|VANCOUVER, BC, October 28, 2010 -- Canyon Copper Corp. (the "Company") (OTCBB:CNYC) announced today that, on October 28, 2010, the Board of Directors approved a 79-for-100 reverse split of the Company's common stock (the "Reverse Stock Split"). The Company approved the Reverse Stock Split in order for its capital structure to conform to the capital structure requirements of the TSX Venture Exchange.
Upon completion of the Reverse Stock Split, the Company's authorized capital of common stock will be decreased from 166,666,666 shares, par value $0.00001 per share, to 131,666,666 shares, par value $0.00001 per share, and the issued and outstanding common stock will be reduced from 78,390,307 to 61,928,343 shares. The Reverse Stock Split is expected to be effective on November 24, 2010.
About Canyon Copper
Canyon Copper Corp.'s New York Canyon Property is located in the New York Canyon area of the Santa Fe Mining District, Mineral County, Nevada. The project hosts oxide and sulphide copper bearing mineralization outlined by historical operators. The most advanced of these zones is the Longshot Ridge copper oxide deposit. This zone has not been completely outlined and remains partially open. The Copper Queen mineralized zone is located approximately three kilometres west of Longshot Ridge and hosts copper and molybdenum sulphide mineralization. Several additional mineralized areas identified throughout the New York Canyon property have yet to be explored.
On behalf of the Board of Directors,
CANYON COPPER CORP.
Anthony Harvey, CEO and Chairman
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 the Company's expectations, and expressly does not undertake any duty to update forward-looking statements. These factors include, but are not limited to the following, the Company's ability to obtain additional financing, geological, mechanical or difficulties affecting the Company's planned geological work programs, uncertainty of estimates of mineralized material and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.