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Cranbrook, B.C., 15
February, 2008: Copper Canyon Resources Ltd.
(CPY:TSX-V) and NovaGold Canada
Inc., a wholly-owned subsidiary of NovaGold Resources Inc.
(AMEX, TSX:NG), have agreed to form a
40/60 joint venture to explore and develop the Copper
Canyon property, located adjacent to the Galore Creek
Partnership’s Galore Creek project, located
in north-western British Columbia, Canada. The Galore Creek
Partnership is a 50/50 partnership between Teck Cominco and
NovaGold.
NovaGold has satisfied all requirements under an option
agreement with Copper Canyon which
saw the completion of $3,000,000 in exploration expenditures,
delivery of 296,000 NovaGold shares and cash payments of
$250,000. A 2% net smelter royalty (“NSR”) is held by B.
Kreft, one-half of which may be purchased at any time for
$1,000,000.
Work
on the Copper Canyon property has been carried out annually
since 2004, when the property was first optioned to
SpectrumGold and subsequently transferred to NovaGold. After
completing an 8-hole program in 2004, NovaGold commissioned an
independent engineering firm who reported a significant
inferred category resource estimate as reported previously by
the Company (see news release Nov 19,
2007).
A new
resource estimate is underway based on 2007 drilling results
and will be released in due course.
Drilling to date at Copper Canyon has indicated the
presence of both a large, bulk-tonnage copper-gold mineralized
system and zones of high-grade gold mineralization. The best
hole drilled in the Galore Creek district was CC1990-02, which
intersected 270.8m (898’) grading 1.92 g/tonne Au, 22.28
g/tonne Ag and 1.05% Cu. Other notable intersects include hole
CC05-030, which returned 2.5m grading 50.6 g/t Au, and hole
CC07-36 which returned 31.9 g/t Au over 2.5 m from 183.5m to
186.0m and 26.8g/t Au over 2.7m from 211.8m to 214.5m (true
thicknesses undetermined)
Since
acquiring the property, NovaGold has completed 22 drill-holes,
with a total of 44 holes drilled on the property since 1990. A
compilation map outlining drill-hole locations can be found
here: Copper Canyon
Drill-hole Location
Map
About
Copper Canyon Resources
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 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
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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