Replies to post #2965 on Searchlight Resources Inc (SCLTF)

[pmunch]

Moonlight Copper Porphyry project - Option Agreement Summary

The president of Canyon Copper, Benjamin Ainsworth, is transferring the rights to the option agreement he made with the underlying vendor, Les Storey, and his private company, Metamin Enterprises, to Canyon Copper in return for staged payments of cash and shares of CNC totaling US$65,000 and 500,000 shares. In addition Mr. Ainsworth will receive an advanced royalty of US$15,000 per year commencing in 2014 which can be deduced from a 1% production royalty (which can be purchased by CNC for US$1 million).

A similar arrangement was made with the underlying vendor who will receive staged payment of cash and shares totaling US$50,000 and 500,000 shares of CNC in addition to an annual advanced royalty of US$15,000 which commences in 2014. (This can also be deducted from a 1% NSR which can be bought for US$1 million).

Canyon Copper is required to spend US$100,000 on exploration by February 2013.