Copper Canyon Resources Ltd.

Published : April 24th, 2007

Adopts Shareholder Rights Plan

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Keywords :   Copper | Gold | Market | Recovery |

 
Suite 200, 16 – 11th Ave. S. Cranbrook, BC VIC 2P1   Ph: 866 486 8673    Fax: (250) 426-6899
Email: info@copcanyon.com or visit our Website at www.copcanyon.com

Copper Canyon Adopts Shareholder Rights Plan

Cranbrook, B.C., 24 April, 2007: Copper Canyon Resources Ltd. (TSX-V:CPY) ("Copper Canyon" or the "Company") is pleased to announce that the Board of Directors implemented on April 20, 2007 the Company's shareholder rights plan dated effective April 20, 2007 (the "Rights Plan") entered into by Copper Canyon and CIBC Mellon Trust Company, as rights agent.  The Rights Plan is designed to encourage the fair and equal treatment of shareholders in connection with any take-over bid for the outstanding securities of the Company.

The Rights Plan is intended to provide the shareholders of the Company with adequate time to properly assess the merits of a take-over bid without undue pressure and to allow competing bids to emerge.  The Rights Plan is further designed to give the Board of Directors time to consider alternatives to a take-over bid as a means of maximizing shareholder value.  Copper Canyon's Board of Directors is not currently aware of any pending or threatened take-over bid for the Company.  The Rights Plan is similar to plans adopted by other Canadian companies and ratified by their shareholders.

Under the terms of the Rights Plan, one right (a "Right") will be issued by Copper Canyon in respect of each outstanding Copper Canyon common share at the close of business as of April 20, 2007 and in respect of each Copper Canyon common share issued thereafter (subject to the terms of the Rights Plan).  The Rights issued under the Rights Plan become exercisable only if a person acquires or announces its intention to acquire 20% or more of the common shares of the Company without complying with the "permitted bid" provisions of the Rights Plan or without the approval of Copper Canyon's Board of Directors.

Should such an acquisition occur, Rights holders (other than the acquiring person or related persons) can purchase common shares of the Company at a substantial discount to the prevailing market price (as defined in the Rights Plan) at the time the Rights become exercisable.

"Permitted bids" under the Rights Plan must be made to all holders of Copper Canyon's common shares and must be open for acceptance for a minimum of 45 days.  If at the end of 45 days at least 50% of the outstanding common shares other than those owned by the offer and certain related parties have been tendered and not withdrawn, the bidder may take up and pay for the shares but must extend the bid for a further 10 days to allow other shareholders to tender to the bid.

Although implemented and effective as of April 20, 2007, the Rights Plan is subject to regulatory approval. The Rights Plan was first approved pursuant to the plan of arrangement between Eagle Plains Resources Ltd. ("Eagle Plains") and Copper Canyon at a meeting of Eagle Plains' shareholders held on May 15, 2006.  The plan of arrangement deemed the shareholders of Copper Canyon to have; (i) approved the Rights Plan substantially in the form adopted by Eagle Plains in connection with its 2004 annual and special shareholder meeting; and (ii) authorized the directors of Copper Canyon to implement the Agreement at such time and under such circumstances as the directors of the Company shall determine.  In accordance with the terms of the Rights Plan, it will be presented for confirmation by Copper Canyon's shareholders at the Company's annual meeting of shareholders scheduled for June 13, 2007.  If not ratified, the Rights Plan and all of the Rights outstanding at the time will terminate.

A copy of the Rights Plan will be made available for viewing on SEDAR at www.sedar.com, and can also be obtained from Copper Canyon upon a written request.

Copper Canyon was created by way of a Plan of Arrangement on June 9, 2006.  Shareholders of Eagle Plains 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 one a one-for-one share basis.

On behalf of the Board of Directors

Signed

“Tim J. Termuende”

President and CEO

 

For further information, please contact Mike Labach at

1 866 HUNT ORE (486 8673)

Email: mgl@copcanyon.com or visit our website at http://www.copcanyon.com

 

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.

 

 
For more information please contact Mike Labach
Suite 200, 16 – 11th Ave. S. Cranbrook, BC VIC 2P1   Ph: 866 486 8673   Fax: (250) 426-6899
Email:
info@copcanyon.com or visit our Website at www.copcanyon.com

Copper Canyon Resources Ltd.

CODE : CPY.V
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Copper Canyon is a copper exploration company based in Canada.

Copper Canyon is listed in Canada. Its market capitalisation is CA$ 50.5 millions as of today (US$ 52.0 millions, € 37.4 millions).

Its stock quote reached its highest recent level on December 31, 2007 at CA$ 1.62, and its lowest recent point on December 12, 2008 at CA$ 0.06.

Copper Canyon has 52 623 000 shares outstanding.

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Project news of Copper Canyon Resources Ltd.
12/19/2007(Galore Creek - Copper Canyon) Results Released From 2007 Drilling Program at Copper Canyo...
11/29/2007(Abo) Execute Option Agreement on Abo Gold Project
Corporate news of Copper Canyon Resources Ltd.
4/1/2011on Status of Arrangement
3/1/2011Sues NovaGold for 100% Interest in the Copper Canyon Propert...
2/24/2011Board of Directors Responds to NovaGold's Extension of its H...
1/21/2011Copper Canyon Responds to Unsolicited Take-Over Offer by Nov...
1/21/2011Responds to Unsolicited Take-Over Offer by NovaGold
9/12/2008Reuters Reports that "NovaGold sees Galore Creek mine plan t...
6/24/2008MacDonald Appointed to Board of Directors
2/20/2008Korelin Economics and Gold Newsletter Report on Copper Canyo...
2/15/2008Copper Canyon Resources/NovaGold to form Copper Canyon Joint...
11/26/2007 Responds to Galore Creek Announcement
9/20/200716,000 Foot Drilling Program Completed
6/13/2007Exploration Drilling to Commence at Copper Canyon
6/5/2007Announces Not Proceeding With Merger With Romios Gold
4/24/2007Adopts Shareholder Rights Plan
3/26/2007Options Severence Gold Property to Northern Fre
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