Ekaterina Zelenkova
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Canaco Resources Inc. (CVE:CAN), (PINK:CANWF) Stock Expects The Arbitrated Resolution

by Ekaterina Zelenkova Oct 19, 2010
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CAN_price_chart.jpgYesterday, the trading of Canaco Resources Inc. (CVE:CAN), (PINK:CANWF) stock was halted on the company's request. The shares' trading was stopped for a while, after the share price has been swaying upwards for almost a year.

This time, the reason were not the pending drilling results from the company's Magambazi gold discovery.

In the middle of last October, CAN was traded for the last time in the range below half a dollar. For this period of time, the rapid development of the company succeeded to bring investors holding long positions a 547% return on their investment.

This Friday, when CAN shares got traded for the last time, they closed at $3.14 per share with a slight pull up of 0.64% from the previous trading session.

Since yesterday, investors are waiting for the results from the meeting in Dar es Salaam and for an arbitrated resolution that will be in the best interest of Canaco Resources Inc., the Commissioner of Mines in Tanzania and Sonora Gold & Silver Corp.[BANNER]

Yesterday, Canaco Resources Inc. made a corporate update on the current status of the company's existing Prospecting License. Upon the request of the TSX Venture Exchange, Canaco Resources Inc. made a comment in the update on the news release of Sonora Gold & Silver Corp., which is related with an option on the Primary Mining License.

CAN_from_the_site.pngAlthough the company's statement is that the existing Prospecting License of Canaco Resources Inc. provides the company with exclusive rights to the area of the Magambazi discovery and that the exploration and definition drilling activities will continue, it is not known how the present situation will influence the share price.

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