Vancouver, British Columbia, March 13, 2018 - Canyon Copper Corp. ("Canyon") (TSX-V: CNC) is pleased to announce that it has completed the sale of the Moonlight Property to Crown Mining Corp. (“Crown”). Canyon received an exercise notice from Crown to acquire a 100% undivided right, title and interest in its Moonlight property (the “Property”) located in Plumas County in northeast California, USA.
The Property option agreement was entered into with Crown in February 2016 (See press release dated February 29, 2016) providing Crown with the option to acquire the Property at any time on or before the 36-month anniversary of the agreement. Pursuant to the terms of the agreement, total cash consideration of $375,000 was paid by Crown to Canyon along with 2,750,000 shares of Crown. The final payment of $350,000, which is included in the total cash consideration of $375,000, was paid in escrow on February 26, 2018, and released on Mach 5, 2018, once all of the claims were transferred into Crown’s name.
As announced in Canyon’s news release dated February 26, 2018, Canyon is carrying out a 4 hole diamond drilling campaign on its Bootleg Property, located near Creighton, Saskatchewan, Canada. The focus of the drill campaign is to test two high priority gold targets, being the past producing Newcor and Rio gold mines.
On behalf of the Board of Directors,
CANYON COPPER CORP.
Stephen Wallace, President, CEO and Director
Canyon Copper Corp.
Cautionary Statement Regarding Forward Looking Information
This News Release may contain, in addition to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended. 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, Canyon's ability to implement its proposed drill programs on the Bootleg Project, Canyon’s ability to obtain additional financing, uncertainty of estimates of mineralized material 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.
Cautionary Note to U.S. Investors Regarding Estimates of Measured, Indicated and Inferred Resources
This News Release may use the terms “measured”, “indicated” and “inferred” “resources.” We advise U.S. investors that while these terms are recognized and required by Canadian regulations, the SEC does not recognize them. “Inferred resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an “inferred mineral resource” will ever be upgraded to a higher category. Under Canadian rules, estates of “inferred mineral resources” may not form the basis of a feasibility study or prefeasibility studies, except in rare cases. The SEC normally only permits issuers to report mineralization that does not constitute “reserves” as in-place tonnage and grade, without reference to unit measures. U.S. investors are cautioned not to assume that any part or all of a measured, indicated or inferred resource exists or is economically or legally mineable.
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