Canaco Provides Update on Listing of Tigray Resources Inc.
August 05 2011 - 3:30PM
Marketwired
Canaco Resources Inc. (TSX VENTURE: CAN) ("Canaco" or the
"Company") and Tigray Resources Inc. ("Tigray") are pleased to
announce that further to the spin-out transaction between Canaco
and Tigray, Tigray has received conditional listing approval from
the TSX Venture Exchange, subject to usual listing requirements.
Upon being listed, Tigray will file on or before the filing
deadline the necessary election to become a public corporation
effective from the beginning of its first taxation year.
Canaco President and CEO Andrew Lee Smith - also President and
CEO of Tigray - said: "We are endeavouring to fulfill the listing
requirements as quickly as possible in order to facilitate the
trading of Tigray shares on the TSX-V. We believe Tigray represents
an exciting opportunity for investors to gain exposure to the
emerging mineral exploration sector in Ethiopia. Irrespective of
the delay in the listing process, Tigray plans to immediately
launch an 11,000-metre first phase drill program at the Harvest
project."
About Canaco
Canaco is a Vancouver-based mineral exploration company focused
on advanced exploration projects in Africa. Built on a foundation
of experienced management, the Company is rapidly advancing the
Handeni project in Tanzania and 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.
About Tigray
Tigray is a Canadian mineral exploration company focused on
advancing early stage mineral projects in the Tigray region of
Ethiopia. Tigray's key property is the 70%-owned Harvest VMS
project, located 600 kilometres north-northwest of the capital city
of Addis Ababa. Tigray has received conditional approval to trade
on the TSX Venture Exchange under the symbol TIG.
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, the Company's short form
prospectus dated March 15, 2011 and the Company's management
information circular dated May 10, 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 Company
does not undertake to update any forward-looking information that
is included herein, except in accordance with applicable securities
laws.
Neither the 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 news release.
Contacts: Canaco Resources Inc. / Tigray Resources Inc. Meghan
Brown Director Investor Relations 604-488-2557 investors@canaco.ca
/ investors@tigray.ca www.canaco.ca / www.tigray.ca
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