Canaco Resources Releases Remaining Drilling Results from Handeni Project

Canaco Resources, a mineral exploration firm in Vancouver, has announced all the remaining results from the drilling program carried out at the Handeni project.

In addition, the company has conducted a diamond drill program at Magambazi, as well as a reverse circulation (RC) and diamond drill campaign at regional target areas located within the Handeni project.

The preliminary mineral resource calculation, reported on 15 May 2012, did not include results from the diamond drilling campaign. These results may not extensively impact the mineral resource calculation.

The company encountered 7.97 g/t gold over 18.0 m and 4.78 g/t gold over 30.0 m in hole MGZD277 drilled at Magambazi Main; 12.47 g/t gold over 3.50 m, 6.58 g/t gold over 2.80 m and 5.21 g/t gold over 17.50 m in hole MGZD403; 3.29 g/t gold over 3.30 m in hole MGZD406; 15.98 g/t gold over 3.10 m, 10.17 g/t gold over 2.80 m and 2.14 g/t gold over 4.50 m in hole MGZD420; and 22.05 g/t gold over 3.50 m, 4.73 g/t gold over 1.40 m and 2.35 g/t gold over 4.20 m in hole MGZD432.

Results from the RC program have shown the prospective for shallow mineralized gold at Kwadijava and yielded anomalous mineralization from additional regional target areas. The company is compiling the data obtained from the RC campaign and the results are believed to be a part of the planning technique for additional exploration work.

Samples from the diamond drilling program were specifically prepared and examined at Tanzania-based SGS Geochemical Laboratory. Fire assay with atomic absorption finish is used to process the samples. Analysis of core samples is carried out at Canada-based Acme Labs and these samples are subjected to lead collection fire assay-gravimetric finish and fire assay fusion gold by ICP-ES.

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