Canaco Resources Inc.
TSX VENTURE : CAN

Canaco Resources Inc.

July 17, 2008 06:00 ET

Canaco's Handeni Project Highlighted at 2008 SEG/GSSA Conference in Johannesburg

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 17, 2008) - Canaco Resources Inc. (TSX VENTURE:CAN) is pleased to announce the Company's Handeni Project located in east-central Tanzania has been the subject of two papers presented publicly for the first time at the Society of Economic Geologists, Geologic Society of South Africa Joint (SEG/GSSA) Conference recently held in Johannesburg.

The two published papers, Joas Kabete's "A new tectonic subdivision of the Archaean Tanzania Craton and its significance to gold metallogenty" and David Groves' "Magambazi Gold: a potential new orogenic gold deposit style in the Handeni district of Tanzania" highlight the gold potential of a new and emerging exploration district in the Handeni area, in which Canaco has a significant landholding and is actively exploring. The abstracts for both of these papers are available on the Company's website at www.canaco.ca.

The SEG/GSSA conference was convened to showcase Africa's world-class mineral deposits and present new theories for their origins. Themes included exploration targeting, resource evaluation, and operational challenges.

Gold mineralization at the Handeni Project has been documented from four separate areas over 6.25km of strike, including Magambazi, North Magambazi, Semwaliko and Semwaliko North. The exploration program is in progress with reverse-circulation and diamond drill programs that will investigate the depth extensions of surface bedrock gold mineralization that are the sites of active artisanal mining operations.

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.

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", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "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 applicable securities laws, the Company disclaims any intent or 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 to the inherent uncertainty therein. No independent consultant has rendered an expert opinion on the property.

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.
    Andrew Lee Smith
    Chairman and CEO
    (604) 488-0822 or 1-866-488-0822
    or
    Canaco Resources Inc.
    Nick Watters
    Investor Relations
    (604) 488-0822 or 1-866-488-0822
    Email: investors@canaco.ca
    Website: www.canaco.ca