Harvest Mines in EthiopiaWe should be hearing very soon about the property in Ethiopia as the 90 due diligence period has now expired.
I would suggest that the 90 day due diligence period in this instance is a matter of formality and legal requirement. You will note from the last paragraph below the close ties that already exists between all parties involved. This is just another piece that fits into the longer term plan that is gradually coming into place.
Quotation from the News release of Jan.21,02010
"The acquisition of Harvest by Canaco is subject to a 90 day duediligence period, and obtaining approvals from third parties, the TSXVenture Exchange and shareholders (if required).
Independent members of the Board of Canaco have considered a number offactors in determining that the consideration for the acquisition isfair and reasonable, including the amount already spent on explorationexpenditures and its potential to host commercially viable copper andgold deposits.
Dr. Jingbin Wang is a Director of both Canaco and Donia. Donia is alsoa sister company of SinoTech (Hong Kong) Corporation Limited, a controlperson of Canaco. Mr. Shuixing Fu, a Director of Canaco, is also anofficer of SinoTech. Dr. Wang and Mr. Fu do not directly own any sharesof Canaco. SinoTech presently owns 32 million shares of Canaco,representing 27.8% of the outstanding shares of Canaco. The 3,508,771shares to be issued by Canaco to Donia on closing of the acquisitionrepresents 3% of Canaco's outstanding shares. The remaining 30%interest of Harvest is owned by an Ethiopian company."
Harvest Mining PLC operates as a subsidiary of Beijing Donia Resources Co. Ltd.
This is a done deal.
So there you have it. They are building a company!