Canyon Exercises Option to Acquire 100% Interest In Moonlight Property and Receives TSX Venture Exchange Acceptance to Option up to 80% of New York Canyon Project
Vancouver, British Columbia--(Newsfile Corp. - August 20, 2014) - Canyon Copper Corp. (TSXV: CNC) (“Canyon”) is pleased to announce that, following the termination of an option agreement with Sandfield Resources Ltd to acquire an interest in its Moonlight Property, the Company has exercised its option to acquire a 100% interest in the property, located on the northern end of the Walker Lane Belt, in Plumas County, N.E. California. The exercise of the option was completed pursuant to the terms of an assignment agreement with Metamin Enterprises Inc. (“Metamin”), a private company controlled by Benjamin Ainsworth, whereby Metamin assigned to Canyon all of its rights right, title and interest in and to an option agreement dated September 20, 2010, as amended on February 18, 2011 and October 31, 2011, between Metamin and Lester Storey in respect of the Moonlight Property.
Under the terms of the assignment agreement and option agreement, each of Metamin and the vendor will retain a 1% net smelter return on metals extracted from the Moonlight Property, which can be repurchased by Canyon for $1,000,000, and a gross overriding royalty of 2.5% on receipts from the sale of industrial metals.
Benjamin Ainsworth, CEO of Canyon, states “The acquisition of a 100% interest in the Moonlight Property, which occupies approximately 2,500 hectares (6,300 acres) of unpatented claims, is an important milestone for Canyon. Our exploration program will focus on the exploration and drilling of the oxide copper and soluble copper sulphide mineralization located in the Moonlight copper deposit and possible extensions, identified by geochemical surveys on claims adjacent to it.”
New York Canyon Property Option Agreement
Canyon is also pleased to announce that the TSX Venture Exchange has accepted the filing of the property option agreement (the “Agreement”) with Falcon Gold Corp. (“Falcon”) whereby Canyon has agreed to option up to a 80% interest in its New York Canyon Project (see news release dated June 9, 2014). As a result, Canyon received the initial option payments of $20,000 cash, 250,000 common shares of Falcon and warrants to acquire 500,000 common shares of Falcon at $0.10 per share as well as a $30,000 lease payment.
On behalf of the Board of Directors,
“Benjamin Ainsworth”
Canyon Copper Corp.
Benjamin Ainsworth, President
Contact:
Robert Meister
Canyon Copper Corp.
Investor Relations
1-888-331-9326
(604) 331-9326
(604) 684-9365 (FAX)
info@canyoncc.com
Cautionary Statement Regarding Forward Looking Information
This News Release may contain, in addition to historical information, forward-looking statements. These forward-looking statements are identified by their use of terms and phases such as “believe,” “expect,” “plan,” “anticipate” and similar expressions identifying forward-looking statements. Investors should not rely on forward-looking statements because they are subject to a variety of risks, uncertainties and other factors that could cause actual results to differ materially from Canyon's expectations, and expressly does not undertake any duty to update forward-looking statements. These factors include, but are not limited to the following, limited operating history, proposed exploration and/or drill programs and other factors which may cause the actual results, performance or achievements of Canyon to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
