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Cranbrook,
B.C., 21 March, 2007: Copper
Canyon Resources Ltd. (TSX-V:CPY) has executed an
option agreement with Northern Freegold Resources Ltd
(TSX-V:NFR) whereby NFR may earn a 100% interest (less 3% NSR)
in the Severance Property by making staged cash payments
totaling $40,000 and issuing 300,000 common shares. An additional 500,000 shares will be issued to EPL in the event
of a production decision or change in control of NFR to
another company. The 3% NSR may be reduced to 1% by payment of
$1,500,000.
The Severance Property is located
within the Dawson Range, 120km west of Carmacks, Yukon within a similar geologic setting
to NFR’s Freegold Mountain Project. The target on the
6.3 sq km property is intrusive-hosted gold
mineralization. No drilling has been completed to date,
though historical work on the property includes geophysics,
soil geochemistry and geological mapping. Soil
geochemical results have returned anomalous values to 2,680
ppb Au. Coincident with the gold is copper, molybdenum
and arsenic; all considered key pathfinder elements associated
with intrusion related gold-copper systems. A grab
sample from silicified and quartz-veined granodiorite with 7%
disseminated pyrite returned 1.2 g/t Au and 0.35% Cu. An
airborne survey over the property is considered to be useful
in defining future drill targets.
Copper Canyon Resources was
created by way of a Plan of Arrangement on
June 9,
2006.
Shareholders of Eagle Plains Resources Ltd. 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 Resources on a one-for-one share
basis.
This news release has been reviewed
and approved by Tim J.
Termuende, P.Geo.,
hereby designated as a “Qualified Person” under National
Instrument 43-101.
On behalf of the Board of
Directors
Signed
“Tim J.
Termuende”
President and CEO
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. |