Copper Canyon Board of Directors Responds to NovaGold's Extension of its Hostile Takeover Bid

Copper Canyon Resources Ltd. ("Copper Canyon" or the "Company") (TSX
VENTURE:CPY) has received the notice of extension dated February 23, 2011
("Notice of Extension") from NovaGold Resources Inc. ("NovaGold") extending its
hostile takeover bid for all of the outstanding Copper Canyon shares (the
"NovaGold Offer") until 5:00 p.m. Eastern Time on March 8, 2011. The Board of
Directors of the Company (the "Board") has reviewed the Notice of Extension and
is disappointed that NovaGold has not increased the offer price for Copper
Canyon shares. The Board believes that the NovaGold Offer substantially
undervalues the Copper Canyon shares for the reasons the Board indicated in the
Board's directors' circular (the "Directors' Circular") filed and mailed to
Copper Canyon shareholders on February 2, 2011.


NovaGold's Failure to Honour the Right of First Refusal

The Notice of Extension refers to correspondence between legal counsel for
Copper Canyon and NovaGold pertaining to the Company's right of first refusal
relating to the Copper Canyon property. NovaGold has disclosed in the NovaGold
Offer and in its previous public disclosure documents that it holds its interest
in the Copper Canyon property in trust for the Galore Creek Partnership, a 50/50
partnership between NovaGold and Teck Resources Limited.


Copper Canyon has, through its legal counsel, twice requested that NovaGold
provide documentation relating to the transfer of NovaGold's beneficial interest
in the Copper Canyon property to the Galore Creek Partnership and is still
awaiting receipt of those documents. The Board is of the view that this transfer
may have triggered the Company's right of first refusal relating to the Copper
Canyon property, giving the Company the right to acquire NovaGold's 60% interest
in the Copper Canyon property at a price equal to the amount that the Galore
Creek Partnership agreed to pay for such interest. Copper Canyon intends to
vigorously enforce its rights.


Shareholders Rights Plan

On February 23, 2011, NovaGold made an application to the British Columbia
Securities Commission ("BCSC") requesting that the BCSC promptly hold a hearing
to consider cease trading of Copper Canyon's shareholders rights plan (the
"Plan"). The BCSC is scheduled to hear this application on March 4, 2011. Copper
Canyon intends to contest this application, as the Board is of the opinion that
the Plan is necessary to provide time while Copper Canyon enforces its rights
under the right of first refusal, clarifies the full extent of its ownership of
the Copper Canyon property and seeks alternative offers.


The Board Reaffirms its Recommendation that Shareholders REJECT the NovaGold Offer

The Board continues to reaffirm its unanimous recommendation that Copper Canyon
shareholders REJECT the NovaGold Offer, and NOT TENDER their shares to the
NovaGold Offer. Further details on the Board's recommendation are contained in
the Directors' Circular, which has been filed on the SEDAR website at
www.sedar.com.


How to WITHDRAW Copper Canyon Shares from the NovaGold Offer

Copper Canyon shareholders who have deposited Copper Canyon shares under the
NovaGold Offer are urged to withdraw those Copper Canyon shares. Please see the
Directors' Circular for instructions with respect to withdrawing your Copper
Canyon shares or, for additional information or assistance, please contact Mike
Labach at 1 866 HUNT-ORE (486-8673).


The Board intends to communicate further with Copper Canyon shareholders prior
to the expiry of the NovaGold Offer as and when material matters should arise.


About Copper Canyon

Copper Canyon Resources was created by way of a Plan of Arrangement on June 9,
2006. Shareholders of Eagle Plains Resources Ltd. (TSX VENTURE:EPL) 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
Plain's projects: Copper Canyon, Severance and Abo (Harrison) Gold, were
transferred into Copper Canyon.


On behalf of the Board of Directors

Tim J. Termuende, President and CEO

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.

Cooper Canyon Resources Ltd (TSXV:CPY)
過去株価チャート
から 5 2024 まで 6 2024