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 and Shoreham Form Joint Venture on Favourable Lake Property
| May 20, 2009 |
| Gold Canyon and Shoreham Form Joint Venture on Favourable Lake Property |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 20, 2009) - Gold Canyon Resources Inc. (TSX VENTURE:GCU)(PINK SHEETS:GDCRF) ("Gold Canyon" or "the Company") is pleased to announce the exercise of the option to acquire a 60% undivided interest in the Company's Favourable Lake property, by Shoreham Resources Ltd., pursuant to a mineral property option agreement between Gold Canyon and Shoreham dated December 22, 2005. The Favourable Lake Property consists of 27 multi-unit contiguous mining claims (428 units) with an approximate surface area of 17,120 acres (6,928 ha), situated in the Red Lake Mining Division, north-western Ontario. The claims are located in the area of Favourable and Borland Lakes, approximately 200 km north of the town of Red Lake. Shoreham acquired its interest by paying Gold Canyon a total of $50,000 in cash, issuing an aggregate of 1,000,000 common shares in the capital of Shoreham to Gold Canyon and incurring expenditures in the aggregate of $1,000,000 on the Favourable Lake property over the last four years. Each of Gold Canyon and Shoreham have formed a joint venture on terms set out in the joint venture agreement between Gold Canyon and Shoreham, dated April 20, 2009, with respective joint venture interests equal to the initial interest of each party in the Favourable Lake property, subject to adjustment in accordance with the terms of the joint venture. Shoreham shall act as the initial operator and the two entities will form a management committee of three persons to oversee future exploration and development on the Favourable Lake property. 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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