|Canyon Copper Corp. ("Canyon") (TSX-V: CNC) is pleased to announce that it has entered into a purchase agreement (the "Purchase Agreement") with Jaycor Mining Inc. ("Jaycor") and Canyon Copper (USA) Ltd., a wholly owned subsidiary of Canyon, whereby Canyon has agreed to acquire 18 patented mineral claims totalling 360 acres (the "Jaycor Claims"), which are currently leased by Canyon from Jaycor pursuant to the terms of a lease agreement dated July 21, 2004.
Under the terms of the Purchase Agreement, Canyon will acquire a 100% interest in the Jaycor Claims, which will result in the termination of the lease agreement, in consideration of the issuance of 600,000 common shares of Canyon.
The Jaycor Claims will continue to be subject to a 1.75% net smelter return royalty, which is payable up to USD$2,000,000 on all minerals except decorative stone.
The Purchase Agreement and the transactions contemplated therein are subject to the acceptance of the TSX Venture Exchange.
On behalf of the Board of Directors,
CANYON COPPER CORP.
Benjamin Ainsworth, CEO and President
Canyon Copper Corp.
(604) 684-9365 (FAX)
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Canyon cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Canyon's control. Such factors include, among other things, risks and uncertainties relating to the Canyon's limited operating history and implementation of its exploration program on its mineral properties. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Canyon undertakes no obligation to publicly update or revise forward-looking information.
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.