VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov 9, 2012) - Canaco Resources Inc. (TSX VENTURE:CAN) ("Canaco" or the "Company") announces it will hold its annual and special meeting (the "Meeting") of shareholders at 10:00am on December 21, 2012. The meeting will be held at the Company''s office at 3114-1055 Dunsmuir Street in Vancouver, BC. The Company has fixed November 20, 2012 as the record date for determining shareholders entitled to vote at the meeting.

The Company also announces amendments to its by-laws to include an advance notice policy (the "Policy") which requires advance notice to the Company in circumstances where nominations of persons for election to the Board of Directors are made by shareholders of the Company other than pursuant to: (i) the requisition of a meeting, or (ii) a shareholder proposal, both made pursuant to the provisions of the Canada Business Corporations Act (the "Act").

Among other things, the Policy fixes a deadline by which holders of record of common shares of the Company must submit director nominations to the Company prior to any annual or special meeting of shareholders and sets forth the information that a shareholder must include in the notice to the Company. In the case of an annual meeting of shareholders, notice to the Company must be provided not less than 30 days prior to the date of the annual meeting.

In the case of a special meeting of shareholders (which is not also an annual meeting), notice to the Company must be provided no later than the close of business on the 15th day following the day on which the first public announcement of the date of the special meeting was made.

For the Meeting, any notice delivered to the Company prior to the close of business on November 21, 2012 shall be deemed to have been timely delivered.

The amended by-laws, which include the Policy, are effective as of the date they were approved by the Board of Directors, being November 7, 2012. In accordance with the Act, the amendments to the Company''s by-laws are subject to confirmation by shareholders at the Meeting. The amended by-laws, which contain the full text of the Policy, are available under the Company''s profile on SEDAR at www.sedar.com.

About Canaco

Canaco is a Vancouver-based mineral exploration company focused on advanced exploration projects in Africa. The Company has $91 million cash and no debt. Canaco''s shares trade on the TSX Venture Exchange under the symbol CAN