RE: RE: RE: RE: RE: FWIW Bishop - from Nov 3 PR (not analyst commentary) MagambaziCanaco is currently drilling approximately 11,000 metres per month with nine diamond drill rigs at Magambazi, where the main focus is infill drilling for the purposes of calculating an initial mineral resource estimate by the end of the first quarter of 2012. Of the nine rigs, one is drilling Kuta, to the west of the Main Lode, and a second is testing the northern extensions of Magambazi. The remainder are working to complete delineation drilling by the end of the year.In anticipation of the completion of the initial mineral resource estimate, Canaco has initiated planning and mobilization activities for a preliminary economic assessment (PEA), with completion targeted by mid-2012. The PEA will include determination of a preliminary mine plan, metallurgical response, mill flow-sheet design, engineering design, cost estimation and project economic analysis. Detailed metallurgical test-work will begin this quarter to build on the preliminary work completed in May 2010 which indicated possible recoveries of 94% (refer to the Company's press release dated May 19, 2011). Preparations are underway to consolidate representative sample materials for this metallurgical test-work and to assemble the engineering team who will execute the study.