VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/24/12 -- Canaco Resources Inc. (TSX VENTURE:CAN) ("Canaco" or the "Company") is pleased to announce plans for 2012 exploration and development activities at its Handeni project in eastern Tanzania. The focus of Canaco's 2012 work will be to advance Magambazi toward development, with completion of an initial resource estimate by the end of the first quarter 2012 and a preliminary economic assessment (PEA) by the end of the third quarter 2012. The Company plans to simultaneously embark on an aggressive diamond drill program on other priority drill targets on the property, with the objective to make a new grass roots discovery in the Handeni region.