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Canaco Drills 35.0 Metres at 6.45 Grams Per Tonne Gold in the Western Lodes and 55.3 Metres at 3.19 Grams Per Tonne Gold on the Magambazi Main Lode

Canaco Resources Inc. (TSX VENTURE: CAN)

is pleased to announce new assay results from diamond drilling at the Magambazi gold discovery on the Company's Handeni project in Tanzania.

Canaco continues extensive delineation drilling at Magambazi, with significant additional infill and extension intercepts as highlighted below. Two additional diamond drill rigs have been added to the program, to aggressively test key targets immediately peripheral to the main area of Magambazi mineralization.

Results have been received for 25 new drill holes. Highlights include:

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Hole(1)(2)From (m) To (m) Interval (m) Au (g/t) Lode(s)

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MGZD215217.7239.421.72.74 Magambazi Main

--------------------------------------Lode/Western

Including224.0230.36.36.51 Lodes

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MGZD222190.0194.24.22.53 Central Contact

--------------------------------------Lode/Western

Including191.4192.81.45.99 Lodes

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210.7215.04.31.92

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255.0290.035.06.45

About Canaco

Canaco is a Vancouver-based mineral exploration company focused on advanced exploration projects in Africa. Built on a foundation of experienced management,the Company is rapidly advancing the Handeni project in Tanzania and is well positioned to build shareholder value through discovery and resource development.

Last: 1.90Range: 6.45-1.65Market Cap: 378.8 million

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