Business
Canyon Options up to 80% Interest in New York Canyon Project
Vancouver, British Columbia--(Newsfile Corp. - June 9, 2014) - Canyon Copper Corp.   (TS...
About this update from Searchlight Resources Inc.
[{"type":"text","content":"\nCanyon Options up to 80% Interest in New York Canyon ProjectVancouver, British Columbia--(Newsfile Corp. - June 9, 2014) - \nCanyon Copper Corp.  (TSXV: CNC) (OTC: CNYCD) (\"Canyon\")  is pleased to announce that it has entered into a property option agreement (the \"Agreement\") with Falcon Gold Corp. (\"Falcon\") whereby Canyon has \nagreed to option up to a 80% interest in its New York Canyon Project. The New York Canyon Project is comprised of 190 unpatented claims as well as 21 patented claims covering an area of approximately 3,800 acres located in Mineral County, Nevada. \n\n\nUnder the terms of the Agreement, Falcon may earn a 60% interest in the New York Canyon Project (the \"First Interest\") upon: \n\n\n\t\n(a) \t\n\t\nmaking cash payments to Canyon totaling $150,000;\n\t\n\n  \n\t\n(b) \t\n\t\nissuing Canyon a total of 1,500,000 common shares;\n\t\n\n  \n\t\n(c) \t\n\t\nincurring a total of $2,000,000 of exploration expenditures on the New York Canyon Project; and\n\t\n\n  \n\t\n(d) \t\n\t\ngranting to Canyon 500,000 share purchase warrants exercisable at $0.10 for a 2 year period.\n\t\n\n\n\nFalcon will also have the right to increase its interest to 80% in the New York Canyon Project (the \"Second Option\"). In order to exercise the Second Option, Falcon will be required to issue to Canyon an additional 1,000,000 common \nshares and complete a preliminary economic Assessment (\"PEA\") by the sixth anniversary of the Agreement. \n\nUnder the terms of the Agreement, Falcon will also pay Canyon a lease payment of $30,000 per year in connection with the patented claims, and Falcon will be responsible for all BLM filing fees for the unpatented claims. \n\nIf Falcon exercises an 80% interest or elects to proceed with a 60% interest, the parties will form a joint venture for the purpose of carrying out further exploration and development of the New York Canyon Project. \n\nThe Agreement is subject to Falcon completing due diligence to its satisfaction during a 60 day period and the parties obtaining approval from the TSX Venture Exchange. \n\nOn behalf of the Board of Directors, \n\n\"Benjamin Ainsworth\" \n\nCANYON COPPER CORP. \nBenjamin Ainsworth, President\n\n\nContact: \nCanyon Copper Corp. \nInvestor Relations \n1-888-331-9326 \n(604) 331-9326 \n(604) 684-9365 (FAX) \ninfo@c...