AI
Copper Canyon Resources Ltd. (V.CPY) $ 0.55 +$0.17
(+44.74%)
Volume: 526.81 k
3:56 PM EST Feb 15, 2008
Its a start to fill the gap -
its more to be elevated -
never sell in an upphill -
secure yourself to the saddle -
let's the move GO -
http://finance.yahoo.com/q?s=CPY.V
Copper Canyon Resources Ltd.: Copper Canyon Resources/NovaGold
to form Copper Canyon Joint Venture -
2/15/2008
Feb 15, 2008 (M2 PRESSWIRE via COMTEX News Network) --
subsidiary of NovaGold Resources Inc.
(AMEX, TSX:NG), have agreed to form a 40/60 joint venture
to explore and develop the Copper Canyon property,
located adjacent to the Galore Creek Partnership's Galore Creek project, located in north-western British Columbia, Canada.
The Galore Creek Partnership is a 50/50 partnership
between Teck Cominco and NovaGold.
NovaGold has satisfied all requirements under an option agreement with Copper Canyon which saw the completion of $3,000,000 in exploration expenditures, delivery of 296,000 NovaGold shares and cash payments of $250,000.
A 2% net smelter royalty ("NSR") is held by B. Kreft,
one-half of which may be purchased at any time
for $1,000,000.
Work on the Copper Canyon property has been carried out annually since 2004, when the property was first optioned to SpectrumGold and subsequently transferred to NovaGold.
After completing an 8-hole program in 2004,
NovaGold commissioned an independent engineering firm who reported a significant inferred category resource estimate as reported previously by the Company (see news release Nov 19, 2007).
A new resource estimate is underway based on 2007 drilling results and will be released in due course.
Drilling to date at Copper Canyon has indicated the presence of both a large, bulk-tonnage copper-gold mineralized system and zones of high-grade gold mineralization. The best hole drilled in the Galore Creek district was CC1990-02, which intersected 270.8m (898') grading 1.92 g/tonne Au, 22.28 g/tonne Ag and 1.05% Cu. Other notable intersects include hole CC05-030, which returned 2.5m grading 50.6 g/t Au, and hole CC07-36 which returned 31.9 g/t Au over 2.5 m from 183.5m to 186.0m and 26.8g/t Au over 2.7m from 211.8m to 214.5m (true thicknesses undetermined)
Since acquiring the property, NovaGold has completed 22 drill-holes, with a total of 44 holes drilled on the property since 1990. A compilation map outlining drill-hole locations can be found here:
Copper Canyon Drill-hole Location Map: http://www.copcanyon.com/projects/coppercanyon/documents/CopperCanyon200 7DrillProgram_000.pdf
About Copper Canyon Resources
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.
This news release has been reviewed and approved by Tim J. Termuende, P.Geo., hereby designated as a "Qualified Person" under National Instrument 43-101.
On behalf of the Board of Directors
Signed, "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.
Source: Copper Canyon Resources Ltd. (TSX-V: CPY)
CONTACT:
Mike Labach, Copper Canyon Resources Ltd
Tel: +1 866 486 8673
e-mail: mgl@copcanyon.com
WWW: http://www.copcanyon.com
WWW:
http://www.eagleplains.com
Filing Services Canada Inc
Tel: +1 403 717 3898
Fax: +1 403 717 3896
WWW:
http://www.usetdas.com
M2 Communications Ltd disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.net on the world wide web. Inquiries to info@m2.com.
(C)1994-2008 M2 COMMUNICATIONS LTD
http://investorshub.advfn.com/boards/board.asp?board_id=11317
(+44.74%)
Volume: 526.81 k
3:56 PM EST Feb 15, 2008
Its a start to fill the gap -
its more to be elevated -
never sell in an upphill -
secure yourself to the saddle -
let's the move GO -
http://finance.yahoo.com/q?s=CPY.V
Copper Canyon Resources Ltd.: Copper Canyon Resources/NovaGold
to form Copper Canyon Joint Venture -
2/15/2008
Feb 15, 2008 (M2 PRESSWIRE via COMTEX News Network) --
subsidiary of NovaGold Resources Inc.
(AMEX, TSX:NG), have agreed to form a 40/60 joint venture
to explore and develop the Copper Canyon property,
located adjacent to the Galore Creek Partnership's Galore Creek project, located in north-western British Columbia, Canada.
The Galore Creek Partnership is a 50/50 partnership
between Teck Cominco and NovaGold.
NovaGold has satisfied all requirements under an option agreement with Copper Canyon which saw the completion of $3,000,000 in exploration expenditures, delivery of 296,000 NovaGold shares and cash payments of $250,000.
A 2% net smelter royalty ("NSR") is held by B. Kreft,
one-half of which may be purchased at any time
for $1,000,000.
Work on the Copper Canyon property has been carried out annually since 2004, when the property was first optioned to SpectrumGold and subsequently transferred to NovaGold.
After completing an 8-hole program in 2004,
NovaGold commissioned an independent engineering firm who reported a significant inferred category resource estimate as reported previously by the Company (see news release Nov 19, 2007).
A new resource estimate is underway based on 2007 drilling results and will be released in due course.
Drilling to date at Copper Canyon has indicated the presence of both a large, bulk-tonnage copper-gold mineralized system and zones of high-grade gold mineralization. The best hole drilled in the Galore Creek district was CC1990-02, which intersected 270.8m (898') grading 1.92 g/tonne Au, 22.28 g/tonne Ag and 1.05% Cu. Other notable intersects include hole CC05-030, which returned 2.5m grading 50.6 g/t Au, and hole CC07-36 which returned 31.9 g/t Au over 2.5 m from 183.5m to 186.0m and 26.8g/t Au over 2.7m from 211.8m to 214.5m (true thicknesses undetermined)
Since acquiring the property, NovaGold has completed 22 drill-holes, with a total of 44 holes drilled on the property since 1990. A compilation map outlining drill-hole locations can be found here:
Copper Canyon Drill-hole Location Map: http://www.copcanyon.com/projects/coppercanyon/documents/CopperCanyon200 7DrillProgram_000.pdf
About Copper Canyon Resources
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.
This news release has been reviewed and approved by Tim J. Termuende, P.Geo., hereby designated as a "Qualified Person" under National Instrument 43-101.
On behalf of the Board of Directors
Signed, "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.
Source: Copper Canyon Resources Ltd. (TSX-V: CPY)
CONTACT:
Mike Labach, Copper Canyon Resources Ltd
Tel: +1 866 486 8673
e-mail: mgl@copcanyon.com
WWW: http://www.copcanyon.com
WWW:
http://www.eagleplains.com
Filing Services Canada Inc
Tel: +1 403 717 3898
Fax: +1 403 717 3896
WWW:
http://www.usetdas.com
M2 Communications Ltd disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.net on the world wide web. Inquiries to info@m2.com.
(C)1994-2008 M2 COMMUNICATIONS LTD
http://investorshub.advfn.com/boards/board.asp?board_id=11317
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