Canyon Resources Corporation (amex:cau)

    CANYON RESOURCES CORPORATION (AMEX:CAU)


    Canyon Resources Corporation is a U.S. based mining company, whose business is the discovery and production of precious metals. We welcome you to our web site and invite you to learn more about Canyon and its future prospects for growth.


    http://www.canyonresources.com/


    Canyon Resources Provides Update on Reward and Briggs Projects


    http://www.marketwatch.com/New…eid=mktw&sid=171305&symb=

    Canyon Resources Reports Third Quarter Financial Results


    Last Update: 4:45 PM ET Nov 13, 2006


    GOLDEN, Colo., Nov 13, 2006 /PRNewswire-FirstCall via COMTEX/ -- Canyon Resources Corporation (CAU ) , a Colorado-based mining company, is pleased to provide a summary of the results for the Company's third quarter ended September 30, 2006.
    Financial Results
    We ended the quarter with $1.4 million of unrestricted cash and cash equivalents plus $4.5 million of short term investments. During the third quarter of 2006, cash and short term investments decreased by $2.2 million. Expenses and spending for the third quarter are broken down as follows:


    * General and administrative expenses amounted to $1.0 million.
    -- Includes holding costs at the Briggs Mine of $0.3 million.
    * Exploration expense amounted to $0.4 million.
    * Briggs Project capital spending amounted to $0.2 million for
    feasibility study engineering.
    * Kendall closure site asset retirement spending amounted to $0.4 million
    for capping the old leach pads and water treatment studies.
    * Working capital and other miscellaneous changes amounted to
    $0.2 million due partly to a build up of gold inventory that was sold
    in early October.


    For the three months ended September 30, 2006, we recorded a net loss of $1.2 million, or negative $0.03 per share, on revenues of nil. This compares to a net loss of $0.6 million, or negative $0.02 per share, on revenues of $0.9 million for the third quarter of 2005. The increased loss in the third quarter of 2006 compared to the same period last year was due primarily to the lack of gold sales in the current quarter, holding costs at the Briggs Mine, and increased exploration activities. For the third quarter of 2006, we had no gold sales compared to 2,048 ounces of gold at an average price of $445 per gold ounce for the same period last year. The London PM Fix gold price averaged approximately $622 and $439 per ounce for the third quarter of 2006 and 2005, respectively.


    aus:


    Canyon Resources Reports Third Quarter Financial Results

    ...


    Gary Huber is a mining company executive with over 30 years of diversified natural resource experience. Gary was a founder of Canyon Resources Corporation, currently a gold company which was initially formed for the purpose of uranium exploration in the western United States. During the period from 1979 to 2006 he held various positions with Canyon including: Director, Chief Financial Officer, and Vice President-Finance. He was also President and CEO of Canyon's industrial minerals subsidiary which operated and sold functional fillers and specialty products from two processing facilities and three mines. Prior responsibilities in the 1970's have included uranium property acquisition, exploration and production activities for Energy Reserves Group in the central Colorado Plateau area. Presently, Gary is the Director of IRC Capital Group, an investment arm of International Royalty Corporation. Gary holds a Ph.D. from the Colorado School of Mines.


    ...

    GOLDEN, Colo., Jan 04, 2007 /PRNewswire-FirstCall via COMTEX/ -- Canyon Resources Corporation (CAU) , a Colorado-based mining company, is pleased to announce that it has entered into an Asset Exchange Agreement with various subsidiaries of Newmont Mining Corporation ("Newmont") to acquire the 3% net smelter return ("NSR") royalty held by Newmont on Canyon's CR Briggs Mine in Inyo County, California. In addition, Canyon has entered into a Mineral Lease, Sublease and Agreement with Newmont to acquire an option on the Adelaide Gold Project in Humboldt County, Nevada and the Tuscarora Gold Project in Elko County, Nevada.
    In exchange, Newmont will receive from Canyon certain mineral rights, surface leases, and facilities near Lincoln, Montana with associated intellectual property and Newmont will assume all associated reclamation liability. Canyon will retain a 3% NSR royalty on mineral rights provided by Canyon in this transaction, which may be reduced if the net of Newmont's royalty and that of underlying landholders exceeds 5%. In addition, Canyon will retain ownership of its Seven-Up Pete Gold Project near Lincoln and will continue to pursue its takings suit against the State of Montana in relation to its previous holdings in the McDonald Project.


    ...

    GOLDEN, Colo., Jan 08, 2007 /PRNewswire-FirstCall via COMTEX/ -- Canyon Resources Corporation (CAU) , a Colorado-based mining company, is pleased to announce favorable results from a drilling program conducted on the Converse-Sand Creek Joint Venture area of interest near Douglas, Wyoming. The drilling was conducted by operating partner New Horizon Uranium Corporation.
    In a progress report dated December 26, 2006, New Horizon detailed the results of their initial rotary drilling effort on the Converse-Sand Creek Project, located near Douglas, Wyoming. A drilling program was initiated on November 24, 2006, that focused on the "Scott Ranch" target area. On December 15, and after the completion of 14 drill holes and 10,395 feet of drilling, the program was suspended due to the approaching year-end holidays and seasonally inclement weather. Completion of the first phase of drilling is anticipated for early 2007, and a second phase of 12 additional rotary drill holes is presently being permitted for completion during the same timeframe.
    The current drilling program consisted of wide-spaced, reconnaissance style drilling on five fences of drilling over a strike length of 1.5 miles and with drill hole spacing of 500 to 1,000 feet. Of the 14 drill holes completed to date, 13 holes encountered intercepts of uranium mineralization indicative of a "roll front" style uranium deposit. In addition, the drill holes have provided considerable additional information regarding both the location of a uranium-bearing roll front, its apparent orientation and rock types. Uranium mineralization has been previously identified in sediments of the White River Formation that trends through the Sand Creek JV area. The White River formation is the same formation that hosts Cameco Corporation's Crow Butte in-situ leaching (ISL) uranium operation in Nebraska. In addition to the intercepts quoted below, considerable low-grade uranium mineralization peripheral to the indicated intercepts may be amenable to solution mining with present ISL technology.
    Bill Wilson, President of New Horizon said, "In light of the widespread nature of these drill holes, we are very pleased with the results to date that, in part, helps to confirm the historic drilling completed by Canyon's partner Aquitaine in 1981. We look forward to additional drilling planned for the first quarter of 2007." James Hesketh, President and CEO of Canyon Resources, said the following with regard to the results, "These results point out the potential for development of substantial uranium mineralization in this highly prospective but under-explored district in Wyoming."

    GOLDEN, Colo., Feb 06, 2007 /PRNewswire via COMTEX/ -- Canyon Resources Corporation (CAU: canyon resources corp com new) , a Colorado-based mining company is pleased to announce the results of its open pit and underground feasibility studies to re-start mining operations at its Briggs Mine located in Inyo County, California. The Briggs Mine is a permitted mining facility with ongoing residual gold production from its existing leach pad and has produced over 555,000 ounces of gold since 1996. The feasibility studies were designed to develop an accelerated approach to putting the mine back into operation. This plan utilizes the current robust gold markets by initially starting as a small scale low-grade open pit operation with concurrent development of a small scale underground mining operation. This re-start plan is contingent on the closing of appropriate financing.
    The combined underground and open pit operation, based on the feasibility studies, would produce gold at a rate of 30,000 ounces in year one of operation, 45,000 ounces in year two, 33,000 ounces in year three and 4,500 ounces in year four. Project cash operating cost, including offsite refining, through the projected mine life is estimated to be $430 per ounce of gold produced. Total capital cost is $8.25 million to initiate open pit gold production spent over a five month period. In addition, $4.6 million will be required in the next year to develop and initiate underground mining. The total project develops an IRR of 15% and a net return of $4.7 million at a gold price of $600 per ounce. A ten dollar change in gold price will impact net return by $1.1 million.

    Mar 02, 2007 (Dow Jones Commodities News via Comtex) -- DOW JONES NEWSWIRES
    Canyon Resources Corp.'s (CAU) 2006 loss narrowed to $2.74 million, or 7 cents a share, from $15.7 million, or 46 cents a share, a year ago that includes an impairment charge of $9.24 million.
    The Golden, Colo., mining company said Friday the latest period includes a gain of $1.59 million for an asset exchange and a gain of $882,200 for the sale of securities.
    Revenue decreased to $1.27 million from $4.14 million, as Canyon sold 2,165 ounces of gold at an average price of $585 in 2006. A year earlier, the company sold 9,263 ounces of gold at an average price of $445.

    GOLDEN, Colo., March 2, 2007 /PRNewswire-FirstCall via COMTEX/ -- Canyon Resources Corporation (CAU: canyon resources corp com new) , a Colorado-based mining company, is pleased to provide a summary of the results for the Company's full year ended December 31, 2006.


    Financial Results
    We recorded a net loss of $2.7 million, or negative $0.07 per share, on revenues of $1.3 million for the year ended December 31, 2006. This compares to a net loss of $15.6 million, or negative $0.46 per share, on revenues of $4.1 million for the year ended December 31, 2005. The decrease of $12.9 million in net loss was due primarily to the following factors:


    * Positive variance of $11.0 million due to last year's $9.2 million
    impairment of McDonald Gold Project that also reduced depreciation by
    $1.8 million.
    * Negative variance of $1.8 million in selling, general and
    administrative expenses primarily due to the expensing of share-based
    payments and holding costs at the Briggs Mine.
    * Positive variance of $1.7 million in asset retirement expenses due to
    no significant upward adjustments during 2006 and the elimination of
    the asset retirement obligation related to the McDonald Project.
    * Positive variance of $1.6 million due to the gain on asset exchange
    with Newmont. The gain was the result of the estimated fair value of
    the acquisition of Briggs Mine royalty previously held by Newmont.
    * Positive variance of $0.9 million related to the gain on sales of
    securities.
    * Negative variance of $0.7 million in gross gold sales margin due to
    lower gold sales and higher cost of sales.
    * Positive variance of $0.4 million regarding last year's debenture
    conversion expense.
    * Negative variance of $0.2 million related to the cumulative effect from
    the adoption of FASB Staff Position No. EITF 00-19-2, Accounting for
    Registration Payment Arrangements.




    We ended the year with $4.0 million of unrestricted cash and short term investments. The $2.5 million of short term investments are all auction rate certificates that have maturities ranging from seven to 28 days. We began the year with $5.6 million in cash. Sources of additional cash during 2006 included a net of $5.2 million raised in equity transactions and the sale of securities for $0.9 million. Cash used in operations during 2006, excluding purchases of short-term investments, amounted to $6.1 million, and capital spending for the Briggs Mine re-start totaled $1.6 million. Significant uses of cash for operations are summarized as follows:


    * Selling general and administrative expenses amounted to $3.2 million.
    - Includes holding costs at the Briggs Mine of $0.6 million, and
    - Includes ongoing legal costs for McDonald of $0.2 million.
    * Exploration spending amounted to $1.3 million.
    * Asset retirement obligation spending amounted to $1.5 million primarily
    for capping the old leach pads and water treatment studies at the
    Kendall Mine and leach pad rinsing at the Briggs Mine.




    For the year ended December 31, 2006, we sold 2,165 ounces of gold at an average price of $585. For the comparable period of 2005, we sold 9,263 ounces of gold at an average price of $445. The London PM Fix gold price averaged $603 and $445 per ounce for the year 2006 and 2005, respectively.

    Canyon Resources Corporation Fourth Quarter and Fiscal Year End Results Conference Call


    GOLDEN, Colo., March 5, 2007 /PRNewswire-FirstCall via COMTEX/ -- Canyon Resources Corporation (CAU: canyon resources corp com new) , a Colorado based mining company, today announced that its Senior Management will hold a conference call today, Monday, March 5, 2007, at 3:00 p.m. (EST). The Company will discuss its fourth quarter and year end results as well as its future outlook.
    Live audio of the call will be accessible to the public by calling US/Canada dial-in number: 877-576-0177; international dial-in number: 706-679-4128. Conference ID number: 1022617. Callers should dial in approximately 10 minutes before the call begins.
    A conference call replay will be available two hours following the call, through midnight March 7, 2007, and can be accessed by calling: 800-642-1687 or 706-645-9291. Conference ID 1022617. The conference call will also be Web Cast and is available at http://audioevent.mshow.com/325318/ or via the Company's website http://www.canyonresources.com


    FOR FURTHER INFORMATION, CONTACT:


    James Hesketh, President and CEO (303) 278-8464
    Valerie Kimball, Investor Relations (303) 278-8464
    http://www.canyonresources.com



    SOURCE Canyon Resources Corporation

    Canyon Discovers Additional Gold Mineralization at Its Briggs Mine


    GOLDEN, Colo., March 16, 2007 /PRNewswire-FirstCall via COMTEX/ -- Canyon Resources Corporation (CAU: canyon resources corp com new) , a Colorado-based mining company, is pleased to announce the partial results of its step-out drilling along the Goldtooth fault structure at its Briggs Mine in Inyo County, California. This exciting new discovery has increased the potential for additional underground mineralization along strike on the Goldtooth fault structure. This structure is believed to be the major control for gold mineralization at Briggs.
    Holes R-105 and R-106, both previously reported as step-out holes drilled to the north of existing mine design areas on the Goldtooth fault structure, indicated the possibility for additional gold mineralization with step-out drilling. The decision was made to test this potential with a series of exploration holes drilled at roughly 200 foot increments north along strike on the Goldtooth structure. Six holes have recently been drilled outlining an additional 1,600 feet of mineralized strike length on the Goldtooth structure. Assays have been received on four of these new holes. The last two drill holes, R-111 and R-112, drilled 200 feet and 340 feet, respectively, north from hole R-110 on the Goldtooth fault structure, have intercepted the expected structure and mineralization and assays are pending.


    Highlights from the latest drilling include:


    * Hole R-110, a step-out hole drilled 1,300 feet along the strike from
    the reserve panel previously reported on the Goldtooth fault,
    encountered 20 feet (6.1 meters) of 0.198 ounce per ton (opt) Au
    (6.8 gram per tonne (gpt) Au), including 5 feet (1.5 meters) of 0.497
    opt Au (17.1 gpt Au).


    * Hole R-109, a 1,100 foot step-out hole encountered two mineralized
    zones, one of 20 feet (6.1 meters) averaging 0.096 opt Au (3.3 gpt Au)
    and one of 10 feet (3.0 meters) averaging 0.119 opt Au (4.1 gpt Au).


    * Hole R-108, a 750 foot exploration step-out hole encountered five feet
    (1.5 meters) of 0.119 opt Au (4.1 gpt Au).


    * Hole R-107, drilled 50 feet north along strike from Hole R-105
    encountered 10 feet (3 meters) of 0.125 opt Au (4.25 gpt Au).


    * Hole R-105, a 450-foot exploration step-out to the north encountered
    15 feet (4.6 meters) of 0.11 opt Au (3.77 gpt Au), including 5 feet
    (1.5 meters) of 0.266 opt (9.13 gpt Au).




    James Hesketh, President and CEO stated, "These drilling results are notable in that they clearly define the potential for a significant extension of mineralization along the Goldtooth structure. We have now drilled over 4,800 feet of strike length along the Goldtooth fault and have demonstrated the existence of nearly continuous gold mineralization over the entire length. We have also demonstrated continuity within the system with infill drilling in select areas that resulted in our recent reserve declaration. We have now mapped almost 10,000 feet of Goldtooth fault on our Briggs property and are impressed by the potential that remains open along strike and to depth on this very large mineralized system. We are currently limited in our ability to conduct additional surface drilling along strike to the north by steep terrain. This area will be more accessible from underground workings to determine its full potential. In light of our increased understanding of the Briggs gold deposits, specifically the high-grade Goldtooth structure, and due to the cost and difficulty of conducting additional surface drilling, we are reviewing our options for Briggs' development. These options include the potential for developing existing reserves by underground mining to develop cash flow, while pursuing the additional mineralized potential of this system by underground drilling and drifting."

    GOLDEN, Colo., March 23, 2007 /PRNewswire-FirstCall via COMTEX/ -- Canyon Resources Corporation (CAU: canyon resources corp com new) , a Colorado-based mining company, is pleased to announce the start of a four-hole, 1,600-foot core drilling program at its Reward Gold Project in Nye County, Nevada. The drilling program, part of the ongoing feasibility study at Reward, will consist of four 2.5 inch-diameter holes which will provide structural and rock mechanic information and material for metallurgical testing. The rock mechanic and structural data is required for open-pit high wall design and to provide ore and waste rock characteristics. Mineralization in the remaining core will be used for metallurgical column testing.
    Canyon initiated the permitting process for the Reward Project in November 2006 when it submitted its plan of operations and reclamation plan to the Las Vegas office of the Bureau of Land Management ("BLM") and to the Nevada Bureau of Mining Regulation and Reclamation. Additionally, a design report for the Reward mine heap leach facility was completed in early March and a water pollution control permit application has been prepared for the Nevada Division of Environmental Protection. Other relevant permit applications are currently being prepared.
    A revised estimate of mineralized material (announced on March 2, 2007) of 12.7 million tons at an average grade of 0.025 ounce per ton (opt) of gold using a cutoff grade of 0.01 opt has recently been completed for the project. The mineralized zone remains open to the east along its southern 1,000 foot border. Disseminated gold mineralization at Reward is hosted in a north-south trending, steeply to moderately eastward dipping, quartz stockwork-vein zone from 15 to 140 feet thick and 2,000 feet long, developed within the immediate hanging wall of the Reward fault.
    "These programs are important steps in our effort to quickly advance the Reward Project to a production decision. Reward is an important project for us, providing ounces, and additional exploration potential for our planned growth into a mid-tier gold producer," comments James Hesketh, President and CEO.
    In January 2006, a pre-feasibility study for the Reward Project was completed. The study projects strong economic results based on a $425 gold price, $7.6 million in new capital expenditures, transfer of miscellaneous mobile equipment from the Briggs Mine, and contract crushing. At current market prices project economics increase substantially. Cash cost of operation would average $330 per ounce over a five-year project life. No silver byproduct credits were assumed in the analysis, although they may have a positive impact.
    The Reward fault separates footwall Proterozoic quartzite, siltstone and dolomite on the west from hanging wall Cambrian limestone and marble on the east. Gold mineralization, while hosted in the Cambrian sedimentary rocks, is probably Tertiary in age and is considered epithermal in nature. The Reward Project area is part of the Bullfrog/Bare Mountain mining districts which sit on the southern end of the Walker Lane Structural Belt, a regionally important and complex structural zone of Miocene Age hosting numerous epithermal precious metal districts. The Walker Lane extends northwest from Las Vegas to the eastern edge of the Sierra Nevada Mountains South of Carson City. Reward is located about five miles south of the town of Beatty NV, in southern Nye County and about five miles southeast of Barrick's now inactive Bullfrog Mine which produced over 2,000,000 ounces of gold in the late 1980s and early 1990s. The Bullfrog/Bare Mountain districts, as a whole, have been very prolific, producing about 3,000,000 ounces of gold in total from several modern operations.
    The drilling contractor is Ruen Drilling of Coeur d'Alene, Idaho. The engineering contractor responsible for assuring quality control at each drill site and for the eventual design of the open pit is Golder Associates of Reno, Nevada.
    About Canyon Resources
    Canyon Resources, based in Golden, Colorado, was formed in 1979. The Company has a history of precious metals exploration success and can claim a number of significant discoveries. Canyon currently owns the Briggs Mine in California and is currently evaluating the re-start of that operation. Canyon is also evaluating the potential development of the Reward Gold Project in Nevada. For additional information on Canyon Resources and its properties, please visit our website at http://www.canyonresources.com.

    GOLDEN, Colo., March 23, 2007 /PRNewswire-FirstCall via COMTEX/ -- Canyon Resources Corporation (CAU: canyon resources corp com new) , a Colorado-based mining company, today announced that its Board of Directors adopted a new Stockholder Rights Plan (the "rights plan") that became effective on March 23, 2007. Canyon Resources' former rights plan, adopted in 1997, expired on March 20, 2007. The rights plan is designed to protect all stockholders of the Company against potential acquirers who may pursue coercive or unfair tactics aimed at gaining control of the Company without paying all stockholders of the Company a full and fair price.
    "The overriding objective of the Board of Directors in adopting the rights plan is to maximize shareholder value should an unsolicited offer to acquire the company arise," said James Hesketh, President and CEO. "This will not prevent the Board from approving a fair and equitable offer to acquire the Company if one should materialize."
    In implementing the rights plan, the Board of Directors has declared a dividend of one common stock purchase right for each outstanding share of the Company's common stock held of record as of the close of business on April 16, 2007. Each right initially would entitle the holder thereof to purchase one share of common stock. The rights will expire on March 23, 2017. The distribution of rights under the plan will not interfere with the Company's business plans or be dilutive or affect our reported per share results.
    The rights are represented by the Company's common stock certificates and are not immediately exercisable. Under the plan, the preferred purchase rights generally become exercisable upon the acquisition of 20% or more of the Company's outstanding common stock, unless the Board of Directors redeems the rights. If exercised, all holders of rights, other than the acquiring person or group, would be entitled to acquire shares of the Company's common stock at a 50% discount to the then-current market price. In addition, if the rights become exercisable and the Company is acquired in a merger, each right would entitle the holder to purchase shares of the acquiring company at a 50% discount to the then-current market price.

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