Canaco Drills 27 Metres at 4.29 and 15.6 Metres at 6.6 Grams Gold Per Tonne-Continues to Expand Magambazi Gold Discovery

Canaco Resources Inc. (TSXV:CAN) announced new drill results from the Company’s Magambazi gold discovery located in the Handeni region of the United Republic of Tanzania.

The press release is quoted as saying:

Results from the project continue to provide steady growth to the mineralization at Magambazi with new intercepts from the high-grade shoot component of the Magambazi Main Lode including: 15.6 metres @ 6.60 grams gold per tonne (“gAu/t”) (MGZD0082) including 10.6m @ 8.39 gAu/t (section 60,560N). Exploration is gaining momentum with the diamond drilling capacity now at approximately 4,000 metres a month increasing to approximately 5,500 metres with the arrival of a third rig in the near future. Extensional drilling to the north and exploration drilling testing the targets on the western side of the Magambazi Hill will be combined with infill drilling along the trend in the coming months. Canaco has recently completed a detailed regional helicopter-borne aero-magnetic survey across the project with 50m spaced line spacing at Magambazi. The survey data is being processed, along with radiometric data and a digital elevation model and will significantly aid the understanding of the structural controls on the
Magambazi gold system and assist in establishing priority targeting for regional exploration.

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