Copper Canyon and Egoli Gold Execute Option Agreement on
Abo Gold Project
Thursday November 29, 9:30 am ET
CRANBROOK, BC--(MARKET WIRE)--Nov 29, 2007 --
The Board of Directors of
Copper Canyon Resources Ltd.
(CDNX:CPY.V - News) 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 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 consists
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 1970s 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
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.
Distributed by Filing Services Canada and retransmitted by Marketwire
Contact:
For further information, please contact:
Mike Labach
1 866 HUNT ORE (486 8673)
Email: Email Contact
copcanyon.com
Source: Copper Canyon Resources Ltd.
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