CAU Canyon Resources Corp

GOLDEN, Colo., Sept. 26 /PRNewswire-FirstCall/ -- Canyon Resources Corporation (AMEX:CAU), a Colorado-based mining company, is pleased to announce that it has signed an agreement to reacquire the Briggs Mine crushing plant and conveyor systems for $50,000 cash, 500,000 shares of Canyon stock and waiver of certain storage fees, for a total purchase price of approximately $440,000. This plant was purchased by Corner Bay Silver Inc. for its subsidiary Minera Corner Bay S.A. de C.V. in May 2002 for $2.6 million in cash plus equity. The 600 ton per hour capacity, three stage crushing plant was never dismantled and remains on its original foundations at the Briggs Mine site. "The purchase of this equipment, besides being good value, provides Canyon with the strategic flexibility needed to rapidly develop any production opportunities that may be developed in our previously announced $700,000 Goldtooth exploration program or from other production opportunities that are currently being studied by Canyon in and around our Briggs Mine. Additionally, we have retained the engineering firm of CAM located in Lakewood, Colorado to conduct a pre-feasibility study analysis of our Reward project, near Beatty, Nevada, which, if the results are positive, may also utilize this equipment once it is permitted," states James Hesketh, President and CEO. Canyon Resources Corporation engages in the exploration, acquisition, development, and mining of precious metals and other mineral properties. The company conducts various phases of mining, including early stage exploration, exploration drilling, development drilling, feasibility studies and permitting, construction, operation, and final closure of mining properties. The company focuses on precious metals, such as gold and silver. Canyon Resources was organized in 1979 and is based in Golden, Colorado. 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 the speculative nature of mineral exploration, precious metals 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 and CEO (303) 278-8464 Valerie Kimball, Investor Relations (303) 278-8464 http://www.canyonresources.com/ DATASOURCE: Canyon Resources Corporation CONTACT: James Hesketh, President and CEO, +1-303-278-8464, or Valerie Kimball, Investor Relations, +1-303-278-8464, or http://www.canyonresources.com/, both of Canyon Resources Corporation Web site: http://www.canyonresources.com/

Copyright