Corporate Overview Of Canaco Resources Commerce Essay
Canaco Resources Inc. is a Vancouver-based mineral geographic expedition company, engaged in the concern of geting and researching gold and diamond undertakings in Tanzania. The company ‘s portions are listed on the TSX Venture Exchange as a Tier 2 excavation issuer under the symbol “ CAN ” , and on the Frankfurt Stock Exchange under the trading symbol “ HJ6 ” .
Current operations
Handeni undertaking
CAN has a 100 % ownership involvement in the Handeni gold undertaking, which consists of two immediate claims covering an aggregative land bundle of about 200.
8 sq. km.-the 4.5 sq. km Magambazi chance, and the 196.3 sq.
kilometer. Kilindi chance. The undertaking is located in the emerging Handeni gold territory in eastern Tanzania, where gold was discovered in 2003, spurring a gold haste and intense alluvial hard-rock excavation. The territory is home to several gold finds, highlighted by the Magambazi chance, which soon hosts an active artisanal gold excavation operation. The company ‘s primary focal point of the geographic expedition activities at the Handeni undertaking is the Magambazi, Magambazi Central, and Magambazi North chances, which form about 1.4km long gold mineralization tendency. Between mid-Sep-09 to early May-10, Canaco Resources drilled 45 diamond drill holes at the Handeni undertaking to measure the extent of gold mineralization at the Magambazi, Magambazi Central, and Magambazi North marks, out of which 40 drill holes returned with encouraging consequences.
Proposed Harvest Mining acquisition provides gold-enriched polymetallic VMS potency
During Jan-10, CAN entered into a missive of purpose with Beijing Donia Resources Co.
Ltd. ( Beijing Donia ) to get a 70 % ownership involvement in Harvest Mining PLC, an Ethiopia-based private exploration-stage company. This proposed strategic acquisition is expected to guarantee exposure to first Cu-Au-Zn volcanogenic monolithic sulfide ( VMS ) potency with geographic every bit good as trade good variegations ( exposure to establish metals ) . Harvest Mining ‘s geographic expedition assets chiefly consists of six 100 % -owned geographic expedition grants ( such as the Nefasit, Hamlo, Terakimti, Adi Nebrid, Igub, and Medri Felasi ) covering an aggregative land bundle of 605 sq. km. , located in the Tigray part of nor’-east Ethiopia. These grants are strategically located in the SW extension of the Neo-Proterozoic Asmara VMS manner Cu-Zn-Au-Ag metallogenic belt, and offer possible for multiple undiscovered gold-enriched polymetallic VMS marks. However, the proposed acquisition is capable to an on-going legal and proficient due diligence, which is expected to be completed by June 30, 2010.
Upon shutting of the dealing, CAN is required to pay a entire purchase consideration of about C $ 6.0 MM-C $ 4.0 MM in hard currency, and issue of about 3.5 MM common portions to Beijing Donia ( the parent company of Harvest Mining ) at a deemed monetary value of C $ 0.57/sh.
Partnership with SinoTech ( Hong Kong ) Corporation Ltd.
In Jun-09, CAN embarked on a cardinal strategic partnership with SinoTech ( Hong Kong ) Corporation Ltd. , pursuant to which SinoTech acquired a important equity interest in CAN ( subscribed for 32 MM common portions and 16 MM warrants for an aggregative gross returns of C $ 1.
6 MM ) . SinoTech is a subordinate of SinoTex Mineral Exploration Co. Ltd. , a major geographic expedition and mine development company in China, with operations in mainland China and over 10 ( 10+ ) states worldwide.
CAN ‘s old ages of experience in Africa and extended land bundle, along with SinoTech ‘s huge planetary operations and resources will take the partnership forward to foster explore and develop undiscovered sedimentations. Additionally, this strategic coaction will besides supply CAN the needed fiscal strength for its current undertakings.
Transferred 50 % interest in the Mexico-based El Oro belongings to Candente Gold Corp.
In Apr-09, CAN and Candente Resource Corp. together established a new company, Candente Gold Corp. , to concentrate on geographic expedition and development of cherished metals in Latin America. Later, within a month, CAN and Candente Resource transferred their several 50 % involvement in the Mexican El Oro Au-Ag belongings to Candente Gold. In exchange, CAN received 5 MM common portions of Candente Gold and a promissory note with a chief sum of C $ 1.3 MM, collectible in hard currency at the company ‘s option, or exchangeable into common portions of Candente Gold on or before April 30, 2011.
OPERATIONS and PROJECTS
Handeni Gold Project, eastern Tanzania
Handeni project-located within the extremely prospective emerging Handeni gold territory
CAN has a 100 % ownership involvement in the Handeni gold undertaking, which consists of two immediate claims covering an aggregative land bundle of about 200.
8 sq. km.-the 4.
5 sq. km Magambazi chance, and the 196.3 sq. kilometer. Kilindi chance. The undertaking is located in the prospective, and emerging Handeni gold territory in eastern Tanzania, where gold was discovered in 2003, driving the gold haste and intense alluvial hard-rock excavation. The territory is home to several gold finds, highlighted by the Magambazi chance, which soon hosts an active artisanal gold excavation operation. The well-exposed Magambazi chance hosts high gold-grade sulphide-bearing vitreous silica venas enclosed in up to 40m thick change zones with lower-grade sulphide-associated gold-ore over an exposed work stoppage of several hundred meters.
As a consequence, the chance offers high economic potency for find of world-class overprinted Archaean orogenic gold sedimentations in non-traditional Tanzanian geographic expedition terranes.Picture Twenty: Handeni project – location mapBeginning: Canaco Resources Inc. ,
Option understanding to get 100 % ownership involvement in the Magambazi chance
Pursuant to an option understanding with the local mineworkers and Magambazi Mines Co. Ltd. during Jul-07, CAN holds an option to get 100 % ownership involvement in the Magambazi excavation licences at a hard currency consideration of US $ 1.
8 MM, any clip anterior to Jul-10, capable to a 2 % net smelter return royalty payment. Under the footings of the option understanding, the company soon has the renewable right to research at the Magambazi licences, which consists of four principal excavation licenses covering a entire land bundle of 4.5 sq. kilometer. In consideration, the company has so far paid a sum of about US $ 0.
26 MM toward geographic expedition rights at the Magambazi licences until Jul-10. Similarly, the company owns 100 % involvement in the 196.3 sq. km Kilindi chance, which is capable to a prospecting licence run outing Nov-10.
Magambazi prospect – the primary focal point of geographic expedition activities at the Handeni undertaking
CAN ‘s primary focal point of geographic expedition at the Handeni undertaking is the Magambazi, Magambazi Central and Magambazi North chances, which form about a 1.4km long gold mineralization tendency, as defined by bedrock gold happenings, artisanal mine workings, and dirty geochemical anomalousnesss.
This 1.4km gold mineralization tendency occurs in the southmost portion of an 11km gold anomalous zone ( cognize as Handeni gold tendency ) contained within the Handeni gold undertaking. This Handeni gold tendency, as defined by gold anomalous dirt samples and multiple artisinal alluvial & A ; difficult stone workings, includes from south to north-the Magambazi, Magambazi North, Semwaliko South, Semwaliko, and Majiri Bomba chances.
An aggressive diamond-drilling plan, which commenced during mid Sep-09, is still afoot with the aim to specify the extent of mineralization at the Magambazi North to the North, South and down dip, and at the Magambazi down dip and along work stoppage. The preliminary metallurgical trial work is in the near-completion phase, the consequences of which will be announced in close hereafter. Meanwhile, the company is pitching up to increase its diamond drill capacity with a 2nd rig, and is besides finalizing programs for RAB and RC boring, every bit good as a elaborate aeromagnetic study across the Handeni undertaking country.
Picture Twenty: Handeni gold tendency – an 11km gold anomalous zoneBeginning: Canaco Resources Inc. ,Picture Twenty: Handeni undertaking – Magambazi bore collar locationsBeginning: Canaco Resources Inc. ,
Drill holes return encouraging consequences
From mid Sep-09 to early May-10, approximately 45 diamond drill holes were drilled at the Handeni undertaking to measure the extent of gold mineralization at the Magambazi, Magambazi Central, and Magambazi North marks, out of which 40 drill holes returned with encouraging consequences. This indicates first-class potency for the find of top-quality gold mineralization at the Handeni undertaking. Until early May-10, a sum of 25 diamond drill holes ( MGZD001-MGZD017, MGZD035-MGZD038, MGZD040-MGZD042, and MGZD044 ) were drilled at the Magambazi mark, of which 21 drill holes returned with top-quality gold intercepts, and the mineralization system remains unfastened down dip, down dip, and along work stoppage to the North. Totally, 16 diamond drill holes ( MGZD018-MGZD020 and MGZ022-MGZ034 ) were drilled at the Magambazi North mark, except MGZD030, all the intercepts returned with low-high class gold mineralization. The mineralization system besides indicates continuity over 160m of work stoppage in a 40 degree east-dipping zone of near-surface gold mineralization. Similarly, the 3 diamond drill holes ( MGZD021, MGZD043, and MGZ045 ) drilled at the Magambazi cardinal mark returned with low-high class gold mineralization.
Table Twenty: Magambazi, Magambazi Central and Magambazi North prospects – DD hole consequences
Hole ID
From ( m )
To ( m )
Interval ( m )
Au ( g/t )
Azimuth
Dip
Magambazi prospect – DD hole consequences
MGZD001148.0207.059.04.2860-50Including154.0166.
012.04.18Including189.0206.
017.010.38MGZD002239.0242.03.01.
5360-75255.0272.617.60.93MGZD003218.2219.21.04.
8060-61MGZD004110.0137.027.02.
8260-50Including113.0120.57.52.85Including127.0137.
010.05.15MGZD005128.
0169.041.03.3260-65Including128.
0144.016.03.34Including161.
0169.08.09.95MGZD006200.
7202.01.33.0260-50MGDZ007156.6196.
239.63.5660-79Including156.
6170.113.54.01Including184.0196.212.26.99MGZD008No important consequences60-50MGZD009175.
0177.72.710.9560-73MGZD010No important consequences59-50MGZD011139.0181.142.
12.4260-48Including139.0146.07.01.37Including164.0181.123.
83.86MGZD012170.8226.056.26.3960-59170.
8189.018.27.98196.
0226.030.07.02MGZD013No important consequences62-65MGZD01441.046.
05.01.5357-62160.0161.01.07.
55MGZD015149.0154.05.02.1057-73And200.0210.010.
02.76MGZD016135.0140.
05.05.2057-81And240.7246.05.32.76Including240.
7244.23.58.30MGZD01794.
099.05.03.0657-81MGZD035166.0176.510.52.
4060-56Including168.1174.46.33.
12201.0217.016.05.45Including206.7216.
19.48.59MGZD036202.0207.45.
45.1060-63219.0267.048.02.71Including224.0231.07.
06.21And240.4254.013.64.
54MGZD037No important consequences60-72MGZD038219.7235.015.31.8760-65Including219.
7226.46.72.64And Including229.9232.02.
14.07MGZD040102.0136.634.61.3660-90106.0109.53.
57.71Including103.0115.012.02.83And211.0214.83.
835.52MGZD041228.4233.75.31.7468-79And278.0280.
12.12.85MGZD042178.7186.78.03.8060-58And198.
0205.77.75.42And226.
0242.416.42.
03Including226.0230.24.25.87MGZD044261.4281.019.62.
3260-68Including261.4272.911.53.16
Magambazi Central chance – DD hole consequences
MGZD021158.0166.18.10.
5373-51MGZD043149.7159.910.
22.8771-75And224.0227.83.83.36And247.0268.221.
24.80Including247.0258.
011.07.90MGZD045246.0267.721.76.
7960-82Including246.0255.59.512.75
Magambazi North prospect – DD hole consequences
MGZD01821.024.73.72.
25340-50MGZD01970.088.018.03.
30237-50Including70.078.08.05.
68100.0103.03.03.04MGZD02063.063.
70.74.000-90MGZD022150.0158.08.
01.1062-65MGZD02322.027.45.
41.44237-5554.785.030.33.46Including70.076.36.
35.57MGZD02464.472.
48.03.25237-55MGZD02541.452.611.21.33237-5575.
087.012.02.65MGZD02687.795.78.01.
73237-55MGZD02799.0126.727.
72.18237-55MGZD028180.0191.011.02.03245-55200.0202.12.
15.58MGZD029169.0182.613.
61.71245-55Including177.0182.
65.63.27MGZD030No important consequences240-55MGZD03182.084.42.410.
18245-55MGZD03273.083.110.11.
23245-55MGZD03342.044.82.81.60245-55MGZD03443.058.415.
41.85245-55Beginning: Canaco Resources Inc.
Geology at the Handeni undertaking
Handeni part – a extremely prospective emerging gold territory
The Handeni gold undertaking is good placed within the extremely prospective emerging Handeni gold territory in eastern Tanzania, where gold was discovered in 2003, spurring a gold haste and intense alluvial hard-rock excavation. The territory is home to several gold finds, highlighted by the Magambazi chance, which soon hosts an active artisanal gold excavation operation. The recent gold finds in the Handeni part have occurred on a territory graduated table, and have identified an extent of mineralization with a work stoppage length of & gt ; 100km. Gold mineralization occurs in high-grade metamorphosed mafic to felsic volcanic and sedimentary stones of Archaean or Proterozoic Age, and mineralization is vein-related structurally-controlled mesothermal gold associated with sulphide including pyrrhotine and mispickel. The dominant host stones are garnet-silica altered amphibolite, with lesser gneiss, The recent academic surveies published by the University of Western Australia suggest the Handeni part as prospective for traditional ( but metamorphosed ) Achaean orogenic gold sedimentations within the Sukumaland Corridor, the host to major sedimentations such as Bulyhulu, Golden Pride, and Geita in the Lake Victoria Goldfields.
The gold mineralization system at the Handeni territory offers first-class potency for the find of new gold sedimentations, as indicated by the strength of local artisinal excavation, tenor of gold check consequences, size of anomalousnesss in dirt geochemical sampling, and the ore classs and width intercepts from channel stone bit samples taken from the artisanal mine exposures.
Gold mineralization at Magambazi chance
The well-exposed Magambazi chance hosts high gold-grade sulphide-bearing vitreous silica venas enclosed in up to 40m thick change zones with lower-grade sulphide-associated gold-ore over an exposed work stoppage of several hundred meters. The mineralization remains unfastened at deepness and along work stoppage. As a consequence, the chance offers high economic potency for find of world-class overprinted Archaean orogenic gold sedimentations in non-traditional Tanzanian geographic expedition terranes.
The sulphide mineralization at the chance supports the constitution of a sedimentation theoretical account, which can be applied for geographic expedition. The chance besides has the potency for extensions onto the Kilindi chance. Local mineworkers are presently working the mineralization at the chance within steeply dunking, north-north-westerly trending happenings of sulfide and vitreous silica venas over breadths up to 10m, and work stoppage length of 350m. Ore extraction is done by manus and with the aid of explosives. The initial geological appraisals at the chance have identified 4 specific geographic expedition marks, such as the Big Pit, Banded Amphibolite, Central Fault, and Biotite Gneiss marks.Picture Twenty: Conventional map of Tanzania cratonBeginning: Canaco Resources Inc. ,Picture Twenty: Conventional geology of Magambazi territoryBeginning: Canaco Resources Inc. ,
Harvest Cu-Au-Zn Prospect, nor’-east Ethiopia
Entered into a LOI to get 70 % ownership involvement in Harvest Mining
During Jan-10, CAN entered into a missive of purpose with Beijing Donia Resources Co.
Ltd. ( Beijing Donia ) to get 70 % ownership involvement in Harvest Mining PLC, an Ethiopia-based private exploration-stage company. This proposed strategic acquisition is expected to guarantee exposure to first Cu-Au-Zn volcanogenic monolithic sulfide ( VMS ) potency with geographic every bit good as trade good variegations ( exposure to establish metals ) . Harvest Mining ‘s geographic expedition assets consists of six 100 % -owned geographic expedition grants ( such as the Nefasit, Hamlo, Terakimti, Adi Nebrid, Igub, and Medri Felasi ) covering a entire land bundle of 605 sq. km. , located in the Tigray part of nor’-east Ethiopia. These grants are strategically located in the SW extension of the Neo-Proterozoic Asmara VMS manner Cu-Zn-Au-Ag metallogenic belt, and offers possible for multiple undiscovered gold-enriched polymetallic VMS marks. However, the proposed acquisition is capable to an on-going legal and proficient due diligence, which is expected to be completed by June 30, 2010.
aˆ¦purchase consideration of about C $ 6.0 MM collectible on shutting of the dealing
Upon shutting of the dealing, CAN is required to pay a entire purchase consideration of about C $ 6.0 MM-C $ 4.0 MM in hard currency, and issue of about 3.
5 MM common portions to Beijing Donia ( the parent company of Harvest Mining ) at a deemed monetary value of C $ 0.57/sh. Since 2007, Harvest Mining has completed an extended geographic expedition plan on these aforementioned grants ( including remote detection, geological function, geochemical dirt sampling, geophysical land magnetic studies, induced polarisation studies, and extended trenching and boring on choice marks ) ; and in the procedure has spent about US $ 4.4 MM in geographic expedition activities. The company has besides established an operating capableness based in Shire, Ethiopia with a strong proficient squad and geographic expedition equipments & A ; substructure. Post acquisition, CAN is expected to pass at least C $ 2 MM in geographic expedition costs on the Harvest undertaking in the first twelvemonth.
Located nearby Neo-Proterozoic Asmara VMS manner Cu-Zn-Au-Ag metallogenic belt
Harvest Mining ‘s geographic expedition grants are strategically located in the SW extension of the Neo-Proterozoic Asmara VMS manner Cu-Zn-Au-Ag metallogenic belt, where several moderate-sized sedimentations have been discovered therefore far in cardinal Eritrea. Some of these of import finds include the Bisha sedimentation ( 20.
1 Mt rating 2.23 g/t Au, 43.70 g/t Ag, 1.
94 % Cu, and 3.49 % Zn ) , the Debarwa sedimentation ( 8.1 Mt rating 1.91 g/t Au, 39.
51 Ag, 1.78 % Cu, and 2.46 % Zn ) , and the Emba Derho sedimentation ( 38 Mt rating 0.
18 g/t Au, 9.31 g/t Ag, and 1.08 % Cu ) . The preliminary geographic expedition checks suggest potency for the find of similar sedimentations at the Harvest Mining ‘s grants.Picture Twenty: Harvest prospect – located in the SW extension of the Neo-Proterozoic Asmara VMS metallogenic beltBeginning: Canaco Resources Inc. ,Picture Twenty: Harvest undertaking – regional geological mapBeginning: Canaco Resources Inc.
,
portion capitalisation
As of April 28, 2010, CAN had about 133.6 MM common portions issued and outstanding. The company besides had about 10.6 MM options outstanding at an mean exercising monetary value of C $ 0.33/sh, and about 12.9 MM warrants outstanding at an mean exercising monetary value of C $ 0.
33/sh.Harmonizing to CAN ‘s Feb-10 Investor Presentation, the direction, advisers, and insiders as a group clasp about 35-40 % of the company ‘s issued and outstanding common portions. Harmonizing to Bloomberg, the major stockholders of the company are Mr.
Shuixing Fu ( 27.2 % ) , Pinetree Capital Ltd. ( 4.3 % ) , CIBC Securities Inc. ( 1.8 % ) , Mr. Brain Lock ( 1.
0 % ) , and Mr. Randy Smallwood ( 0.8 % ) . Based on the shutting monetary value of C $ 0.63 as on May 13, 2010, the company had a market capitalisation of about C $ 84.
1 MM.
Table Twenty: Share capitalisation
Entire Shares
Strike Monetary value
In-the-Money
Value of Options/Warrants
( MM )
( C $ )
Shares ( MM )
ITM ( C $ MM )
Common Shares Outstanding133.6
–
–
–
Options Outstanding10.6C $ 0.10-C $ 0.677.
41.3Warrants Outstanding12.9C $ 0.
07-C $ 0.4512.94.2
Entire Fully Diluted Shares
157.
0
20.3
5.6
Beginning: Canaco Resources Inc.
Table Twenty: Share capitalisation
Holder Name
Percentage Outstanding
Mr. Shuixing Fu27.2 %Pinetree Capital Ltd.
4.3 %CIBC Securities Inc.1.8 %Mr. Brain Lock1.0 %Mr.
Randy Smallwood0.8 %Beginning: Bloomberg,ManagementCAN has a technically complete and highly-experienced direction squad headed by Mr. Andrew Lee Smith, who has & gt ; 2 decennaries of experience in successful geographic expedition, development, and operation of base and cherished metal excavation and treasure undertakings. As CAN is built on the foundation of extremely experient direction squad, this, in our position, will take the company frontward from the phase of geographic expedition to successful find and resource development.Mr. Andrew Lee Smith ( President & A ; CEO ) is a professional geologist with & gt ; 2 decennaries of rich experience in base and cherished metal excavation and treasure undertakings. Mr. Smith worked with Aurizon Mines Ltd. over 1985-1998, and resigned in 1998 from the place of Vice-President of Exploration. He is besides the co-founder, and retains the place of Chairman and Managing Director, of True North Gems, a publically listed Canadian company, which is engaged in researching and developing emerald and sapphire sedimentations in the Yukon.Mr. Randy V. J. Smallwood ( Independent Director ) brings & gt ; 20 old ages of geographic expedition and excavation experience to the CAN ‘s board. Over 1986-1994, Mr. Smallwood worked with several companies such as Teck Cominco, Homestake, and Westmin Resources on North American mineral geographic expedition and mine development undertakings. In 1994, he joined Wheaton River Minerals Ltd. , and played an of import function in transforming it into a successful junior gold excavation company. Subsequently joined as the Director of Corporate Development in Wheaton River corporate office in 2001, and was responsible for the proficient facets of all undertakings and corporate ratings within the Wheaton River/ Goldcorp/ Silver Wheaton group of companies. He is presently the Executive Vice President, Corporate Development for Silver Wheaton Corp.Mr. David Parsons ( Independent Director & A ; Chairman of the Audit Committee ) joined CAN ‘s board on Apr-05. He is a certified General Accountant with & gt ; 2 decennaries of experience in the excavation industry as Controller, CFO and Director in assorted excavation companies. He besides worked with Wheaton River Minerals Ltd. and was straight involved in the acquisitions by Wheaton and the amalgamation with Goldcorp. Mr. Parsons is presently functioning as the Director, Corporate Services and Financial Analysis for Goldcorp Inc.Mr. Brian Lock ( Director ) has & gt ; 30-years of experience in the operations, feasibleness, design technology, and building of legion base and cherished metal excavation undertakings around the universe. He presently holds the place of Executive Vice President, Frontier Pacific Mining Corporation. He has besides served as a Director of assorted Canadian public and private companies.Dr. Jingbin Wang ( Chairman and Director ) is an expert in mineral geographic expedition and excavation with about 24-years of experience and recognized as a leader in the non-ferrous metals industry in China. He is presently the President of Sinotex Mineral Exploration Co. , Ltd. For his great success in prospecting consequences and scientific research, he has been given a title National Youth Expert for Outstanding Contribution in China. In add-on, he is besides the Chief Scientist of National 973 Program. He besides holds senior degree places in several Chinese companies.Ms. Jacqueline Tucker ( Chief Financial Officer ) is a qualified Chartered Accountant with about 30-years of public pattern experience as an hearer and adviser to public companies. She is besides a member of the Alberta, Ontario and British Columbia Institute of Chartered Accountants. Ms. Tucker has served on legion commissions of her profession including the Audit Assurance Standards Board of Canada.Mr. Chaoxian Zhou ( Deputy General Manager, Officer ) has about 10-years of experience in base and cherished metal resource, oil and gas geographic expedition in Zijin Mining, China National Offshore Oil Company and others. He joined Sinotex as a senior geologist in 2009.Mr. Shuixing Fu ( Senior Geologist, Director ) has a sound experience of more than 20 old ages ‘ in mineral geographic expedition and excavation operation along with scientific research. He is recognized as one of the well-known Geologist in non-ferrous metals industry in China for his accomplishments in prospecting forecast, remote feeling geology and mathematical geology. He has won the first and 2nd National Prize for Progress in Science and Technology four times. He presently holds the Vice General Manager place in SinoTech ( Hong Kong ) Corporation Limited and Sinotex Mineral Exploration Co. , Ltd. Mr. Fu besides serves as Deputy Director of China Nonferrous Metals Resource Geological Survey and Associate Dean of Beijing Institute of Geology for Mineral Resources.Dr. David Groves ( Director of Project Development -Tanzania ) was a Professor of Economic Geology and Director of University Western Australia ‘s Centre for Global Metallogeny. Dr. Groves ‘ major expertness lies in economic geology, the formation of mineral sedimentations, peculiarly gold, and conceptual targeting of mineral sedimentations. Previously, he was the President of the Geological Society of Australia and the Society of Economic Geologists, and is presently President-Elect of SGA ( European Society of Economic Geologists ) . He has received nine decorations for his research, including the Silver Medal of the Society of Economic Geologists and the Geological Association of Canada Medal. Mr. Groves acted as a adviser and provided preparation classs to several geographic expedition companies in Tanzania and besides assisted the Geological Survey of Tanzania and Ministry of Energy and Minerals with their publication on resource chances in Tanzania.Mr. Iain Groves ( Senior Exploration Geologist ) has 20-years of gold and base-metal geographic expedition experience with legion excavation companies including WMC and Homestake. During his calling, he explored for a assortment of trade goods and sedimentation manners, including Ni, Cu, PGEs, Au, Ag and diamonds in diverse terranes including the Yilgarn Lasthenia chrysostomas, Broken Hill, Ballarat, the Tanami, Tanzania and Mexico. Mr. Groves has antecedently been portion of several successful geographic expedition groups at Fortnum ( Au ) and Reliance ( Zn ) .Mr. Denis Dillip ( Tanzania-Consulting Geologist ) is a professional geologist with rich experience in gold geographic expedition from the Archean Greesntone and Proterozoic belts of Tanzania. In 2001, he was engaged as mine geologist at Anglo Ashanti ‘s Geita gold mine, the largest gold mine in east Africa. In 2004, Mr. Dillip served the Anglo gold ashanti geographic expedition squad as undertaking geologist pull offing two undertakings, the Mkurumu and Njoge gold undertakings located in Proterozoic Pan African Mobile Belt of Tanzania.Mr. David W. Moore ( Advisory Board Chairman ) is professional geologist who spent of most of his 30+ twelvemonth calling with Teck Cominco Ltd. ( Cominco Ltd. , Cominco Resources International, Cominco American Incorporated ) . He is presently the President and CEO of Serengeti Resources. Prior to this, he served as the General Manager for Teck Cominco. Mr. Moore besides held a figure of directorships over the past decennary, including with Cominco Argentina Ltd. , Cominco Brazil Ltd. , Cominco Madencilik Sanayi A.S. , Cominco Mexico S.A. de C.V. and Cominco Namibia Ltd.
