Canaco Resources is down 60% today to $0.33. Company still has 100 million in cash and a book value of $0.50. Seems like there are questions with management the updated resource estimate disappointed. Does anybody else know anything else about this stock?
Canaco Resources - CAN.V
||Resources Inc. - CAN.v is advancing the flagship Handeni gold project in Tanzania.|
"CANACO RESPONDS TO BRITISH COLUMBIA SECURITIES COMMISSION NOTICE OF HEARING; BCSC IS PROPOSING TO REWRITE THE RULES OF MATERIALITY, CREATING A CHILLING EFFECT ON JUNIOR MINING COMPANIES IN BC
Canaco Resources Inc. has responded to a notice of hearing received today from the staff of the British Columbia Securities Commission (BCSC) regarding certain infill drill result disclosures made by Canaco in December, 2010.
Canaco expects the hearing will primarily consider whether or not the infill drill results were material. Canaco believes the infill drill results were not material."
The above cannot be helping and today's resource estimate for sure isn't helping.