VANCOUVER, BC, April 30, 2015.
Canyon Copper Corp. ("Canyon") (TSX-V: CNC) is pleased to announce that it has signed a letter of intent with Crown Mining Corp. ("Crown") whereby the parties have agreed to enter into a definitive agreement (the "Definitive Agreement") setting forth the terms of the proposed sale of the Moonlight Property to Crown (the "Transaction").
Under the proposed terms of the Definitive Agreement, Canyon will transfer all of its interest in and to the Moonlight Property to Crown and, in consideration of which, Crown will pay Canyon CAD $350,000 and issue 2,000,000 common shares of Crown on closing of the Definitive Agreement.
Under the letter of intent, Canyon has granted Crown the exclusive right to negotiate the acquisition of the Moonlight Property until July 31, 2015. In consideration of this right, Crown has paid Canyon CAD $6,250.
The closing of the Transaction will be subject to customary conditions as well as (A) the existing advanced royalty holders (the "Advanced Royalty Holders") approving the: (i) elimination of the advanced royalty payments, (ii) an increase in each of the Advance Royalty Holder's net smelter returns from 1.0% to 1.25%, and (iii) the issuance of 300,000 common shares of Crown to each of the Advance Royalty Holders, (B) acceptance by the TSX Venture Exchange of the Definitive Agreement and the transactions contemplated therein, and (C) approval of the shareholders of Canyon of the Transaction.
The parties have until July 31, 2015 to settle the Definitive Agreement. If the Definitive Agreement is not executed by that date, the letter of intent will terminate.
On behalf of the Board of Directors,
CANYON COPPER CORP.
Benjamin Ainsworth, President
Canyon Copper Corp.
(604) 684-9365 (FAX)
Cautionary Statement Regarding Forward Looking Information
This News Release may contain, in addition to historical information, forward-looking statements. These forward-looking statements are identified by their use of terms and phases 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 Canyon's expectations, and expressly does not undertake any duty to update forward-looking statements. These factors include, but are not limited to the following, limited operating history, proposed exploration and/or drill programs and other factors which may cause the actual results, performance or achievements of Canyon to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
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