Canaco
Discovers New Gold Mineralization at the Handeni Gold Project, Tanzania
Vancouver, British Columbia -- September 3,
2008 -- Canaco Resources Inc. (CAN:
TSX-V) recent prospecting, trenching and soil geochemistry has resulted
in the discovery of a new area of gold mineralization known as the Majiri
Bomba prospect on the Company's 100% owned Handeni Gold Project located
in the United Republic of Tanzania.
Recent
results have defined a strong soil anomaly at Majili Bomba, over 1.3km
strike with a peak value of 765ppb Au (0.77g/t Au). Mapping at the Majili
workings on the eastern extent of the anomaly, has defined a 30 degree
south dipping shear zone which contains sheeted quartz veining, the
subject of bedrock and significant alluvial artisanal workings. The soil
geochemical anomaly increases in tenor to the west, with peak values of
443ppb Au and 765ppb Au approximately 600m and 1200m west of the
workings.
Trenching
of the anomalous zone on 600m centres has been completed and channel rock
chip have been delivered to the SGS laboratory in Mwanza for analysis.
Visible gold been described from pan concentrates collected from the
easternmost trench associated with a zone of quartz veining over 4m
width. The rock chip results will enable better definition of the target
to help define drill targets for a reconnaissance drill program to be
completed as part of the current exploration drilling program.
The
planning, execution and quality control programs at the Handeni Project
are under the supervision of Andrew Lee Smith, P.Geo. 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.
Additional
information on Canaco, including technical reports and other public
documents are available on SEDAR at www.sedar.com or from the Company's
website at www.canaco.ca.
Canaco
Resources is an emerging junior exploration company trading on the TSX
Venture Exchange. The Company is actively engaged in developing an
exploration portfolio that includes gold and diamond assets in Tanzania
and the El Oro gold project in Mexico.
For more information, please contact:
Canaco Resources Inc.
Andrew Lee Smith, Chairman and CEO
Phone: 604.488.0822
TF: 866.488.0822
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Investor
Relations:
Andrew Baren, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 246
TF: 866.684.4743
Email: andrew@ascentacapital.com
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responsibility for the adequacy or accuracy of the release. The Company
relies on litigation protection for "forward-looking"
statements. 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",
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"estimate", "suggest", "indicate" and other
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"may" or "will" occur, and include, without
limitation, statements regarding the obligations of the Company under the
Option Agreement and 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
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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 o the
inherent uncertainty therein. No independent consultant has rendered an
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