Searchlight Resources Inc (SCLTF)

[sweetpepperjam]

CANYON COPPER CORP. ("CNC")
BULLETIN TYPE: Property-Asset or Share Disposition Agreement
BULLETIN DATE: January 31, 2013
TSX Venture Tier 1 Company

TSX Venture Exchange Inc. (the "Exchange") has accepted for filing an Earn-In Agreement (the "Agreement") between Canyon Copper Corp. ("Canyon") with Sandfield Resources Ltd. ("Sandfield") dated January 24, 2013 whereby Canyon has agreed to transfer to Sandfield up to a 70% interest in its optioned Moonlight Copper-Porphyry Property (the "Moonlight Property"). The Moonlight Property is comprised of 307 unpatented claims having an area of approximately 6,300 acres and is located on the northern end of the Walker Lane Belt in Plumas County, California.

Under the terms of the Agreement, Sandfield will earn a 60% interest in the Moonlight Property (the "Initial Interest") upon:

(a) paying Canyon $125,000 on Exchange approval of the Agreement;

(b) issuing to Canyon 500,000 common shares on the date Sandfield lists its common shares on the Exchange (should Sandfield become listed on the Exchange);

(c) incurring $100,000 of exploration expenditures on or before May 31, 2013 ;

(d) paying to Canyon $125,000 and incurring an additional $500,000 of exploration expenditures by the second anniversary of the Agreement; and

(e) paying to Canyon $125,000 , issuing to Canyon 2,500,000 common shares and incurring an additional $1,000,000 of exploration expenditures by the third anniversary of the Agreement.

Sandfield will be able to earn an additional 10% interest in the Moonlight Property (the "Secondary Interest") by issuing Canyon 2,500,000 common shares and incurring an additional $3,000,000 of exploration expenditures by the fifth anniversary of the Agreement. Sandfield will also be responsible for all payments and share issuances required by the underlying option and assignment agreements and paying all BLM claim maintenance fees.

If Sandfield exercises the Initial Interest, Canyon and Sandfield will form a joint venture for the purpose of carrying out further exploration and development of the Moonlight Property.

Insider / Pro Group Participation: Kurt Bordian is the Chief Financial Officer of the Company and Sandfield.

For further information please see the Company's news release of January 23, 2013 which is available under the Company's profile on SEDAR.

http://finance.yahoo.com/news/tsx-venture-exchange-daily-bulletins-213400510.html