Canaco Resources Inc.

Canaco Resources Inc.

March 29, 2005 15:49 ET

Canaco Announces Andrew Lee Smith, B.Sc., P.Geo. as President & CEO


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: CANACO RESOURCES INC.

NEX BOARD SYMBOL: CAN.H

MARCH 29, 2005 - 15:49 ET

Canaco Announces Andrew Lee Smith, B.Sc., P.Geo. as
President & CEO

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 29, 2005) - Canaco
Resources Inc. (NEX:CAN.H) is pleased to announce that Mr. Andrew Lee
Smith B.Sc., P.Geo. has accepted the position of President & CEO of the
company, to be effective April 11, 2005. Mr. Smith was the founder &
Chairman of the company's Advisory Board and became a Director of Canaco
in August 2004. His commitment to assume the position of President & CEO
brings a wealth of experience to the management of the company. Mr.
Smith brings both technical expertise in the mining industry as well as
significant experience in public company management, admininistration,
financing and corporate governance to Canaco. As President & CEO, Mr.
Smith will be responsible for the day to day administration and
management of the company as well as for overseeing the exploration of
the company's properties, and acquisition of new projects.

Mr. Smith has over 20 years of experience in successfully exploring,
developing and operating North American base and precious metal mining
and gem projects. Mr. Smith was with Aurizon Mines Ltd from 1983 until
he resigned as vice-president of exploration in 1998. During his tenure
with Aurizon Andrew was instrumental in the exploration, development and
commercial operation of a number of projects including the "Sleeping
Giant Mine". Andrew is the co-founder, and retains the position of
Chairman & Managing Director, of True North Gems, a publicly listed
Canadian company focused on the exploration and development of North
American Gem stone projects. To date True North has discovered
Sapphires, Rubies and Emeralds in Northern Canada. He is also a
consultant to Galantas Gold Corporation, a publicly listed Canadian
company that has received the first mining licence in Irish history.

Mr. Geoffrey D.G. Peretz will continue to oversee the company's overall
operation including strategic direction as Executive Chairman.

Canaco Resources Inc., an emerging junior gold exploration company, is a
NEX board listed company that is currently under review for Tier II
status on the TSX Venture Exchange. Further information on the company
and its projects can be viewed at www.canaco.ca.

On Behalf of the Board

Geoffrey D.G. Peretz, Executive Chairman

The Company relies on litigation protection for "forward-looking"
statements.


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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Canaco Resources Inc.
    Geoffrey D.G. Peretz
    Executive Chairman
    (604) 488-0822
    gperetz@canaco.ca
    www.canaco.ca
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of the release.