CAN Orca Gold, Inc.

Canaco Resources Inc. ("Canaco" or the "Company") (TSX VENTURE:CAN) is pleased
to announce that at a special meeting of shareholders (the "Meeting") held on
Thursday, March 28, 2013, the shareholders of the Company approved the
previously announced acquisition by Canaco of all of the outstanding common
shares of Shark Minerals Inc. ("Shark Minerals") in exchange for common shares
of Canaco (the "Acquisition") pursuant to the share purchase agreement among
Canaco, Shark Minerals and all of the shareholders of Shark Minerals dated
December 14, 2012. 


At the Meeting, the shareholders of the Company also approved the spinout of
certain assets of Canaco to East Africa Metals Inc. ("East Africa Metals"), a
new company formed by Canaco and expected to be listed on the TSX Venture
Exchange (the "Spinout Transaction"). The Spinout Transaction will include the
transfer by Canaco of its Tanzanian assets and approximately $24 million in cash
and certain other assets and liabilities to East Africa Metals. The Spinout
Transaction will be completed by way of a plan of arrangement under the Canada
Business Corporations Act, whereby shareholders of Canaco will be entitled to
receive one common share of East Africa Metals for every three common shares of
Canaco held as of the effective date of the Spinout Transaction, expected to be
April 4, 2013. East Africa Metals will be managed by former Canaco executives. 


In connection with the Acquisition, the shareholders of the Company also
approved the election of four new directors (in addition to Dr. Jingbin Wang and
Shuixing Fu who will remain on as directors of the Company). Richard P. Clark,
L. Simon Jackson, Robert Chase and Alexander Davidson will join the Company's
board of directors and Richard P. Clark will assume the role of Chairman,
concurrently with the closing of the Acquisition. 


At the Meeting the Company's shareholders also approved a change in the name of
the Company and a share consolidation. In light of Canaco's new focus and
changes to the board of directors and management team as a result of the
Acquisition and Spinout Transaction, the Company's name will be changed to "Orca
Gold Inc." and following the closing of the Acquisition, its common shares will
trade on the TSX Venture Exchange under the new symbol "ORG". In addition, upon
the closing of the Acquisition, expected to take place on or about April 4, 2013
and subject to court and regulatory approval, the common shares will be
consolidated on a three to one basis. 


This announcement is for informational purposes only and does not constitute an
offer to purchase, a solicitation of an offer to sell the shares or a
solicitation of a proxy. 


Additional information about Canaco including press releases, interim financial
statements and other public documents can be viewed at the Company's website
www.canaco.ca or at www.sedar.com.


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 or statements that
certain events "may" or "will" occur. Forward-looking statements in this press
release include, but are not limited to, statements relating to the timing of
the closing of the Acquisition and Spinout Transaction, the receipt of final
court approval in respect of the Spinout Transaction, the receipt of the
approval of the TSX Venture Exchange, the trading of the shares of the Company
and East Africa Metals on the TSX Venture Exchange, and the management of and
plans for the Company and East Arica Metals following completion of the
Acquisition and Spinout Transaction. 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 the satisfaction of the conditions to closing in the Share
Purchase Agreement and the rules of the TSX Venture Exchange. 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. Neither the
Company, Shark Minerals nor East Africa Metals undertakes any obligation to
update forward-looking information if circumstances or management's estimates,
assumptions or opinions should change, except as required by applicable law.
Accordingly, readers should not place undue reliance on forward-looking
information contained herein, except in accordance with applicable securities
laws.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Canaco Resources Inc.
Nick Watters
Director Business Development
604-488-0822 or 1-866-488-0822


Canaco Resources Inc.
Andrew Lee Smith
President and CEO
604-488-0822 or 1-866-488-0822
investors@canaco.ca
www.canaco.ca

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