Canaco Announces Preliminary Economic Assessment Program for Magambazi and Appoints Sean Waller to Advisory Board
August 19 2011 - 5:00AM
Marketwired
Canaco Resources Inc. (TSX VENTURE: CAN) ("Canaco" or the
"Company") is pleased to announce details of a $5 million
Preliminary Economic Assessment ("PEA") program at Magambazi
planned for completion by the end of June 2012. The Company also
announces the appointment of Sean Waller to its Advisory Board.
Resource Calculation
The drill program presented in Canaco's 2011/12 exploration
program (see press release dated August 15, 2011) has been designed
to support the completion of an initial resource calculation at
Magambazi by the end of the first quarter of 2012. Based on rig
availability and anticipated productivity, delineation drilling for
the purposes of calculating the initial resource estimate will be
completed by December 31, 2011. Diamond drilling will continue over
the next 12 months to provide continued detailed assessment of
Magambazi mineralization.
PEA Program
The Company's 2011/12 exploration and development budget
includes plans for engineering work that will lead to the
completion of a PEA by the end of June 2012. The PEA will include
design and field work, metallurgical testing, geotechnical
assessment, mill flow-sheet design, economic analysis, preliminary
mine plan and operations layout, and preliminary production
schedule.
Canaco is currently in the process of selecting an engineering
consulting firm to initiate the Magambazi PEA. A schedule to
establish parameters for a pre-feasibility/feasibility program will
follow.
Permitting
Canaco has been engaged in the permitting process for the past
18 months in order to apply for a mining license on the primary
mining licenses purchased from Magambazi Mines Limited in 2010. The
Tanzanian process requires the acquisition of an environmental
certificate, which includes impact assessments and public hearings
from village level to regional stakeholders, prior to submission of
an application for a mining license. The environmental
certification process at Magambazi has been through its final
review by the National Environment Management Council, and Canaco
expects to receive environmental certification by the end of 2011.
Once received, the environmental certificate will allow Canaco to
submit an application for the mining license. The application has
been prepared in anticipation of submission and review.
Management Additions
In anticipation to the initiation of a development program based
on the PEA, Canaco is sourcing candidates for the position of Vice
President Project Development. This Vancouver-based position will
be filled by a qualified professional who will lead a team of
Canaco technical personnel and consultants as Magambazi advances
through development toward production.
Canaco is also pleased to announce the addition of Sean Waller,
P.Eng., to the Company's Advisory Board. Mr. Waller is President of
Candente Copper Corp. and a registered Professional Engineer with
more than 25 years of international experience in mining project
management, evaluation, design and operation, with a specific focus
on large-scale copper projects and gold projects. Prior to joining
Candente he was with AMEC Americas Limited Mining Division ("AMEC")
in Vancouver where he held the positions of Vice President of
Global Business Development and Senior Project Manager. He has also
worked with SNC-Lavalin's Mining Division and Freeport-McMoRan at
its Grasberg copper operation in Indonesia. He is a member of the
Canadian Institute of Mining, Metallurgy and Petroleum ("CIM")
where he has served on the CIM National Executive Council, and he
is the immediate past Vice President for District 6 (British
Columbia and Yukon). Mr. Waller has a B.Sc. in Geology from the
University of British Columbia in Vancouver and a Master's Degree
in Mineral Process Engineering from The Montana School of Mines in
Montana.
Canaco President and CEO Andrew Lee Smith said: "These important
milestones are achievable in the next 12 months and will allow the
acceleration of the development program at Magambazi. Combined with
the appointment of Sean Waller to the Advisory Board, these plans
signal Canaco's commitment to the rapid advancement of the
Magambazi project, which we believe is a world-class asset."
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.
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 604-488-2557 or 1-866-488-0822 mbrown@canaco.ca
www.canaco.ca
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