Canaco Appoints David Sinitsin as Vice President Project Development and Adds Peter Mordaunt to Advisory Board
05 Oktober 2011 - 12:00PM
Marketwired
Canaco Resources Inc. (TSX VENTURE:CAN) ("Canaco" or the "Company")
is pleased to announce the appointment of David Sinitsin to the
position of Vice President Project Development, and the appointment
of Peter Mordaunt to the Advisory Board.
Vice President Project Development
Mr. Sinitsin's career spans 28 years in industry, encompassing
significant activities in project development, planning, financing,
permitting and execution. His responsibilities have ranged from
research and prototype development through to successful completion
of feasibility studies and large, multi-discipline, international
construction projects for the mining, chemical, pulp and paper
industries. He has held increasingly senior positions in
engineering and project development with Emgold Mining, Hunter
Dickinson and Freeport McMoRan. Most recently he was Director of
Project Development at Silver Standard Resources Inc., where he was
responsible for all aspects of project development.
In his new role at Canaco Mr. Sinitsin will lead the advancement
of the Handeni project into development, beginning with an initial
resource estimate planned for completion in the first quarter of
2012. He will also direct the preliminary economic assessment (PEA)
scheduled for completion by the end of June 2012. The PEA will
include metallurgical testing, geotechnical assessment, a
preliminary mine plan, mill flow-sheet design, engineering design,
estimation and economic analysis.
Mr. Sinitsin holds both BSc and MSc degrees in Mechanical
Engineering from the University of British Columbia and is a
registered member of the Association of Professional Engineers and
Geoscientists of B.C.
Advisory Board
Mr. Mordaunt is a Registered Professional Geoscientist with more
than 25 years of experience in mining, mine development and
advanced exploration. In January 2010 he retired from the role of
Chairman and CEO of Stingray Copper Inc., which he founded, managed
and merged with Mercator Minerals Ltd. in December 2009. Previous
to that he was Chairman and CEO of Corner Bay Silver Inc., which he
also founded and managed until its merger with Pan American Silver
Inc. in 2003.
Mr. Mordaunt's business skills have been focused on advanced
project development leading to bankable feasibility studies,
finance and corporate development. He graduated from the University
of Guelph in 1984 and is a registered Professional Geoscientist in
the Province of Ontario. He is a member of the Institute of
Corporate Directors and has the Professional Certification as
ICD.D. Mr. Mordaunt also serves as a Director of Argonaut Gold
Inc., Lipari Energy, Inc. and Ethos Capital Corp.
Canaco President and CEO Andrew Lee Smith said: "These
appointments signal Canaco's commitment to the rapid advancement of
the Handeni project, which we believe will emerge as a world-class
mining asset. We have identified several important milestones over
the coming 12 months, beginning with our initial resource estimate
and PEA, which will transform the project and the Company. Mr.
Sinitsin and Mr. Mordaunt will play key roles in the ongoing
development of the project. Please join me in welcoming them to the
Canaco team."
Stock Options
Pursuant to the Company's Stock Option Plan, Canaco has granted
150,000 stock options to an officer of the Company. The options
have an exercise price of $1.80 per share and an expiry date of
October 4, 2016.
About Canaco
Canaco is a Vancouver-based mineral exploration company focused
on advanced exploration projects in Africa. Built on a foundation
of experienced management, the Company is rapidly advancing the
Handeni project in Tanzania and is well positioned to build
shareholder value through discovery and resource development.
Canaco's shares trade on the TSX Venture Exchange under the
symbol CAN.
On behalf of the Board of Directors:
Andrew Lee Smith, P.Geo., President, CEO and Director
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation.
Generally, forward-looking information can be identified by the use
of forward-looking terminology such as "anticipate", "believe",
"plan", "expect", "intend", "estimate", "forecast", "project",
"budget", "schedule", "may", "will", "could", "might", "should" or
variations of such words or similar words or expressions.
Forward-looking information is based on reasonable assumptions that
have been made by the Company as at the date of such information
and is subject to known and unknown risks, uncertainties and other
factors that may cause the actual results, level of activity,
performance or achievements of the Company to be materially
different from those expressed or implied by such forward-looking
information, including but not limited to: risks associated with
mineral exploration and development; metal and mineral prices;
availability of capital; accuracy of the Company's projections and
estimates; interest and exchange rates; competition; stock price
fluctuations; availability of drilling equipment and access; actual
results of current exploration activities; government regulation;
political or economic developments; environmental risks; insurance
risks; capital expenditures; operating or technical difficulties in
connection with development activities; personnel relations; the
speculative nature of strategic metal exploration and development
including the risks of diminishing quantities of grades of
reserves; contests over title to properties; and changes in project
parameters as plans continue to be refined. Forward-looking
statements are based on assumptions management believes to be
reasonable, including but not limited to the price of gold; the
demand for gold; the ability to carry on exploration and
development activities; the timely receipt of any required
approvals; the ability to obtain qualified personnel, equipment and
services in a timely and cost-efficient manner; the ability to
operate in a safe, efficient and effective manner; and the
regulatory framework regarding environmental matters, and such
other assumptions and factors as set out herein. Although the
Company has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such information. Accordingly, readers should not
place undue reliance on forward-looking contained herein, except in
accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Canaco Resources Inc. Meghan Brown Director Investor
Relations 604-488-2557 or Toll Free: 1-866-488-0822 604-899-1240
(FAX)mbrown@canaco.cawww.canaco.ca
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