Gold Canyon Updates Rare Earth Elements Joint Exploration Agreement With the Japan Oil, Gas and Metals National Corporation
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/12/10 -- Gold Canyon Resources Inc. (TSX VENTURE: GCU)(PINK SHEETS: GDCRF) ('Gold Canyon' or 'the Company') is pleased to announce that its wholly owned subsidiary Gold Canyon Kratz Spring LLC and its joint venture participant Japan Oil, Gas and Metals National Corporation (JOGMEC) have reached an agreement for the April 2010 - March 2011 fiscal year scope of work program and budget on May 11, 2010. Under the terms of the Joint Exploration Agreement (JEA), JOGMEC holds an 80% option to all of the JEA projects and the budget of US $1,084,500 was approved for this fiscal year.
JOGMEC is a government organization established under the Japanese Ministry of Economy, Trade and Industry, and is responsible for fostering international exploration and development of strategic minerals, amongst other mineral and petroleum related activities.
The JEA was formed in January 2009. Gold Canyon Kratz Spring LLC, as the operator of the JEA, conducts Rare Earth Element (REE) exploration, project identification and evaluations. The 2009 objective of the JEA was to identify, analyze and perform evaluations leading to production of REEs from Iron Oxide Copper Gold /-Rare Earth Element (IOCG /-REE) style deposits. During the forthcoming fiscal year, work will continue on projects identified during the 2009 fiscal year that have met JEA qualifications for further evaluation. An additional US$ 80,000 was approved for due diligence work on one of the Scandinavian IOCG /-REE projects.
The April 2010 - March 2011 fiscal year budget will expand the scope of work to be completed by the JEA, to include REE exploration and project identification within geological domains other than IOCG /-REE.
About Gold Canyon Resources Inc.:
Gold Canyon is engaged in the acquisition and exploration of mineral and precious metals properties. The Company controls a 100% interest in the Springpole Gold - Horseshoe Island Gold, Platinum, Palladium Project and Favourable Lake Poly-metallic property currently under option to Shoreham Resources Inc. pursuant to an option and joint venture agreement entered into in December 2005 - all in the Red Lake Mining District of Ontario, Canada.
Through its wholly owned U.S. subsidiary, Gold Canyon Resources USA Inc., the Company controls a 100% interest in the Cordero Gallium Project situated in Humboldt County, Nevada, U.S.A.
Gold Canyon entered into a Joint Exploration Agreement with the Japan Oil, Gas and Metals National Corporation (JOGMEC) in January 2009.
Additional information can be found on the Company's website: www.goldcanyon.ca.
Akiko Levinson, President & Director
Certain statements contained in this news release using the terms 'may', 'expects to', 'project', 'estimate', 'plans', and other terms denoting future possibilities, are forward-looking statements in respect to various issues including upcoming events based upon current expectations which involve risks and uncertainties that could cause actual outcomes and results to differ materially. The future conduct of the Company's business and the feasibility of its mineral exploration properties are dependent upon a number of factors and there can be no assurance that the Company will be able to conduct its operations as contemplated and the accuracy of these statements cannot be guaranteed as they are subject to a variety of risks that are beyond our ability to predict or control and which may cause actual results to differ materially from the projections or estimates contained herein. The risks include, but are not limited to, the risks described in the above press release; those risks set out in the company's disclosure documents and its annual, quarterly and current reports; the fact that exploration activities seldom result in the discovery of a commercially viable mineral resource and are also significant amounts of capital to undertake and the other risks associated with start-up mineral exploration operations with insufficient liquidity, and no historical profitability. The Company disclaims any obligation to revise any forward looking statements as a result of information received after the fact or regarding future events.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Contacts:
Gold Canyon Resources Inc.
(604) 682-3234 or Toll free: 1 (888) 242-3234
(604) 682-0537 (FAX)
info@goldcanyon.ca
Gold Canyon Resources Inc.
Leo Karabelas
Investor Relations
(416) 543-3120
leo@frontlineir.com
www.goldcanyon.ca