Canaco Resources Inc.

Canaco Resources Inc.

July 27, 2005 19:38 ET

Canaco Makes Additions to Board of Directors

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 27, 2005) - Canaco Resources Inc. (TSX VENTURE:CAN) is pleased to announce the addition of two new Directors to the Board.

Randy V.J. Smallwood, P.Eng has been appointed by the Board as an Independent Director. Mr. Smallwood is currently Director, Project Development for Goldcorp Inc. and Vice President, Corporate Development for Silver Wheaton Corp. Mr. Smallwood is a registered professional engineer who has been with the Goldcorp group and it's predecessors for the past 12 years. The addition of Randy Smallwood to the Board will provide Canaco with his extensive experience in the exploration and development of mineral properties.

David Parsons has been appointed by the Board as an Independent Director and Chairman of the company's Audit Committee. Mr. Parsons is currently Director, Corporate Services and Financial Analysis for Goldcorp Inc. Mr. Parsons is a Certified General Accountant with over 20 years experience in the mining industry, having served in the roles of Controller, Chief Financial Officer and Director of mining companies. The addition of David Parsons to the Board will provide Canaco with his extensive experience in the in the areas of acquisitions, corporate finance financial reporting and corporate governance.

During their tenure with Wheaton River Minerals, Mr. Smallwood and Mr. Parsons were part of the management team responsible for the identification and acquisition of gold exploration and production assets that resulted in tremendous growth in shareholder value and lead to the eventual merger with Goldcorp.

Further, the company would like to announce that Mr. Graham K. Johnstone has resigned as a Director of the company. Mr. Johnstone has been a Director of the company through its transition and listing on the TSX Venture Exchange and the Board would like to thank him for all of his assistance and input. Mr. Johnstone has agreed to remain available to the company on a consulting basis and has entered into a consulting agreement whereby he will be compensated on an as needed basis.

Canaco Resources is an emerging junior exploration company recently listed on the TSX Venture Exchange. The company is actively engaged in the exploration of advanced gold prospects in Alaska at two properties. It is the objective of the company to continue to enhance its Board of Directors, management and property portfolio.

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

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the release.

Contact Information

  • Canaco Resources Inc.
    Geoff Peretz
    Executive Chairman and C.F.O
    (604) 488-0822 or Toll Free: 1-866-488-0822
    (604) 899-1240 (FAX)
    Canaco Resources Inc.
    Investor Relations
    (604) 488-0822 or Toll Free: 1-866-488-0822
    (604) 899-1240 (FAX)