VANCOUVER, BC, December 20th, 2011 - Canyon Copper Corp. ("Canyon Copper") (TSX-V: CNC) (OTCBB: CNYC)
Canyon Copper is pleased to advise that the new assay results for the 33 drill hole program carried out on Longshot Ridge in 2006 have been received and will be applied in a recalculation of the 2010 resource estimate, which mineralization was modeled using only those holes drilled in the years previous to the 2006 program. The assays are from drill holes that were mainly outlining the Longshot Ridge copper oxide deposit or infilling gaps in the original drill pattern, and will be included in a revised resource estimate when they have been audited by an independent consultant for quality assurance (QA) and quality control (QC) and incorporated in the data base.
With this addition to the data base, the new assay results will be used to obtain a new resource calculation which is expected to give a more robust estimate of the project and assist in directing further drilling of the project. As any changes in the resource estimate are anticipated to be less than the trigger for material change consideration the estimate will be published as an independent estimate in early 2012.
The need to re-assay came about because the 2006 data had not met the QA/QC requirements of management. The re-assay work was carried out by American Assay Laboratories (AAL) in Sparks Nevada, which is an independent ISO 17025 certifiable assay laboratory. A critical problem of the original assays related to another laboratory which used a sample aliquot (weight) of 0.5 gm of pulp out of a total original sample weight of 2-5 kgs for assays. This is typical for geochemical analyses, but it is more appropriate to use a larger aliquot for assay work to give better repeatability in check assays as was conducted by AAL.
The Longshot Ridge copper oxide deposit at the New York Canyon project together with Canyon Copper's recent entry into an assignment agreement to acquire the Moonlight copper oxide deposit, which is subject to the approval of the TSX Venture Exchange, has positioned Canyon Copper with two oxide targets while also allowing CNC to explore two associated bulk tonnage copper sulphide targets.
Mr. Ainsworth, P. Eng, BC, with Licence #8648 and the President of the Company, is a Qualified Person as defined by NI 43-101 and has reviewed and approved the contents of this news release.
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 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, the Company's ability to complete the planned exploration program on the New York Canyon Project, 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.
Cautionary Note to U.S. Investors Regarding Estimates of Measured, Indicated and Inferred Resources
This News Release uses the terms "measurer", "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 measurers. The term "contained copper pounds" used in this News Release is not permitted under the rules of the SEC. U.S. investors are cautioned not to assume that any part or all of a measurer, indicated or inferred resource exists or its economically or legally mineable.
NEITHER 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 RELEASE.