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Cranbrook, B.C. November 29th,
2007: The Board of Directors of Copper Canyon Resources Ltd.
(CPY:TSX-V) announce that a formal agreement has been
executed (subject to TSX-V approval) between Copper Canyon and Egoli Resources Inc. (a private
British Columbia Corporation) whereby Egoli has acquired the option to
earn a 75% interest in Copper Canyon’s wholly owned Abo Gold Property (the
Property) located in the Harrison Lake area of south-western British
Columbia, approximately 130km east of Vancouver. Egoli intends to earn a
75% interest in the Property by completing $7.5 million dollars in
exploration expenditures, paying Copper Canyon $1,500,000 in cash and
issuing 1,000,000 million common shares of Egoli over a 5 year period.
The Property is 100% owned by
Copper Canyon and consist of 2427 ha which were staked by Eagle Plains
Resources in 2000 and subsequently transferred to Copper Canyon in 2006
as part of a Plan of Arrangement. The claims overlie a number of gold
occurrences associated with a series of intrusive stocks. Accessory
minerals include copper, silver, lead, zinc, molybdenum, tungsten and
bismuth. The Property is road-accessible year-round. Hydroelectric power,
natural gas and rail-service are located within 3 kilometers of property
boundaries.
The Property area has been
held or optioned by various operators since the early 1970’s
including Abo Resources, Kerr Addison Mines Ltd. (Kerr Addison) and Bema
International Resources Ltd. Most recently, Northern Continental Resources
optioned the property from 2002-2005. Exploration work since 1970 has
included mapping, soil sampling, ground-based geophysics and a total of
13,856m (45,448’) of diamond drilling. Some small-scale underground
development has also been completed. Most of the work was focused on the
northern part of the Property in the area of the Jenner and Portal
Stocks. Drill results reported from the Portal Zone include 30 meters
averaging 3.17 grams per tonne gold (EMPR ASS RPT 19584). Drill results
reported from the Jenner Stock include 64m averaging 3.77 g/t (EMPR
ASS RPT 20144). Other gold-bearing stocks identified on the Property
include the Hill and Lake Stocks. These areas have seen limited
exploration in comparison to the Jenner-Portal Stocks areas. Diamond
drill intersections reported from the Hill Stock area include DDH
BX88-130 which averaged 3.54 g/t Au and 6.3 g/t Ag over 27 meters, and
contained 8m averaging 8.7 g/t Au and 14.2 g/t Ag (EMPR ASS RPT 20144).
In 2002, Barry Price was
retained by Eagle Plains to provide a NI 43-101 compliant resource
estimate for the Abo project based on historical results. Price estimated
an Indicated Resource of 1,845,000 tonnes averaging 2.79 g/t or 165,200
oz in situ, with a further Inferred Resource of 613,600 tonnes averaging
2.79 g/t or 55,100 oz. These resources are contained within the Jenner
and Portal Stock zones.
Galore Creek Comment
News of the suspension of
construction activity at the Galore Creek project was met by Copper
Canyon management and employees with shock and extreme disappointment.
The decision clearly and profoundly affected many stakeholders.
Management sympathizes with all stakeholders, including the many
investors who have suffered financial losses.
The Company remains strong:
with $1,400,000 in its’ treasury, $650,000 in short term
investments, and an aggressive, committed management team. We
remain committed to the Copper Canyon/Galore Creek project, and will
endeavor to maximize the value of the important mineral resource present
on the Copper Canyon Property. When revised economic and engineering
models are developed to advance the Galore Creek Project, we are
confident that the Copper Canyon Deposit will feature much more
prominently in future mine plans.
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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