Shark Minerals Inc.: Initial Results From Block 14

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 21, 2013) - Shark Minerals Inc. (the "Company" or "Shark") is pleased to report initial results from Block 14, Northern Sudan.

Our exploration work to date in Block 14 has identified six exploration targets. Shark is earning a 70% interest in Block 14 through the payment of US$9.5 million in staged acquisition payments. Of these US$3.5 million has been paid to date.

Shark completed a total of 2,116m of drilling in 15 holes at the Galat Sufar South target, on Block 14 in late 2012. This comprised two diamond core (DD) holes (355m) and 13 reverse circulation (RC) holes (1,561m). The table below shows highlighted results from this first drilling in the area:

Hole	Hole Type	From	To	Metres	Au g/t uncut	Au g/t cut to 10 g/t		Comments
GSDD001	DD	80	161	81	1.22	1.22
GSDD002	DD	43	74	31	3.70	3.13		0-43m yet to be assayed
		77	98	21	1.36	1.36
		136	148	12	0.80	0.80
		161	174	13	1.74	1.74
		210	222	12	1.64	1.64
GSRC001	RC	26	85	59	2.67	2.67
		94	120	26	2.48	2.48		Hole ends in grade
GSRC002	RC	5	21	16	5.02	3.59
		42	49	7	1.17	1.17
		54	95	41	2.30	2.30
GSRC003	RC	0	10	10	4.61	4.24
		27	36	9	5.42	4.13
		101	120	19	13.6	6.39		Hole ends in grade
GSRC004	RC	68	77	9	1.21	1.21
		86	121	35	1.42	1.42		Hole ends in grade
GSRC005	RC	21	25	4	1.02	1.02
		29	38	9	0.68	0.68
GSRC006	RC	18	25	7	13.18	6.99
		110	120	10	2.77	2.61		Hole ends in grade
GSRC007	RC	8	15	7	2.64	2.64
		68	78	10	1.13	1.13
GSRC008	RC	12	18	6	1.92	1.92
		81	99	18	0.86	0.86
GSRC009	RC	4	8	4	0.49	0.49
		11	16	5	2.01	2.01
		19	24	5	6.63	6.63
		77	84	7	1.92	1.92
GSRC010	RC	23	34	11	0.65	0.65
GSRC011	RC	0	35	35	3.65	3.60
		47	51	4	0.56	0.56
		57	72	15	3.27	3.03
		76	79	3	1.40	1.40
GSRC012	RC	0	63	63	2.39	2.03
		66	84	18	0.76	0.76
		89	94	5	2.61	2.61
		99	106	7	0.84	0.84
GSRC013	RC	0	16	16	1.85	1.85
		97	101	4	0.93	0.93
Note: Drilling results are quoted as downhole intersections. The geology of the prospect is not fully understood and the true width of the mineralisation is variable but is estimated to be between 40% and 90%. The reported intercepts for RC and diamond drilling were determined using a cut-off grade of 0.50g/t Au with a maximum of 3m internal dilution being incorporated into the intercept where appropriate. Intercepts have been reported both with and without the application of a 10g/t top cut.

The table below shows selected trench and chip channel results from the initial exploration target areas at Block 14.

Trench	Target	From	To	Metres	Au g/t	Au g/t cut to 10 g/t
14HC003RA	Galat Sufar South	8	48	40	1.70	1.70
14HC003RB	Galat Sufar South	0	14	14	0.78	0.78
14HC004	Galat Sufar South	30	82	52	2.12	2.12
14HC005	Galat Sufar South	14	24	10	9.60	7.08
	Galat Sufar South	84	92	8	2.16	2.16
14HC007	Galat Sufar South	22	44	22	6.83	4.87
	Galat Sufar South	60	88	28	2.21	2.05
14HC008	Galat Sufar South	12	46	34	4.45	4.34
	Galat Sufar South	56	80	24	1.23	1.23
14HC009	Galat Sufar South	22	30	8	4.13	3.70
	Galat Sufar South	56	66	10	0.93	0.93
14HC010	Galat Sufar South	72	100	28	1.93	1.93
	Galat Sufar South	110	120	10	0.45	0.45
14HC011	Galat Sufar South	8	20	12	0.97	0.97
14HC012	Galat Sufar South	4	20	16	2.19	2.19
	Galat Sufar South	26	52	26	1.39	1.39
14HC013	Galat Sufar South	44	48	4	4.04	4.04
14HC064	Galat Sufar South	24	34	10	1.82	1.82
	Galat Sufar South	56	66	10	0.89	0.89
	Galat Sufar South	160	168	8	1.63	1.63
14HC065B	Galat Sufar South	0	6	6	0.93	0.93
14HC065C	Galat Sufar South	24	42	18	2.02	1.66
14HC066A	Galat Sufar South	0	12	12	1.09	1.09
	Galat Sufar South	18	28	10	1.74	1.74
	Galat Sufar South	36	64	28	2.58	2.45
14HC066B	Galat Sufar South	2	16	14	6.02	5.89
14HC070	Galat Sufar South	54	64	10	1.04	1.04
14TR039A	Galat Sufar South	426	504	78	1.95	1.95
14TR039B	Galat Sufar South	12	32	20	1.80	1.80
14TR039C	Galat Sufar South	20	78	58	2.43	2.42
14TR039D	Galat Sufar South	8	22	14	0.59	0.59
14TR039E	Galat Sufar South	62	78	16	0.61	0.61
	Galat Sufar South	182	218	36	0.59	0.59
	Galat Sufar South	252	304	52	0.85	0.85
	Galat Sufar South	388	460	72	1.42	1.42
	Galat Sufar South	496	594	98	0.79	0.79
	Galat Sufar South	941	956	15	0.54	0.54
	Galat Sufar South	1008.5	1021	12.5	0.58	0.58
	Galat Sufar South	1036	1066	30	0.67	0.67
	Galat Sufar South	1083.5	1103.5	20	4.12	1.70
	Galat Sufar South	1196	1211	15	2.60	2.19
14TR040C	Galat Sufar South	24	34	10	0.49	0.49
14TR040D	Galat Sufar South	20	68	48	0.65	0.65
14TR040E	Galat Sufar South	0	20	20	1.57	1.57
	Galat Sufar South	120	162	42	0.87	0.87
14TR040F	Galat Sufar South	50	84	34	0.53	0.53
14TR030A	Galat Sufar North	300	308	8	0.51	0.51
	Galat Sufar North	268	274	6	0.55	0.55
14TR033	Galat Sufar North	64	70	6	1.82	1.82
14TR042	Galat Sufar North	398	408	10	10.66	6.84
		418	434	16	6.29	5.64
14HC015	Area 3	32	38	6	1.19	1.19
14HC017	Area 3	42	58	16	2.32	2.32
14HC024	Area 5	20	54	34	0.77	0.77
14HC027	Area 5	18	22	4	3.85	3.85
14HC028	Area 5	20	86	66	0.46	0.46
14HC030	Area 5	48	58	10	0.73	0.73
14HC031	Area 5	74	84	10	1.19
14HC032	Area 5	44	56	12	1.19	1.19
14HC033	Area 5	42	48	6	0.90	0.90
14HC034	Area 5	18	28	10	2.42	2.42
14HC035	Area 5	10	18	8	0.57	0.57
14HC001	Mussieye	4	28	24	2.26	2.26
14HC002	Mussieye	8	12	4	3.15	3.15
14HC069	Mussieye	37	61	24	2.23	2.23
	Mussieye	71	97	26	0.99	0.99
Note: Results are quoted for selected trench (TR) and chip channel traverses (HC), the latter being used in areas of outcrop. The reported intercepts were determined using a cut-off grade of 0.20g/t Au and may contain sections of internal dilution. Intercepts have been reported both with and without the application of a 10g/t top cut.

Simon Jackson, Director, commenting on the exploration results said, "Initial drill results from our first target at Block 14 have exceeded our expectations with all 15 drill holes intersecting gold mineralisation. This early success supports our decision to invest in exploration in Sudan and demonstrates the potential of the Nubian Shield to host significant gold mineralisation. Our belief is further strengthened by the numerous other targets that have been identified by our exploration team and confirmed by trenching. Our second phase drill programme is now underway to test other targets and continue exploration at Galat Sufar South."

About Shark

Shark is a privately held, British Columbia incorporated resource company engaged in the acquisition and exploration of mineral properties in East Africa. Shark was founded and is managed by the former executives of Red Back Mining Inc.

On December 14, 2012, Shark entered into a binding share purchase agreement whereby Canaco Resources Inc. (TSX VENTURE:CAN) ("Canaco") is expected to acquire all of the outstanding common shares of Shark in exchange for common shares of Canaco ("the Shark Acquisition")conditional upon, among other things, certain assets and liabilities of Canaco being spun out to a new company. Under the Share Purchase Agreement, Shark shareholders will receive 2.705 Canaco common shares for each Shark share held or, in aggregate, Shark shareholders will receive 117.3 million Canaco shares, to be adjusted for any Canaco option exercises prior to closing.

Upon completion of the Shark Acquisition, Canaco will have in excess of $60 million in cash and 317.1 million common shares issued and outstanding, of which former Shark and current Canaco shareholders will own approximately 37% and 63%, respectively. Immediately following the completion of the Shark Acquisition, Canaco is expected to consolidate its common shares on the basis of one post-consolidation common share for every three pre-consolidation common shares. The following individuals will be appointed to serve as officers of Canaco: Rick Clark as Chairman, Simon Jackson as President and Chief Executive Officer, Alessandro Bitelli as Chief Financial Officer and Hugh Stuart as Vice President, Exploration. The board of directors will initially be comprised of Rick Clark, Dr. Jingbin Wang, Shuixing Fu, Simon Jackson, Robert Chase and Alex Davidson. In light of Canaco's new focus and changes to the board of directors and management team, Canaco will change its name to Orca Minerals Inc. ("Orca").

Orca is expected to be a well-financed resource company with over $60 million in cash, focused on exploration opportunities in Sudan and East Africa with an experienced board of directors and management team.

The technical contents of this release have been reviewed by Stuart Mills, BSc., MSc, a Qualified Person pursuant to NI-43101. Mr. Mills is the Sudan Manager of the Company and a Member of the Institute of Materials, Minerals and Mining. Samples are prepared and analyzed by fire assay using a 50 gram charge at the ALS Chemex facility at Rosia Montana in Romania in compliance with industry standards. Field duplicate samples are taken and blanks and standards are added to every batch submitted.

On behalf of the Board of Directors,

Richard P. Clark, Director