Update on Canyon Resources Reward Project
09 Juin 2005 - 4:00PM
PR Newswire (US)
Update on Canyon Resources Reward Project GOLDEN, Colo., June 9
/PRNewswire-FirstCall/ -- Canyon Resources Corporation (AMEX:CAU),
a Colorado-based mining company, is pleased to provide an update on
its Reward gold project, located about 6 miles southeast of Beatty,
Nevada. Canyon acquired the Reward property through mineral leases
with private owners of unpatented BLM lode claims in January, 2005.
Historic exploration and development activities have been conducted
by several companies, including Barrick Gold Corporation and Glamis
Gold Inc. In January 2000, Glamis Gold Inc. received approval of a
Plan of Operations to construct a mine on the Reward Project. The
approval was for an open pit mine using a heap leach process with a
carbon adsorption circuit to produce gold. The Plan of Operations
included the use of plant equipment and a mining fleet that is
similar to the equipment located at Canyon's nearby Briggs Mine in
eastern California. The mining operation was projected to span
approximately 3 years. However, with a gold price well below $300
per ounce at that time, the mine was not built and Glamis
subsequently terminated its interest in the project. Canyon has
commissioned Chlumsky, Armbrust and Meyer of Lakewood, Colorado to
remodel the gold deposit using the prior drill and assay results
with today's gold price. This remodeling indicates that the Reward
Project contains mineralized material of 14.05 million tons at a
grade of 0.021 ounces of gold per ton (opt) using a 0.005 opt
cutoff grade. Mineralized material is not an economic reserve, but
is rock containing metals of potential economic significance. This
estimate is based on 287 drillholes totaling 100,580 feet.
Additional infill and step-out drilling is recommended and open
extensions may be present along strike on the main structural trend
as well as along fault splays. Canyon is assessing these results
and may be initiating a pre- feasibility study to determine the
economics of developing and producing gold from the Reward Project.
"The Reward Project represents an excellent possibility for a
small, but near term development opportunity for gold production.
The equipment at the nearby Briggs Mine, including the carbon
adsorption gold recovery plant, is anticipated to be available
within the next 6 to 7 months and could be ideally suited for this
project. The permitting and environmental issues for this property
were clearly outlined in the Plan of Operations that had been
previously approved for this project, and we are reviewing the
current environmental and permitting status to determine possible
development timelines. Additionally, we continue to evaluate the
Hycroft Gold Mine with the intent of a re-start of mining and gold
production operations if we chose to exercise our acquisition
option," states James Hesketh, President and COO of Canyon
Resources. Actual results may differ materially from any
forward-looking statement whether expressed or implied in this news
release. The following risks and uncertainties which could cause
actual results to vary include, but are not limited to, speculative
nature of mineral exploration, precious metal prices, production
and reserve estimates, production costs, cash flows, environmental
and governmental regulations, availability of financing, judicial
proceedings and force majeure events and other risk factors as
described from time to time in the Company's filings with the
Securities and Exchange Commission. Most of these factors are
beyond the Company's ability to control or predict. For further
information, contact: James Hesketh, President, (303) 278-8464 Gary
Huber, VP Finance, (303) 278-8464 http://www.canyonresources.com/
DATASOURCE: Canyon Resources Corporation CONTACT: James Hesketh,
President, or Gary Huber, VP Finance, both of Canyon Resources
Corporation, +1-303-278-8464 Web site:
http://www.canyonresources.com/
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