Canaco Completes Tanzania Property Consolidation With Agreement With Local Miners
VANCOUVER, BRITISH COLUMBIA
The Magambazi license represents a critical component in the consolidation of the Company's Handeni Project which also includes the New Kilindi, Negero and Kwadijava property options (see press releases, March 23, 2007 and July 24, 2007). The Handeni Project now includes a total of 2,800 square kilometres within a new and emerging gold exploration camp in east-central Tanzania Recent gold discoveries in the Handeni region have occurred on a district scale and have defined an extent of mineralization with a strike-length of over 100 kilometres. The geology and location of the known gold discoveries, which occur in both alluvial and in bedrock settings, suggest the mineralization is controlled by regional structures.
The Magambazi Primary Mining Licenses (PML's) have a total area of 4.5 square kilometres and lie within the boundaries of Midland's New Kilindi property, recently acquired under option by Canaco. The mining licenses at Magambazi host an active bedrock mining operation established in 2003 after the discovery of gold in the district. Prospecting in the vicinity of alluvial mining activity identified the bedrock source of gold mineralization that is the subject of the current operation. Over time, a village of 2,000 persons has been established in support of the operation.
Field observations indicate that bedrock mining at Magamabzi is exploiting gold mineralization within a steeply dipping, north-north-westerly trending occurrence of massive sulphide and quartz veins. The dimensions defined by the mining operation range in width from 2 to 10 meters, a strike length of 150 metres and a minimum depth of 60 metres from surface. The mineralization is said to remain open at depth and along strike.
"Canaco is grateful for the opportunity and the partnership the Company has developed with the local miners at Magambazi," said Andrew Lee Smith, Chairman and CEO of Canaco. "The hard-rock mining operation established there are impressive in terms of scale and sophistication and Canaco looks forward to initiating an exploration program, the results of which will benefit of everyone."
Under the terms of the agreement, Canaco has committed to pay a total of US$136,000 over a two-year period for the right to explore the Magambazi licenses. At any time prior to the second anniversary, Canaco can elect to make cash payment of US$1.8 M to acquire a 100% interest in the Magambazi mining license, subject to a 2% NSR.
The acquisition agreement is conditional on Magambazi Mines Company Ltd. receiving all necessary approvals for the Ministry of Energy and Mines of Tanzania for the transfer of title to Canaco.
The planning, execution and quality control programs at the Handeni Project are under the supervision of Andrew Lee Smith, P.Geo. Mr. Smith is a qualified person as defined by National Instrument 43-101.
Additional information on Canaco, including technical reports and other public documents are available on SEDAR at www.sedar.com or from the company's website at www.canaco.ca.
Canaco Resources is an emerging junior gold exploration company trading on the TSX Venture Exchange. The company is actively engaged in the acquisition of advanced exploration and development projects.
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:Andrew Lee Smith
Canaco Resources Inc.
Chairman and CEO
(604) 488-0822 or 1-866-488-0822
Nick Watters
Canaco Resources Inc.
Investor Relations
(604) 488-0822 or 1-866-488-0822
Email: investors@canaco.ca
Website: www.canaco.ca
Thursday July 26, 6:00 am ET
VANCOUVER, BRITISH COLUMBIA
--(CCNMatthews - July 26, 2007) -
Canaco Resources Inc. (TSX VENTURE:CAN - News) is pleased to announce that the Company has entered into an option agreement with local miners and Magambazi Mines Company Ltd. to acquire a 100% interest in the Magambazi Gold mining licenses, located in the Handeni District, 160 kilometres northwest of the city of Morogoro in the Tanga Region of Tanzania.
The Magambazi license represents a critical component in the consolidation of the Company's Handeni Project which also includes the New Kilindi, Negero and Kwadijava property options (see press releases, March 23, 2007 and July 24, 2007). The Handeni Project now includes a total of 2,800 square kilometres within a new and emerging gold exploration camp in east-central Tanzania Recent gold discoveries in the Handeni region have occurred on a district scale and have defined an extent of mineralization with a strike-length of over 100 kilometres. The geology and location of the known gold discoveries, which occur in both alluvial and in bedrock settings, suggest the mineralization is controlled by regional structures.
The Magambazi Primary Mining Licenses (PML's) have a total area of 4.5 square kilometres and lie within the boundaries of Midland's New Kilindi property, recently acquired under option by Canaco. The mining licenses at Magambazi host an active bedrock mining operation established in 2003 after the discovery of gold in the district. Prospecting in the vicinity of alluvial mining activity identified the bedrock source of gold mineralization that is the subject of the current operation. Over time, a village of 2,000 persons has been established in support of the operation.
Field observations indicate that bedrock mining at Magamabzi is exploiting gold mineralization within a steeply dipping, north-north-westerly trending occurrence of massive sulphide and quartz veins. The dimensions defined by the mining operation range in width from 2 to 10 meters, a strike length of 150 metres and a minimum depth of 60 metres from surface. The mineralization is said to remain open at depth and along strike.
"Canaco is grateful for the opportunity and the partnership the Company has developed with the local miners at Magambazi," said Andrew Lee Smith, Chairman and CEO of Canaco. "The hard-rock mining operation established there are impressive in terms of scale and sophistication and Canaco looks forward to initiating an exploration program, the results of which will benefit of everyone."
Under the terms of the agreement, Canaco has committed to pay a total of US$136,000 over a two-year period for the right to explore the Magambazi licenses. At any time prior to the second anniversary, Canaco can elect to make cash payment of US$1.8 M to acquire a 100% interest in the Magambazi mining license, subject to a 2% NSR.
The acquisition agreement is conditional on Magambazi Mines Company Ltd. receiving all necessary approvals for the Ministry of Energy and Mines of Tanzania for the transfer of title to Canaco.
The planning, execution and quality control programs at the Handeni Project are under the supervision of Andrew Lee Smith, P.Geo. Mr. Smith is a qualified person as defined by National Instrument 43-101.
Additional information on Canaco, including technical reports and other public documents are available on SEDAR at www.sedar.com or from the company's website at www.canaco.ca.
Canaco Resources is an emerging junior gold exploration company trading on the TSX Venture Exchange. The company is actively engaged in the acquisition of advanced exploration and development projects.
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:Andrew Lee Smith
Canaco Resources Inc.
Chairman and CEO
(604) 488-0822 or 1-866-488-0822
Nick Watters
Canaco Resources Inc.
Investor Relations
(604) 488-0822 or 1-866-488-0822
Email: investors@canaco.ca
Website: www.canaco.ca
Mimi Naona wagundue vypooot eispokuwa wasigundue mafuta tu maana mafuta wao watayachukua bei karibu ma bure kisha watatupiga vile vile. Zahabu zenyewe na alimasi na tanzanite wanachukua kimya kimpya bila kutupiga na kutuua buleeeeeeeee
ReplyDeleteWahi hili liinchi hili linahuzunisha sana.Lenyewe kazi kuuza tu Nyerere na sera zake za zama za mawe ya kale alikataa kuuzia wageni akisubiria wazwa wapate uwezo wakuendesha mambo yao wenyewe LAKINI hawa wengine toka 1990 wamekuwa na mashindano ya kuuza kila kitu.Mwisho utakuja kusikia Gombe,Mikumi,Serengeti,Ngorongoro zimekodishwa (ahh kumbe tayari kuna vitalu tayari vilivyokwisha uzwa/kukodishwa). Tanzania hatustahili kutajirika, uwezo na rasilimali tumepewa na Mungu lakini hatuzistahili. Tanzania haina tofauti kubwa na Congo (Zaire)
ReplyDelete16-year-old girl reaches top of Kilimanjaro
ReplyDeleteBy Jessica Rapp of South Jornal
On a mountain peak, 19,341 feet from the shops and villages in Tanzania, Africa, Liz Ronzio, 16, could finally say she did it.
After nearly a year of preparation, Ronzio managed to hike to the top of Mount Kilimanjaro, a feat that not all climbers can accomplish. Out of the 12 high school students in Ronzio's Rustic Pathways international tour group, only six reached the peak of the inactive volcano, the highest point on the African continent.
Ronzio, who lives in Sunset Hills, said that hikers can experience exhaustion, become delirious or even pass out from lack of oxygen during the trek up to higher altitude.
"Our porters would tell us to slow down if we started running up the mountain," Ronzio said. "Just tying your shoes felt like you ran a mile."Although this was Ronzio's first trip to Tanzania in East Africa, she is accustomed to exploring different climates and cultures. She has traveled to the Caribbean and twice to Europe, visiting countries like France and Italy as a student ambassador. Her decision to take the 10-day trip to Tanzania had much to do with her previous travels; she enjoyed taking trips with groups of kids her own age. But she also wanted something different.
"I like doing things that people don't usually do," she said.
While planning for Africa, which included training during school for the long hikes ahead and suffering through the numerous vaccinations, Ronzio discovered an additional interest that would make her trip meaningful.
After hearing about the organization Malaria No More during an episode of "American Idol Gives Back," she decided to start her own project to help the charity.
According to malarianomore.org, a child dies every 30 seconds in Africa because of malaria. The national organization takes donations from around the world to buy mosquito nets for sub-Saharan African families.
"You can't give families the medication that tourists take before going to Africa because it only lasts a certain amount of time," said Ronzio. Mosquito nets covered with insecticide help protect entire families during the night when mosquitoes come out to feed.
During May 2007, before leaving for her trip, Ronzio designed a T-shirt, gave them out at her school, Villa Duchesne, 801 S. Spoede Road, and took donations for her cause. The slogan on the front of the T-Shirt features a hand-drawn mosquito and reads "Buzz Off."
After the trip, she sent a letter to her family and friends in which she said that preparations for Africa had impressed her with the importance of helping Malaria No More.
"This cause has become very close to my heart," she wrote.
Now, she has raised almost $2,000. Every $10 donated to the organization goes to buying a mosquito net.
On her four-day trek up the mountain, she said, they only encountered mosquitoes in the rainforest. They sprayed 98 percent DEET on their shoes to keep the mosquitoes at bay. Otherwise, her climbing was nearly mosquito-free, which was typical for the types of environments on Kilimanjaro.
Along the hike, they saw monkeys in the rainforest, slept in small huts and took in the scenery. As the porters hurried by packing loads on their heads, they would shout, "Mambo," to the student climbers. "Mambo" means "what's up" in Swahili.
Christine Ronzio, Liz's mother, encourages her daughter to travel. However, while learning with her about traveling to Tanzania, she had concerns.
"I always thought it was a great idea, but the most nerve-racking thing was that we couldn't contact her," she said.
Liz Ronzio stumbled across a last-minute worry of her own. She was afraid that when she reached Kilimanjaro's summit, the altitude would have drained her camera battery.
"I didn't think anyone was going to believe me," she said. "I thought I was just going to have to carry around the certificate that said I came to the top."
Her pictures reached home, however, and with them, the vast beauty that is Kilimanjaro, a view that mixes the desert below with glaciers above. Ronzio, bundled up in the sub-zero temperatures, proudly poses on the peak.
For more information about Malaria No More and other organizations that help fight malaria in Africa, visit their website at Malaria No More
They should keep eyes on community as well not only exploriting our country, people need much help help.
ReplyDeletewow! what a stupid deal and cheap one to agree to!!! that's why we are always going to be the second from last in poverty!!!!!!!!!!!!!!
ReplyDeleteOmnbi!
ReplyDeletetafadhali nawaomba wale wachambuzi wa mambo wanaotembelea hii blog yetu watu - dadafulie hii issue ili tuweze kuijadili kwa upana!
Jamani haya maswala ya madini yanatuhusu sana, hebu tujadili kidogo kwa hekima!
Tuanzishieni tafadhali!
michuzi kwanza fanya investigative reporting utuambie hii magambazi ni kampuni ya nani.of course ukienda kwa msajili utakuta majina feki,we tafuta ya kweli kwa sources zako kisha tutonye,i bet atakuwa mtu wa karibu na power.
ReplyDeleteHiyo Kampuni jina lake sio Magambazi bali ni Majambazi..Inahuzunisha sana kuona watu wanauza nchi kwa dola milioni moja..
ReplyDeleteKusema kweli mimi nimechoka na yii serikali yetu. Nasikitika sana kuona jinsi gani wananchi wanateseka wakati nchi ina madini kama yaho na inawagawia hao wanyama (sio kuuza).
ReplyDeleteInakuwaje mtu (minister)na akili yake anasign mkataba kama uwo? Na Rais wetu yuko wapi?
Jamani serikali tunawaomba muache ubinafsi na muanze kufikilia wananchi.
Inasikitisha sana especially sisi ambao tuko huku nchi za nje tunasoma na tunataka kurudi nyumbani kuona nchi inateketezwa na viongozi wetu.
Wake up people...labda tutume maoni kwenye website ya Rais ..http://www.kikweteshein.com/tanzania/
Michuzi,
ReplyDeletempe ujumbe huu Rais.
Mr. President,
I am very disappointed and sadden by the information I red today regarding one of the contracts for one of the mining company ("canaco has entered into an option agreement with local miners and Magambazi Mines Company Ltd. to acquire a 100% interest in the Magambazi Gold mining licenses")
I’m sorry to say this but at what point will the government stop selling our country like that, who signs a contract like that.
As a Tanzanian currently getting my MBA here in USA and hoping to come back home and help in fighting poverty, this kind of news its VERY DISSAPOINTING... Please stop this type of chain, I don’t know when it started but if we are going with this pace your grandchildren won’t have anything left.
And don’t think they can come to USA or UK cause we are being treated like animals here, this is not a place to live…I’m sure you know that.
Machimbo hayo yaligunduliwa na walalahoi wakaanza kuchimba na majembe na sululu baadaye serikali ikawatimua kumbe wameleta wachimbaji wakubwa toka nje!
ReplyDeleteUnaondoa Mzawa Unaleta Mgeni.
Biblia inasema mtu asiyejali wa kwao ni mbaya kuliko asiyeamini(Kafiri).
Serikali kama haijali raia wake inapenda raia wa nje kwenye kuwapa fursa za ndani ya nchi zenye pesa nyingi ni ya kikafiri kufuatana na tafsiri ya Biblia.
Nakubaliana na Gavana Wa Benki Kuu Ya Tanzania Aliyesema nchi hii ina upungufu wa wazalendo.
Ni heri uache raia wako wachimbe hata kwa mikono wapate hapo riziki walau kidogo kuliko ukaribishe greda libebe matani litokomee na dhahabu nje ya nchi na kuacha wananchi wako hoi.
Zaidi ya hiyo mikataba, kuna mingine pia ambayo niliitundika kwa picha ya pedegjee. Naona hapa ndipo mahali rasmi pa kuyatundika kuhusu mipango ya mikataba miwili ya uranium yetu na wawekezaji kutoka nje.
ReplyDeleteMpango wa Kwanza:
Mantra Resources Announces Acquisition of Additional Uranium Tenements in Tanzania Wed July 25, 2007, 9:48 am
Original Announcement: Acquisition of Additional Uranium Tenements in Tanzania Mantra Resources announced that it has entered into agreements to acquire interests in a package of six uranium exploration tenements within the Bahi catchment area in central Tanzania. Under the terms of the first agreement, Mantra will enter into a JV with a Tanzanian partner and acquire a 95% interest in four prospecting licences covering a total area of approximately 770 sqkm. Under a second agreement, the company has purchased outright, two adjacent prospecting licences covering an additional area of 340 sqkm.
More information about MRU.AX
Mpango wa Pili:
Atomic Signs Letter of Intent to Acquire Over 2800 Sq. Kilometers of Uranium Property in Tanzania
Wednesday July 25, 9:30 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Jul 25, 2007 -- Atomic Minerals Ltd. (CDNX:ATL.V - News)(Frankfurt:M7J.F - News) ("Atomic" or the "Company") is pleased to announce that it has signed a letter of intent (the "LOI") with Geo Can Resources Company Ltd. ("Geo Can") to enter into an option agreement to earn the right to acquire up to a 90% interest in a land package totalling approximately 2800 square kilometres located in the United Republic of Tanzania (the "Property"). Atomic paid Geo Can a non-refundable deposit of US$65,000 on execution of the LOI. The two companies have agreed to negotiate a definitive option agreement (the "Option Agreement") by September 14, 2007 subject to the results of Atomic's due diligence on the Property (including the preparation of a title opinion) and TSX Venture Exchange ("TSX-V") approval.
Anon wa July 27, 2007 4:49:00 PM EAT, wafugaji, wavuvi na wakulima wetu wadogo wadogo watanyang'anywa hivyo walivyo navyo na kupewa wageni (in the name of establishing commercial livestock-keeping, fishing and agriculture ili tuwe competitive, globally)!
ReplyDeleteUkulima wa kibepari ulipojikita huko Ulaya, hususani, Uingereza, kulikuwepo kwanza na Enclosure System. Wakulima wadogo walipoteza vishamba vyao ili kujenga tabaka la capitalist farmers – tuwaite commercial farmers). Kukazaliwa tabaka la waajiriwa waliolazimika kuuza nguvu zao ili waishi!
Kwa kufanya hivyo, wakawa ni wafanyakazi wa kujenga tabaka la middle class (wanunuzi wa vya kutoka viwandani, madukani na sokoni)!
Mpenzi wa bepari ni mtu wa “middle-class”. The more middle-class cluster, the more Shoprites! CHEKA)!
NA BADO. MTAUZA KILA KITU MPAKA PA KUSIHI NAKO NA MAKABURI PIA ITABAIDI YAUZWE HALAFU NDIO MJUE KUWA KILA KITU KINA THAMANI. MBWA WAKUBWA NYIE. ULIZENI KENYA, IPO WAPI SASA!
ReplyDeleteHivi mtu ukigundua kitu huwezi pewa hati miliki ya huo ugunduzi?
ReplyDeleteWalalahoi waligundua hayo machimbo anakuja milikishwa mtu mwingine hivi kweli hiyo ni sawa?
Wazawa wakazi wa eneo hilo waligundua kwanza kwa nini wananchi wa eneo hilo wasipewe miliki au wawe na shares kwenye hayo makampuni ya uchimbaji?
Utafiti gani wanafanya wakati wananchi walishaanza kuvuna dhahabu hilo eneo? Wanatafiti au wanaenda kuvuna dhahabu?
Walisubiri wananchi wavumbue kwanza halafu wao waende wawapore?
Jamani wapeni wakazi wa eneo hilo hati miliki za hayo maeneo. Wakazi wa maeneo hayo walikaa hapo miaka nenda rudi Kwenye shida na raha sasa Kwenye shida mliwaacha wakae na shida zao sasa kwenye raha baada ya kugunduliwa madini wataambiwa waondoke wapishe watokao ulaya na marekani.Hii si sawa kabisa.
Hayo machimbo yangekuwa yaligunduliwa na mzungu asingesogea mtu hapo lakini watu wetu hata kwenye vitabu vya historia ya hayo machimbo hawataingia itaandikwa kampuni hiyo toka nje ndiyo iligundua baada ya utafikiti mkali wa kitaalamu!
Serikali iwe makini hayo mambo baadaye yatakuja leta shida.
Usione Rwanda,Burundi,Congo,Angola,Nk watu wakipigana ukadhani wajinga.Haiwezekani watu wenye akili timamu hata wawe wajinga vipi wakaamuka tu na kuanza kupigana kama wendawazimu bila sababu.Kwa kawaida huwa kuna vichocheo vya vita ambavyo hushindwa kudhibitiwa mapema vikiwemo kama hivyo vya kuporana mali kama huko katika maeneo ya madini.
Maeneo ya madini ni chanzo kikuu cha vita nchi nyingi za Africa.Vita nyingi kubwa Afrika ziko associated na madini.
Serikali iwe makini na eneo la madini kitendo cha kuwapendelea wageni kitakuja zua jambo siku moja na utulivu na umani ukapotea kufumba na kufumbua macho.
kama kawaida ya Wazawa, tunapiga makelele weeee wakija wageni nchini. Wenyewe hatuna uwezo wa kujiendeleza kutokana na umasikini. Lakini wengi wanaona ni bora mzawa ashikilie ardhi au kampuni kuliko kuumpa mgeni hata kama uwezo wa mzawa ni mdogo. Sijui ni kwanini wadau wengi hapa hawaoni umuhimu wa mapepari wa nje kuja nchini kuendeleza uchumi wa nchi. Tungependa tuendeleze wenyewe lakini kila mwenye elimu hapa anajua kuwa hatuna uwezo, aidha wa kifedha au wa kielimu. Mimi ni mmoja wa wale wanaoamini kuwa mapepari peke yao ndio watakayoinua uchumi wa nchi, wawe wazawa au wageni, wananchi wengi hatuna uwezo wa kifedha lakini kama Mheshimiwa Michuzi anavyotambua, tuna uwezo mkubwa kwa kubiga domo. Nawakilisha kama nitachapishwa.
ReplyDelete