Canyon options up to 70% interest in Moonlight Property to Sandfield

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[{"type":"text","content":"\n\n\n\n\n\nOTCBB: CNYC TSXV: CNC\n\n\nVANCOUVER, Jan. 24, 2013 /CNW/ - Canyon Copper Corp. (\"Canyon\") (TSX-V: CNC) (OTCBB: CNYC) is pleased to announce that it\n has entered into an agreement (the \"Agreement\") with Sandfield\n Resources Ltd. (\"Sandfield\") whereby Canyon has agreed to transfer to\n Sandfield up to a 70% interest in its optioned Moonlight\n Copper-Porphyry Property.  The Moonlight Property is comprised of 307\n unpatented claims having an area of approximately 6,300 acres and is\n located on the northern end of the Walker Lane Belt in Plumas County,\n California.\n\n\nUnder the terms of the Agreement, Sandfield will earn a 60% interest in\n the Moonlight Property (the \"Initial Interest\") upon:\n\n\n\n\n\n(a)     \n\n\npaying Canyon $125,000 on TSX Venture Exchange approval of the\n Agreement;\n\n\n \n\n\n \n\n\n(b)     \n\n\nissuing Canyon 500,000 common shares on the date Sandfield lists its\n common shares on the TSX Venture Exchange;\n\n\n \n\n\n \n\n\n(c)    \n\n\nincurring $100,000 of exploration expenditures on or before May 31,\n 2013;\n\n\n \n\n\n \n\n\n(d)     \n\n\npaying Canyon $125,000 and incurring an additional $500,000 of\n exploration expenditures by the second anniversary of the Agreement;\n and\n\n\n \n\n\n \n\n\n(e)     \n\n\npaying Canyon $125,000, issuing Canyon 2,500,000 common shares and\n incurring an additional $1,000,000 of exploration expenditures by the\n third anniversary of the Agreement.\n\n\n\n\n\nSandfield will be able to earn an additional 10% interest in the\n Moonlight Property (the \"Secondary Interest\") by issuing Canyon\n 2,500,000 common shares and incurring an additional $3,000,000 of\n exploration expenditures by the fifth anniversary of the Agreement. \n Sandfield will also be responsible for all payments and share issuances\n required by the underlying option and assignment agreements and paying\n all BLM claim maintenance fees.\n\n\nIf Sandfield exercises the Initial Interest, Canyon and Sandfield will\n form a joint venture for the purpose of carrying out further\n exploration and development of the Moonlight Property.\n\n\nThe Agreement is subject to Canyon obtaining approval from the TSX\n ...

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