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VANCOUVER, BC / ACCESSWIRE / May 3, 2016 / Canyon Copper Corp. (CNC.V) ("Canyon") announces that it has entered into a loan agreement with Metamin Enterprises Inc. ("Metamin") and has extended a previous loan from Ainsworth Jenkins Holdings Inc. ("AJH"). Both Metamin and AJH are companies controlled by Benjamin Ainsworth, the President and CEO of Canyon.

Loan Agreement

Canyon has entered into a loan agreement with Metamin dated effective May 3, 2016, whereby Metamin has agreed to loan Canyon CAD $50,000 for a period of two years at an interest rate of 10% per annum.

As additional consideration of the loan, Canyon has agreed to issue 200,000 common shares ("Bonus Shares") to the Metamin on the first anniversary of the loan agreement.

The loan agreement and the Bonus Shares are subject to the acceptance of the TSX Venture Exchange.

The loan will be used for working capital purposes.

Loan Extension

Canyon also announces that it has entered an amendment agreement (the "Amendment Agreement") amending the terms of the loan agreement between Canyon and AJH (see press release dated April 29, 2015). Under the terms of the Amendment Agreement, Canyon has extended the maturity date of the CAD $250,000 loan from April 28, 2016 to April 28, 2018.

On behalf of the Board of Directors,

"Benjamin Ainsworth"

CANYON COPPER CORP.

Benjamin Ainsworth, President

Contact:

Canyon Copper Corp.
Investor Relations