Searchlight Resources Inc (SCLTF)

[TORPEDO]

CYNC summary – 6-6-11



Canyon Copper Corp (CNYC.OB)
1199 West Pender St., Suite 408
Vancouver, BC V6E 2R1
Phone: [phone]
Fax: [phone]
URL: www.canyoncc.com
Email: [e-mail]
IR: Robert Meister, Phone: [phone] x-231 / 1.604.331.9326 x-231 / [e-mail]

A resource exploration company with a well-advanced copper (both Oxide and Sulphide) and Molybdenum project. The Property lies within the famous Walker Lane Structural Belt of western Nevada, in Mineral County, Nevada, near the town of Luning. Canyon Copper holds a 100% interest in over 1,300 plus mineral claims (21 patented claims and 1,332 unpatented claims) representing approximately 27,000 acres.]

Immediate Corporate Objectives:
-- Develop a bulk tonnage Copper and Molybendum property in a 5km x 3 km mineralized belt.
-- Aggressive drill program to expand current NI 43-101 resource.
-- Acquisition of neighboring properties with significant resources.
-- Aim to establish a 2 billion lb. copper / molybdenum/gold resource and become a near-term producer.




MARKET CAP ~ $21,674,800 ($.35)


SHARE STRUCTURE:
Authorized Shares = 74,785,143
Outstanding Shares = 61,928,000
Held by Insiders = ~ 80-85%
Warrants Outstanding = 7,756,988 $0.08 June 30, 2011
Options Outstanding = 3,548,434 $0.27
Float = 15,800,000

FINANCING:
MAX Funds Raised = $0.35 - $4,500,000
MAX Shares Issued = 12,857,143
MAX Warrants (1/2 Warrant at $0.50) = 6,428,571
Broker Warrants = 1,680,000 (?)

Post Financing:
If financing completed to a maximum:
Shares Issued 74,785,143


AWAITING:
1. Announcement – settlement of trance of non-brokered PP.
2. TSX listing.
3. Marketing campaign targeting brokerage houses in Canada.
4. 3-5 drill units on site.
5. Hiring of new geologist for site management.
6. Property reassessment of core samples for value.
7. Pre-feasibility study.
8. Feasibility study.
9. Production
10. U.S. up-listing to AMEX
11. Acquisition of neighboring properties w/ significant resources around existing site in near future.






____Location of CNYC Project Area in Nevada____________Map of CNYC Claims: 1,353 mineral claims, 27,000+ acres




Identification 3 Primary Mining Zones: 1,353 mineral claims, 27,000+ acres




1. COPPER QUEEN – on the west.
Has no exposed mineralization at surface, but contains Cu sulfide skarn at depth and an incompletely confirmed Cu-molybdenum sulphide porphyry system at greater depth.


2. CHAMPION – in the center.
Numerous widespread exposures of copper skarn mineralization, both in surface outcrop and abundant old mine workings.


Picture of Copper Queen and Champion Mineralized Zones




3. LONGSHOT RIDGE – on the east.

Numerous widespread exposures of copper skarn mineralization, both in surface outcrop and abundant old mine workings.
Majority of recent exploration efforts have been focused on extensive oxide Cu skarn mineralization at this location.
Formation: The Cu mineralization and associated alternation here at Longshot are projects of an extensive Cu-rich skarn system formed in carbonaceous sediments of the Luning, Gabbs and Sunrise Formations. Small amounts of Cu occur also in stockwork veinlets in felsic porphyry intrusive sills and dikes. The Cu mineralization consists almost entirely of secondary copper minerals, principally malachite, axurite, chrysocalla, and copper wad, in order of abundance. Additionally, some Cu-rich limonite (goethite) has been reported.

Deposit centralization: About 90% of the Longshot mineralization is within the 2 upper units of the Gabbs Formation. Drilling reveals that the strongest, thickest, and most continuous mineralization occurs in a NE-trending zone, 200’ W x 1300’ L, which is crossed by 2 NW-trending structurally-controlled high-grade zones, each about 100’ W and from 400-700’ L.


3-D Video of Cu Occurrence at Longshot Ridge – IMPRESSIVE -- http://www.canyoncc.com/s/NYCLongshot.asp?ReportID=439242


2004 Drilling Results, Longshot Ridge
-- Completed 2 diamond drill holes on Longshot: Drill hole 04-01 intersected 193’ of 0.547% Cu (from 20’ – 213’) including 50’ of 0.827% Cu (from 80’ – 130’). This hole ended in strong Cu mineralization.
-- Drill hole 04-03 was a vertical hole drilled to a depth of 43’. While drilling the hole, it was recognized that previousl drill holes in the vicinity had encountered significant mineralization at the contact of the overlying oxidized Gabbs Formation and the underlying Luning Formation, and this hole was extended to test this target. This drill hole (04-03) intersected 370’ of 0.314% Cu (from 25’ – 395’) including 140’ of 0.549% Cu (25’ – 1.65’.) and 35’ of 0.709% Cu (70’ – 105’).










Picture of Longshot Ridge drilling hole 04-03 and Copper Oxide Cores




Picture of Longshot Ridge




Site Picture




Site Picture – Core Drilling




PRINCIPALS:

Anthony R. Harvey, CEO, COB
Member of Advisory Board, Audit Committee and Disclosure Committee

Benjamin Ainsworth, President, Secretary, Director
Member of Disclosure Committee

Kurt Bordian, CFO, Treasurer
Member of Disclosure Committee

James Yates, Director
Over 25 years experience in mineral exploration and has served as director and officer of several public mining companies, such as ESO Uranium (TSX-V: ESO), and Nevada Geothermal power, Inc. (TSD-V: NGP).

Bryan Wilson, Director
Over 18 years varied career in fields of mining exploration and dvpmt, and 12 years in fin’l svcs.

Chris Broili, Project Mgr., NY Canyon Exploration project
Member of Disclosure Committee



HISTORICAL:


5-26-11 – Statement of Changes in Beneficial Ownership of Securities
http://www.sec.gov/Archives/edgar/data/1112706/000128483411000048/0001284834-11-000048-index.htm


5-17-11 – 8K – Milton Datsopolous resigns as member of Board of Directors.
Milton Datsopoulos resigned as member of Board of Directors. No disagreement with company.
http://biz.yahoo.com/e/110517/cnyc.ob8-k.html


5-16-11 – 8K – Unregistered Sale of Equity Securities, Fin’ls., and Exhibits
Reports non-brokered foreign Private Placement of May 11, 2011
http://biz.yahoo.com/e/110516/cnyc.ob8-k.html


5-14-11 – Financials – March 31, 2011
http://finance.yahoo.com/q/is?s=cnyc.ob


5-12-11 – News – Canyon Copper Completes First Tranche of Non-Brokered Private Placement
http://www.canyoncc.com/s/NewsReleases.asp?ReportID=456849&_Type=News-Releases&_Title=Canyon-Copper-Completes-First-Tranche-of-Non-Brokered-Private-Placement


5-11-11 – Non-Brokered Private Placement (rpt’d. in May 16, 2011 8K)
1. Issued 3,206,602 units @ $0.35 CDN per Unit = $1,112,310.70 CDN.’
2. Each unit consists of 1 sh common stock (“Share”) and ½ share non-transferable purchase Warrant (“Warrant”).
3. Each whole Warrant entitles the holder to purchase an add’l Share of the Corporation at a price of $0.50 CDN / Share until November 10, 2012.
4. Company may accelerate expiry date, the accelerated expiry date w/b 30 days after the Company sends out notice of acceleration.
5. Company did not engage in a distribution of this offering in the US.
6. Share issuance represents the first tranche of the Company’s previously announced non-brokered foreign PP offering. Proceeds of offering w/b used to fund the Company’s exploration program on the New York Canyon Project, as well as for gen’l working capital and corporate purposes.
7. Also issued 142,857 units @ $.035 CDN per Unit for total proceeds of $50,000 CDN to a director of the Company.
http://biz.yahoo.com/e/110516/cnyc.ob8-k.html


5-10-11 – 10Q – March 31, 3011
http://biz.yahoo.com/e/110510/cnyc.ob10-q.html


4-6-11 – 8K – Conditional Approval to List as Tier 1 Mining Issuer
http://biz.yahoo.com/e/110406/cnyc.ob8-k.html


4-4-11 – News – CNYC Announces Conditional Approval to List on TSX Venture Exchange
http://biz.yahoo.com/e/110406/cnyc.ob8-k.html


3-4-11 – Telecon – Rigatoni interpretation of telecom w/ CEO, Anthony Harvey
-- He was hired to come in + clean up company; he fired all previously involved; company did a reverse to clean out bad management.
-- He has 50 years in mining business.
-- He has put 19 mines into production.
-- He has put 3 oil and gas projects into production.
-- He has worked on projects in 15 countries.
-- Just based on 43-101 report, they have a big property with huge potential.
-- Conoco did the original drilling and he bought all the data.
-- He said they increased the acreage and now think, hypothetically, they have 1.5 billion lbs of Cu and that would have been proven out with additional drilling to become accurate.
-- He knows institutions who own stock, and they won’t be selling for a long time, in his opinion.
-- Expecting listing at any time in Canada, rated Tier 1 upon application. No guarantees.
-- Potential future financing done for small amount, maybe 2.5 mil. Much higher than current stock price (IMO).


2-12-11 – Financials – Q4 2011
http://finance.yahoo.com/q/is?s=cnyc.ob


2-9-11 – 10Q – Q4 2011
http://biz.yahoo.com/e/110209/cnyc.ob10-q.html


1-31-11 – 8K – Regulation FD Disclosure, Fin’l Stmts + Exhibits
http://biz.yahoo.com/e/110131/cnyc.ob8-k.html


1-27-11 – News – Canyon Copper Announces Private Placement + Sponsorship Engagement Letter w/ MGI Securities, Inc.
http://www.canyoncc.com/s/NewsReleases.asp?ReportID=439738&_Type=News-Releases&_Title=Canyon-Copper-Announces-Private-Placement-and-Sponsorship-Engagement-Letter...


1-27-11 – News – CNYC Announces Brokered Private Placement Offering of Units
http://biz.yahoo.com/e/110131/cnyc.ob8-k.html


1-21-11 – 8K, Entry into MDA, Regulation FD Disclosure, Fin’ls.
http://biz.yahoo.com/e/110121/cnyc.ob8-k.html


1-19-11 – News – CNYC Announces Private Placement Offering of Units
http://finance.yahoo.com/news/Canyon-Copper-Corp-Announces-iw-300850032.html?


11-29-10 – 8K, Entry into MDA, Amendments to Articles
http://biz.yahoo.com/e/101129/cnyc.ob8-k.html


11-24-10 – News – CNYC Announces Effectiveness of 79-for-100 Reserve Stock Split
http://finance.yahoo.com/news/Canyon-Copper-Announces-iw-1342808054.html?x=0&.v=1


11-15-10 – News – CNYC Corporate Overview
http://finance.yahoo.com/news/Canyon-Copper-Announces-iw-1342808054.html?x=0&.v=1


11-1-10 – 10Q
http://biz.yahoo.com/e/101101/cnycd.ob10-q.html


10-28-10 – News – CNYC Announces Approval for 79-for-100 Reverse Stock Split
Reverse split done in order for its capital structure to conform to capital structure requirements of TSC Venture Exchange, decreasing authorized capital of common stock from 166,666,666 shs (par $.00001/sh) to 131,666,666 shs ($.000001/sh), and issued and O/S common stock reduced from 78,39066,666 shs ($.000001/sh), and issued and O/S common stock reduced from 78,39,307 shs to 6,928,343 shs.
http://biz.yahoo.com/e/101101/cnycd.ob10-q.html


10-13-10 – 8K, Entry into MDA, Fin’l Stmts + Exhibits
http://biz.yahoo.com/e/101101/cnycd.ob10-q.html


9-28-10 – 10K, Annual Report
http://biz.yahoo.com/e/100928/cnyc.ob10-k.html


8-25-10 – 8K, ? of CPA, Fin’ls + Exhibits
http://biz.yahoo.com/e/100825/cnyc.ob8-k.html


5-31-10 – News – CNYC Announces NI 43-101 Indicated + Inferred Resources on Longshot Ridge Copper Skarn Deposit at New York Canyon Project
http://biz.yahoo.com/e/100825/cnyc.ob8-k.html


4-6-10 – NI 43-101 Technical Report on New York Canyon Project, Nevada
http://sedar.com/GetFile.do?lang=EN&docClass=24&issuerNo=00027554&fileName=/csfsprod/data107/filings/01576633/00000001/v%3A%5CCanyonCopper%5CSEDAR%5C0003217_tech_May6_2010%5Cfiled%5CCanyonCopper_TechReportmay6.pdf



CAVEAT: The entirety of the above was compiled by this iHub user, and is not to be relied upon. Do your own due diligence.