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Cranbrook, B.C. – 26
November 2007 – Management of Copper Canyon
Resources Ltd. (TSX-V:CPY) have been notified that
NovaGold Resources Inc. (AMEX, TSX:NG) and
its joint-venture partner Teck Cominco (TSX:TCK.A,
TCK.B; NYSE:TCK) have suspended construction on the
Galore Creek Project, located in northwestern British
Columbia. This decision directly impacts Copper Canyon Resource’s Ltd., as its flagship “Copper Canyon” property is contiguous with
Galore Creek, and has potential to provide a substantial
contribution to the Project’s overall copper and gold
resources. Trading in Copper Canyon securities was halted prior
to the day’s open by TSX-V officials.
According to a
statement issued jointly by NovaGold/Teck Cominco,
“NovaGold and Teck Cominco continue to view the property
(Galore Ck.) as a substantial resource and will initiate a
comprehensive review to evaluate alternative development
strategies”
As announced on November 16th,
NovaGold recently notified Copper Canyon management that it had
completed the requirements to earn a 60% interest in the
Copper Canyon
project.
During the 2007 season NovaGold completed a 16,000’
(4,940m), 12-hole Diamond drilling program on the Copper
Canyon Property. A number of holes were targeted beneath and
beyond the existing boundaries of the current inferred resource. Hole CC07-0033 was drilled to a total depth of 2,076
ft (633 m), testing over 250 m beneath historical drill-hole
CC90-2, the highest-grade hole in the Galore District, which
intersected 888 ft (270 m) grading 1.92 g/tonne Au, 22.28 g/t
Ag and 1.05% Cu. Follow-up drilling was also completed on hole
CC05-030 (drilled in late 2005), which intersected 2.5 m
grading 50.6 g/t Au (1.5 oz/ton). Assay results from
this program are pending.
Copper Canyon management shares the
disappointment of NovaGold, Teck Cominco, the Tahltan Nation,
local communities and all other parties impacted by the
decision. The Company is
committed to stand by the merits of this important project and
will work with its partners to develop viable alternatives to
the current project.
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
Cautionary Note
Regarding Forward-Looking Statements
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.
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