Canaco Resources Inc has entered into a memorandum of understanding with a Chinese gold producer, to create a joint venture to develop Canaco's Magambazi project in Tanzania.
The company highlights findings from the Etna area with 9 metres of 1.7 g/t gold eq within 40 metres of 0.6 g/t gold eq, including 1.5 meters of 5.2 gt gold eq.
The company issued 4,000,000 units at a price of $0.09 for gross proceeds of $360,000. Together with the previous placement on April 17, 2012, 19,719,209 units were sold for aggregate gross proceeds of $1,774,370.
Executive vice president, chief operating officer and director of the company, George Hartman, has announced his retirement effective September 15, 2012.
The company plans to raise approximately $34 million through a private placement of 37.7 million shares at a price of $0.90 per share to assist with the continued funding of its Seafloor Production System.
The company's Chief Executive Officer, John Seton, reports that second quarter calendar year 2012 gold production of 7,839 ounces was lower than projected.
After announcing their drill results, Ascot Resources states that the drilling program "continues to expand and confirm the property has potential for both bulk tonnage and higher grade underground gold/silver targets."
The company reports intercept of 10.87 meters grading 715 grams per tonne silver, 6.85% lead and 1.52% zinc at the SGX mine, Ying Mining district, Henan province, China