The Financial Post reports in its Wednesday, July 14, edition that Canaco Resources surged 44 cents to close on the TSX Venture Exchange Tuesday at $1.52 (all figures Canadian unless otherwise stated). The Post's David Pett writes in the Trading Desk column the stock jumped after the company said its flagship Handeni project in eastern Tanzania may have more to it than originally thought. On Monday, Canaco released solid drilling results from the Magambazi and Magambazi North zones of the 100-per-cent-owned project, and a reinterpretation of the deposit's geometry that Daniel Earle, an analyst at TD Newcrest said "dramatically increases its potential tonnage." Mr. Earle increased his estimate for the Magambazi deposit to 3.1 million ounces grading 3.4 grams per tone of gold and now models average production of 288,000 ounces per year at total cash costs of $261 (U.S.) per ounce over a 10-year mine life. As a result, he increased his net asset value estimate to $3.93 per share from $1.61 and his target price to $4 from $1.25. His "speculative buy" rating remains unchanged.