Canaco Increases Land Position in Tanzania by 1,200 Square Kilometres
April 06 2011 - 5:03AM
Marketwired
Canaco Resources Inc. (TSX VENTURE: CAN) ("Canaco" or "the
Company") is pleased to announce it has agreed to acquire nine
additional prospecting licenses in Tanzania totalling approximately
1,200 square kilometres. The properties are strategically located
in the Handeni region of eastern Tanzania, location of the
Company's Handeni project. Canaco's land holdings in the Handeni
region now total approximately 1,300 square kilometres.
President and CEO Andrew Lee Smith said: "These acquisitions
build on our strategy to establish and maintain a dominant land
position in the Handeni region, which we believe hosts potential to
become an important new gold district. The new properties are all
located in areas with known prospective geology and the presence of
artisanal gold workings."
Consideration for these properties, which were acquired through
Canaco's Tanzanian subsidiary, consisted of cash payments and
included the issuance of 70,000 common shares. The acquisitions are
subject to regulatory approval, and on issuance, the shares will
have a four-month hold period.
Canaco discovered the Handeni project in 2009 and since that
time has reported results from 125 holes. The Company currently has
five rigs drilling on the project and plans to publish an initial
resource estimate by the end of 2011.
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 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 press 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. 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 contained herein, except in
accordance with applicable securities laws.
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.
Contacts: Canaco Resources Inc. Meghan Brown Director Investor
Relations 604-488-0822 or 1-866-488-0822 investors@canaco.ca
www.canaco.ca
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