10 Junior Miners Doing Business With Chinahttps://www.metalinvestmentnews.com/controlled-risk-10-junior-miners-doing-business-with-china/
8.)Canaco Resources (CAN-TSX.V) is focused on advanced exploration projects in Africa. The Company has $95 million cash and no debt.
Canaco’s lead asset is the Magambazi gold project in Tanzania. It has 721,300 indicated ounces, and an inferred mineral resource of 292,400 ounces. With favourable government policies, stable democratic government, and strong economic growth, Tanzania has one of the lowest risk profiles in Africa.
Canaco has developed a partnership with Sinotech Corporation, SinoTech (Hong Kong) Corporation Limited., a subsidiary of Sinotech Minerals Exploration Co., Ltd., a major Chinese exploration and mine development company. Sinotech has mineral exploration projects in mainland China and more than 10 countries worldwide and is Canaco’s largest shareholder.
On August 2, 2012 Canaco announced it has also entered into a memorandum of understanding with a Chinese gold producer to create a joint venture to develop the Magambazi project.
The Chinese gold company may earn up to a 55% interest in the joint venture by funding 100% of the costs of the ongoing operations until the earn-in is complete. CAN is currently trading at .36 with a market cap of $73 million.