Canyon Enters into Limited Forbearance Agreement with Falcon Gold Inc.
VANCOUVER, BC / ACCESSWIRE / August 31, 2015 / Canyon Copper Corp. (TSXV: CNC) ("Canyon") announces that it has entered into a limited forbearance agreement (the "Agreement") with Falcon Gold Corp. ("Falcon") in connection with the late payment of the 2016 Bureau of Land Management fees ("2016 BLM Fee"), the 2015 annual lease payment of $30,000 on the patented claims (the "2015 Lease Payment") and the 2015 option payment of $20,000 (the "2015 Option Payment") due under the option agreement with Falcon (the "Option Agreement"). Under the terms of the Agreement, Canyon has agreed not to exercise its rights to terminate the Option Agreement with Falcon as a result of Falcon's failure to pay the 2016 BLM Fee, the 2015 Lease Payment or the 2015 Cash Option Payment provided that Falcon:
(a) issues and delivers to Canyon the 750,000 common shares of Falcon issuable to Canyon as the first and second anniversary share issuances under the Option Agreement;
(b) pays to Canyon the 2016 BLM Fee (in Canadian equivalent funds) and Canyon's legal fees in connection with the 2016 BLM filings on or before September 30, 2015; and
(c) pays to Canyon the 2015 Cash Option Payment and the 2015 Lease Payment on or before September 30, 2015;
If Falcon fails to make the above payments and share issuances on the dates set forth above, Canyon will be entitled to terminate the Option Agreement.
On behalf of the Board of Directors,
"Benjamin Ainsworth"
CANYON COPPER CORP.
Benjamin Ainsworth, President
Contact:
Canyon Copper Corp.
Investor Relations
1-888-331-9326
(604) 331-9326
(604) 684-9365 (FAX)
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, Falcon's ability to satisfy all payments and obligations due under the Agreement, uncertainty of estimates of mineralized material 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.
SOURCE: Canyon Copper Corp.
