Copper Canyon and Egoli Gold Amend Abo Option Agreement
2008年12月19日 - 12:30AM
Marketwired
Copper Canyon Resources Ltd. (TSX-V: CPY) and Egoli Resources Inc.
(a private British Columbia Corporation) have agreed to amend
Egoli's option to earn a 75% interest in Copper Canyon's wholly
owned Abo Gold Property (the Property) located in the Harrison Lake
area of south-western British Columbia, approximately 130km east of
Vancouver. Under the modified terms of the agreement, Egoli may
earn a 75% interest in the Property by completing $6,050,000 in
exploration expenditures, paying Copper Canyon $1,385,000 in cash
and issuing 1,500,000 common shares of Egoli over a 5 year period.
The Property is 100% owned by Copper Canyon and consists of 2427
ha which were staked by Eagle Plains Resources in 2000 and
subsequently transferred to Copper Canyon in 2006 as part of a Plan
of Arrangement. The claims overlie a number of gold occurrences
associated with a series of intrusive stocks. Accessory minerals
include copper, silver, lead, zinc, molybdenum, tungsten and
bismuth. The Property is road-accessible year-round. Hydroelectric
power, natural gas and rail-service are located within 3 kilometers
of property boundaries.
The Property area has been held or optioned by various operators
since the early 1970s including Abo Resources, Kerr Addison Mines
Ltd. (Kerr Addison) and Bema International Resources Ltd.
Exploration work has included mapping, soil sampling, ground-based
geophysics and a total of 13,856m (45,448') of diamond drilling.
Some small-scale underground development has also been completed.
Most of the work was focused on the northern part of the Property
in the area of the Jenner and Portal Stocks. Drill results reported
from the Portal Zone include 30 meters averaging 3.17 g/t gold
(EMPR ASS RPT 19584). Drill results reported from the Jenner Stock
include 64m averaging 3.77 g/t (EMPR ASS RPT 20144). In 1987, Kerr
Addison collected a 1053 tonne bulk sample from the Jenner Stock
underground workings. Using the metallurgical results from this
sample combined with extensive underground sampling and results
from diamond drilling, Kerr Addison reported and indicated a grade
of 3.2 - 4.1 g/t Au with an inferred tonnage of 1.3 million tonnes
from surface to 100m elevation, and an additional 2.2 million
tonnes from surface to sea level (EMPR ASS RPT 20144, MINFILE
#92HSW092). Other gold-bearing stocks identified on the Property
include the Hill and Lake Stocks. These areas have seen limited
exploration in comparison to the Jenner-Portal Stocks areas.
Diamond drill intersections reported from the Hill Stock area
include DDH BX88-130 which averaged 3.54 g/t Au and 6.3 g/t Ag over
27 meters, and contained 8m averaging 8.7 g/t Au and 14.2 g/t Ag
(EMPR ASS RPT 20144).
In 2002, Barry Price was retained by Eagle Plains to provide a
NI 43-101 compliant resource estimate for the Abo project based on
historical results. Price estimated an Indicated Resource of
1,845,000 tonnes averaging 2.79 g/t or 165,200 oz in situ, with a
further Inferred Resource of 613,600 tonnes averaging 2.79 g/t or
55,100 oz. These resources are contained within the Jenner and
Portal Stock zones.
Copper Canyon Resources was created by way of a Plan of
Arrangement on June 9, 2006. Shareholders of Eagle Plains Resources
Ltd. approved the plan to reorganize the Company's mineral property
assets in an effort to maximize shareholder value. Under the terms
of the arrangement, three of Eagle Plains' projects, Copper Canyon,
Severance and Abo (Harrison) Gold, were transferred into Copper
Canyon on a one-for-one share basis.
On behalf of the Board of Directors
"Tim J. Termuende"
President and CEO
Cautionary Note Regarding Forward-Looking Statements
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. This
news release may contain forward-looking statements including but
not limited to comments regarding the timing and content of
upcoming work programs, geological interpretations, receipt of
property titles, potential mineral recovery processes, etc.
Forward-looking statements address future events and conditions
and, therefore, involve inherent risks and uncertainties. Actual
results may differ materially from those currently anticipated in
such statements.
Distributed by Filing Services Canada and retransmitted by
Marketwire
For further information, please contact: Mike Labach 1 866 HUNT
ORE (486 8673) Email: Email Contact http://www.copcanyon.com/
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