What happened in 2011? Clearly something went a bit wrong if management said they were on track to deliver the madien RE in 2011 and now it's late.
From NR on April 28, 2011
Since the beginning of 2011, Canaco has doubled the number of drill rigs at Magambazi from three to six, giving the Company a nominal drill capacity of 8,000 metres per month. Additional drill rigs are available and will be commissioned as needed and as weather permits. The Company has also doubled its technical staff in Tanzania to manage the increased drill capacity. Canaco President and CEO Andrew Lee Smith said: “With the successful completion of our $130 million financing last month, we are in the enviable position of being able to add rigs and considerably increase the pace of drilling at Handeni. We have embarked on the largest, most aggressive drill program to date on the project. We are on track to deliver our initial NI 43-101 mineral resource estimate by the end of 2011, which we believe will be animportant milestone in the development of the Handeni project.”