", "schedule", "may", "will", "could", "might", "should" or
variations of such words or similar words or expressions. Forward-looking
information is based on reasonable assumptions that have been made by the
Company as at the date of such information and is subject to known and unknown
risks, uncertainties and other factors that may cause the actual results, level
of activity, performance or achievements of the Company to be materially
different from those expressed or implied by such forward-looking information,
including but not limited to: risks associated with mineral exploration and
development; metal and mineral prices; availability of capital; accuracy of the
Company's projections and estimates; interest and exchange rates; competition;
stock price fluctuations; availability of drilling equipment and access; actual
results of current exploration activities; government regulation; political or
economic developments; environmental risks; insurance risks; capital
expenditures; operating or technical difficulties in connection with development
activities; personnel relations; the speculative nature of strategic metal
exploration and development including the risks of diminishing quantities of
grades of reserves; contests over title to properties; and changes in project
parameters as plans continue to be refined, as well as those risk factors set
out in the Company's annual information form for the financial year ended June
30, 2010 and the Company's short form prospectus dated March 15, 2011.


Forward-looking statements are based on assumptions management believes to be
reasonable, including but not limited to the price of gold; the demand for gold;
the ability to carry on exploration and development activities; the timely
receipt of any required approvals; the ability to obtain qualified personnel,
equipment and services in a timely and cost-efficient manner; the ability to
operate in a safe, efficient and effective manner; and the regulatory framework
regarding environmental matters, and such other assumptions and factors as set
out herein. Although the Company has attempted to identify important factors
that could cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause results not
to be as anticipated, estimated or intended. There can be no assurance that such
information will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such information. Accordingly,
readers should not place undue reliance on forward-looking information. The
forward-looking information contained in this news release is included for the
purpose of providing investors with information to assist them in understanding
the Treasury Offering and the Secondary Offering and may not be appropriate for
other purposes. The Company does not undertake to update any forward-looking
information that is included herein, except in accordance with applicable
securities laws.

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