Is this the result you were waiting for?
Canaco Announces Significant Development in Property Dispute in Tanzania
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 2, 2010) - Canaco Resources Inc. (TSX VENTURE:CAN)("Canaco") attended a meeting today with the Commissioner for Mineralsof The United Republic of Tanzania. The Commissioner has ordered, citingthe interest of the orderly development of gold mining in the area, theimmediate surrender for cancellation of the 0.07 square kilometremining licence (ML 413/2010) (converted from PML 0010145) withinCanaco's 196 square kilometre Kilindi prospecting license (PL4871/2007). Once ML 413/2010 is surrendered, the Commissioner hasindicated that PML 010145 held by Abdallah Omary Kigoda will bereinstated for small-scale artisanal mining activities only.
The Commissioner has stated that he will "ensure that theOrder is implemented in the interest of the Government of the UnitedRepublic of Tanzania to develop the Handeni – Kilindi goldfields intolarge-scale mining investments in the area."
Canaco President and Chief Executive Officer Andrew Lee Smithsaid: "This is a significant step forward for Canaco and paves the wayto move this matter towards a final resolution. We appreciate thecontinued support of the Commissioner's office in dealing with thischallenging issue and we will now turn our focus back to development ofthis exciting gold project."
A copy of the Commissioner's Order can be found on the company's website (www.canaco.ca) and under the company's profile on SEDAR (www.sedar.com).
Andrew Lee Smith, P.Geo, CEO
Canaco Resources Inc.
Dr. Jingbin Wang, Chairman
Canaco Resources Inc.