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UPDATE ON CANYON RESOURCES REWARD PROJECT Golden, CO—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. |
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| Autor (Datum des Eintrages): | Dersisco (09.06.05 15:25:49) |
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