Searchlight Resources Inc (SCLTF)

[RIGATONI]

Sponsorship Engagement Letter ...

Canyon is also pleased to announce that it has entered into a sponsorship engagement letter (the "Sponsorship Engagement Letter") with MGI whereby MGI has agreed to act as the sponsor in support of Canyon's listing on the TSX Venture Exchange (a "Liquidity Event"). Under the terms of the Sponsorship Engagement Letter, Canyon has agreed to pay a fee of CDN $20,000 to MGI and to reimburse MGI for its legal, due diligence and out-of-pocket expenses. The completion of a sponsorship report to the TSX Venture Exchange is subject to the completion of satisfactory due diligence of MGI, of which there is no assurance.