(Update: Effective April 9, 2013, Canaco Resources Inc began trading as Orca Gold Inc TSXV:ORG.)
Canaco Resources Inc TSXV:CAN responded to the British Columbia Securities Commission (BCSC) regarding its notice of hearing alleging that in December 2010 the President/CEO and three other directors of Canaco voted to approve the exercise price of stock options before publicly disclosing assay results from the Magambazi Claim of its Handeni Project in Tanzania. Canaco maintains that the drill results were not material and that this opinion has been validated by independent reviewers, including Micon International Ltd.
Canaco President/CEO Andrew Lee Smith commented, “The staff of the BCSC is proposing to rewrite the rules for determining materiality in a way we believe is unfair, contrary to the public interest and damaging for junior mining companies subject to BC jurisdiction. We intend to oppose that effort and defend ourselves vigorously.”
Canaco Resources Inc
Director, Investor Relations
by Ted Niles