VANCOUVER, March 22 /CNW/ - Canyon Copper Corp. (the "Company")
(OTCBB:CYOO) announced today that effective March 16, 2007 the Company
acquired 100% title to the mineral claims underlying the Company's New York
Canyon Project subject to certain royalty payments to be paid on commencement
of commercial production on the property. The acquisition of title to the
claims was completed pursuant to the terms of the Property Option Agreement
dated March 18, 2004 and between the Company, Nevada Sunrise LLC, and certain
individual claim owners (the "Optionors"). The final payment due under the
agreement consisted of the issuance of 500,000 shares of the Company's common
stock and a cash payment of $250,000 to the Optionors. The Company received a
final quitclaim deed from the Optionors confirming the transfer of title to
the mineral claims.
The Company intends to continue its mineral exploration program on the
New York Canyon Project in accordance with its 2007 work program. Prior to the
Company's acquisition of the New York Canyon property in 2004, a total of 141
drill holes totaling 111,451 feet of drilling had been completed that outlined
three main mineralized areas: Longshot Ridge, Champion and Copper Queen. The
Company has since completed 16,482 feet of drilling in 40 holes during the
2004 and 2005 campaigns, plus a further 11,605 feet in 33 holes on Longshot
("LSR") during the 2006 program. This brings the total amount of drilling to
214 holes and 139,538 feet cumulative. Studies detailing prior drilling and
exploration results are on file.
The Company plans to advance exploration and development of this late
stage copper molybdenum project. The target is a large porphyry type deposit
with associated high grade skarn mineralization.
About Canyon Copper
Canyon Copper Corp.'s New York Canyon Property is located in the New York
Canyon area of the Santa Fe Mining District, Mineral County, Nevada. The
project hosts oxide and sulphide copper bearing mineralization outlined by
historical operators. The most advanced of these zones is the Longshot Ridge
copper oxide deposit. This zone has not been completely outlined and remains
partially open. The Copper Queen mineralized zone is located approximately
three kilometers west of Longshot Ridge and hosts copper and molybdenum
sulphide mineralization. Several additional mineralized areas identified
throughout the New York Canyon property have yet to be explored.
This Press Release may contain, in addition to historical information,
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. These forward-looking statements are identified by their use
of terms and phrases 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 the Company's expectations, and expressly does not
undertake any duty to update forward-looking statements. These factors
include, but are not limited to the following: the Company's ability to obtain
additional financing, geological, mechanical or other difficulties affecting
the Company's planned geological work programs, uncertainty of estimates of
mineralized material and other factors which may cause the actual results,
performance or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by such
forward- looking statements.
CANYON COPPER CORP.
"Anthony R. Harvey"
For further information:
For further information: Anthony R. Harvey, President and CEO,
Telephone: (604) 331-9326