First Mining Gold
First Mining is a mineral property holding company whose principal business activity is to acquire high quality mineral assets with a focus in the Americas. The Company currently holds a portfolio of 21 mineral assets in Canada, Mexico and the U.S.A.
Message: Gold Canyon Obtains Option to Evaluate and Lease Iron Mountain IOCG+/-REE
| May 7, 2009 |
| Gold Canyon Obtains Option to Evaluate and Lease Iron Mountain IOCG+/-REE |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 7, 2009) - Gold Canyon Resources Inc. (TSX VENTURE:GCU) (PINK SHEETS:GDCRF) ("Gold Canyon" or "the Company") is pleased to announce that its wholly owned subsidiary Gold Canyon Kratz Spring LLC has entered into an 18 month option agreement to evaluate and lease tailings and mine dumps originating from the Iron Mountain IOCG +/-REE deposit in the State of Missouri. Work on this evaluation will be conducted as part of the Joint Exploration Agreement (JEA) between Gold Canyon Kratz Spring LLC and its joint venture participant Japan Oil, Gas and Metals National Corporation (JOGMEC), which was announced earlier this year. JOGMEC is a government organization established under the Japanese Ministry of Economy, Trade and Industry, and is responsible for fostering international exploration and development of strategic minerals, amongst other mineral and petroleum related activities. JOGMEC holds an 80% option to all of the JEA projects. The objective of the JEA is to identify, analyze and perform metallurgical evaluations leading to production of Rare Earth Elements from Iron Oxide Copper Gold +/-Rare Earth Element (IOCG+/-REE) style deposits. During its 120 years of operation, the Iron Mountain mine yielded more than 9 million long tons of iron concentrates, and was at one time the largest and most productive of the IOCG style iron-ore deposits of the region. The property was first opened in 1845 and, except for the year 1907, was in continuous operation until 1966. Iron Mountain is located about 75 miles south of the St. Louis, Missouri area. The IOCG style mineralization of the Iron Mountain mine tailings and dumps has not been subjected to extensive study to determine the commercial recovery of REE. Gold Canyon Kratz Spring, as operator of the JEA, will start evaluation of the Iron Mountain mine tailings and dumps immediately. About Gold Canyon Resources Inc.: Gold Canyon is engaged in the acquisition and exploration of mineral and precious metals properties. The Company controls a 100% interest in the Springpole Gold - Horseshoe Island Gold, Platinum, Palladium Project and Favourable Lake Poly-metallic property currently under option to Shoreham Resources Inc. pursuant to an option and joint venture agreement entered into in December 2005 - all in the Red Lake Mining District of Ontario, Canada. Through its wholly owned U.S. subsidiary, Gold Canyon Resources USA Inc., the Company controls a 100% interest in the Cordero Gallium Project situated in Humboldt County, Nevada, U.S.A. Gold Canyon entered into a Joint Exploration Agreement with the Japan Oil, Gas and Metals National Corporation (JOGMEC) in January 2009. Additional information can be found on the Company's website: www.goldcanyon.ca Akiko Levinson, President & Director |
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