🕐12.05.10 - 19:20 Uhr
Gold Canyon Updates Rare Earth Elements Joint Exploration Agreement with the Jap
an Oil, Gas and Metals National Corporation
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Re: News Releases - Wednesday, May 12, 2010
Gold Canyon Updates Rare Earth Elements Joint Exploration
Agreement with the Japan Oil, Gas and Metals National Corporation
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Gold Canyon Resources Inc.
(GCU: TSX-V) ("Gold Canyon" or "the
Company") is pleased to announce that its wholly owned subsidiary Gold
Canyon Kratz Spring LLC and its joint venture participant Japan Oil,
Gas and Metals National Corporation (JOGMEC) have reached an agreement
for the April 2010 -- March 2011 fiscal year scope of work program and
budget on May 11, 2010.
Under the terms of the Joint Exploration
Agreement (JEA), JOGMEC holds an 80% option to all of the JEA projects
and the budget of US $1,084,500 was approved for this fiscal year.
JOGMEC is a government organization established under the Japanese
Ministry of Economy, Trade and Industry, and is responsible for
fostering international exploration and development of strategic
minerals, amongst other mineral and petroleum related activities.
The JEA was formed in January 2009.
Gold Canyon Kratz Spring LLC, as
the operator of the JEA, conducts Rare Earth Element (REE) exploration,
project identification and evaluations.
The 2009 objective of the JEA
was to identify, analyze and perform evaluations leading to production
of REEs from Iron Oxide Copper Gold +/-Rare Earth Element (IOCG+/-REE)
style deposits.
During the forthcoming fiscal year, work will continue
on projects identified during the 2009 fiscal year that have met JEA
qualifications for further evaluation.
An additional US$ 80,000 was
approved for due diligence work on one of the Scandinavian IOCG+/-REE
projects.
The April 2010 - March 2011 fiscal year budget will expand the scope of
work to be completed by the JEA, to include REE exploration and project
identification within geological domains other than IOCG+/-REE.
About Gold Canyon Resources Inc.:
Gold Canyon is engaged in the acquisition and exploration of mineral
and precious metals properties.
The Company controls a 100% interest in
the Springpole Gold - Horseshoe Island Gold, Platinum, Palladium
Project and Favourable Lake Poly-metallic property currently under
option to Shoreham Resources Inc.
pursuant to an option and joint
venture agreement entered into in December 2005 - all in the Red Lake
Mining District of Ontario, Canada.
Through its wholly owned U.S.
subsidiary, Gold Canyon Resources USA
Inc., the Company controls a 100% interest in the Cordero Gallium
Project situated in Humboldt County, Nevada, U.S.A.
Gold Canyon entered into a Joint Exploration Agreement with the Japan
Oil, Gas and Metals National Corporation (JOGMEC) in January 2009.
Additional information can be found on the Companys website:
www.goldcanyon.ca
Akiko Levinson,
President & Director
For further information, please contact:
Tel: (604) 682-3234 | Toll free: 1 (888) 242-3234 | Fax: (604) 682-0537
Investor Relations: Leo Karabelas, Tel: (416) 543-3120 |
Email:
Certain statements contained in this news release using the terms
"may", "expects to", "project", "estimate", "plans", and other terms
denoting future possibilities, are forward-looking statements in
respect to various issues including upcoming events based upon current
expectations which involve risks and uncertainties that could cause
actual outcomes and results to differ materially.
The future conduct of
the Companys business and the feasibility of its mineral exploration
properties are dependent upon a number of factors and there can be no
assurance that the Company will be able to conduct its operations as
contemplated and the accuracy of these statements cannot be guaranteed
as they are subject to a variety of risks that are beyond our ability
to predict or control and which may cause actual results to differ
materially from the projections or estimates contained herein.
The
risks include, but are not limited to, the risks described in the above
press release; those risks set out in the companys disclosure
documents and its annual, quarterly and current reports; the fact that
exploration activities seldom result in the discovery of a commercially
viable mineral resource and are also significant amounts of capital to
undertake and the other risks associated with start-up mineral
exploration operations with insufficient liquidity, and no historical
profitability.
The Company disclaims any obligation to revise any
forward looking statements as a result of information received after
the fact or regarding future events.
Neither the 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 news
release.
Associated File:
http://www.goldcanyon.ca/i/pdf/gcu-news-2010-0512-1.pdf
18 KB in size, approx.
4 seconds to download at 56.6Kbps
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Copyright (c) 2010 GOLD CANYON RESOURCES INC.
(GCU) All rights
reserved.
For more information visit our website at
http://www.goldcanyon.ca/ or send mailto:
Message sent on Wed May 12, 2010 at 10:08:27 AM Pacific Time
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