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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:...
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[{"type":"text","content":"\nCanyon Exercises Option to Acquire 100% Interest In Moonlight Property and Receives TSX Venture Exchange Acceptance to Option up to 80% of New York Canyon ProjectVancouver, 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 \nexercised 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 \nMetamin 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 \non February 18, 2011 and October 31, 2011, between Metamin and Lester Storey in respect of the Moonlight Property. \n\nUnder 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 \noverriding royalty of 2.5% on receipts from the sale of industrial metals.\n\nBenjamin 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 \nprogram 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.”\n\nNew York Canyon Property Option Agreement \n\nCanyon 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% \ninterest 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 commo...