Canyon Resources Corporation (amex:cau)

    New Horizon Uranium Announces Uranium Drilling Results at the Sand Creek - Converse Joint Venture, Converse County, Wyoming


    GOLDEN, Colo., Aug 27, 2007 (BUSINESS WIRE) -- New Horizon Uranium Corporation (CA:NHU) is pleased to announce favorable uranium results from its initial drilling program recently completed at its Sand Creek - Converse Project, located in Converse County, Wyoming.

    GOLDEN, Colo., Sept 05, 2007 /PRNewswire-FirstCall via COMTEX/ -- Canyon Resources Corporation (CAU: canyon resources corp com new) , a Colorado-based mining company, provides an update on its forward looking strategy. As a result of recent market turmoil, the management and Board of Canyon has conducted a critical review of the strategic plans of the Company. It is the Company's belief that the intrinsic value of its underlying cash, equipment, and property assets net of liabilities exceeds its current market value and that steps must be taken to unlock its unrecognized value for the benefit of its shareholders.
    "Canyon has a wealth of mineral property interests and we believe that the capital markets are overly discounting their potential market value," stated James Hesketh, President and CEO of the Company.
    The Company's primary goal is to re-establish gold production, either as a mine operator, joint venture partner or as a royalty holder. In order to achieve this goal, the Company will pursue either the sale or joint venture of those property assets which are either considered non-core or that require substantial capital to place into production. In the event of a sale of mineral properties, the Company's plan is to hold an ongoing interest in the form of either a joint venture position or a royalty.
    "We believe that the sale or joint venture of these properties will help to unlock the fair value of these assets for our shareholders, while building our treasury in order to fund the future growth of the Company," said Mr. Hesketh. "This strategic direction will help us control the potential dilution risk of developing these assets ourselves. Management has begun implementation of this strategy."
    The Company plans to delay the recently announced underground test mining at the Briggs Mine until the development can be funded through either a joint venture or can be funded in a manner that would minimize further dilution to our shareholders.
    Canyon controls the Briggs Gold Mine and four satellite deposits in California; the Reward Gold Project near Beatty, Nevada; four gold exploration properties also in Nevada, including the advanced stage Adelaide and Tuscarora properties, and the Seven-Up Pete Gold Project near Lincoln, Montana. To date, the Company has developed in-place mineralized material on its properties containing over 1.9 million ounces of gold and substantial exploration potential is believed to exist. Canyon has developed re-start and underground test mining plans for its permitted Briggs Mine and is completing permitting and feasibility study work on its Reward Project. Since 1996 at Briggs, the Company has mined ores containing around 730,000 ounces of gold and has reported reserves and remaining in-place mineralized material containing approximately 840,000 ounces. The Company believes that this 1.6 million ounce property has substantial potential for additional gold discovery.
    In addition to these assets, the Company is a carried partner on the Sand Creek-Converse uranium exploration joint venture project in the Southern Powder River Basin of Wyoming. Canyon owns over 900,000 acres of fee mineral rights in the State of Montana that contain identified industrial mineral and copper potential. Canyon also holds royalty interests on gold properties in Montana, Argentina and the Dominican Republic. In addition, the Company is a party to a takings suit against the State of Montana to recover value that was lost with the McDonald Gold Project due to changes in legislation resulting from an anti-cyanide ballot initiative.
    For additional information on Canyon Resources, please visit our website at http://www.canyonresources.com.

    As Media Touts Nuclear Power, Time To Review Nuclear & Uranium Stocks (CCJ, USU, SGE, FLR, GE, URRE, USEG, URZ, CAU, MOS, CF, NLR)


    It seems like the media is touting and flaunting more and more for a return of nuclear energy. This may or may not happen as the applications are again for "Next Year" and it is with no surprise that it's becoming the topic of much labor in Mexico pronounced "Man-ya-na" (sorry no N~ without changing languages). You can also see where spot Uranium prices have come down significantly from the pre-summer ramp and summer highs. TradeTech's Uranium site shows its price chart for Uranium and The Ux Consulting Company shows much of the same. But with $80.00 per barrel of oil and T. Boone Pickens calling for even higher oil prices you never know just how long the "call for nuclear power" will take to resurface from the investment community. Nuclear power is getting more media coverage again.
    Let's assume for a moment that we forget about the discussions leading to delays that have been perpetual. Let's for get about the political side of nuclear power. Lets forget about killing land under mountains where we'll bury the stuff in Nevada. And let's forget about the potential environmental catastrophe that can result if something goes horribly wrong.
    There are many stock plays in the U.S. alone that will be huge beneficiaries of this if even one nuclear power plant approval goes through. If there is one, why not the full dozen of them. Here is the lot of companies:
    Shaw Group (NYSE:SGR) is perhaps the most vertical of the engineering and construction firms. Fluor (NYSE:FLR) is also in there. And we can't leave out the monster General Electric (NYSE:GE) for new reactors, nuclear fuel, reactor services and performance services.
    Cameco (NYSE:CCJ) out of Canada is THE go-to behemoth in the stock market for Uranium miners and producers. The much smaller company in the US is USEC (NYSE:USU), although its shares were hit exceptionally hard Friday after testing started. Some more smaller and much more speculative stocks in the sector are Uranium Resources, Inc. (NASDAQ:URRE), U.S. Energy Corp. (NASDAQ:USEG), Uranerz Energy Corp (AMEX:URZ), and even Canyon Resources Corporation (AMEX:CAU). Mosaic (NYSE:MOS) and CF Industries (NYSE:CF) are stealth plays in the sector that can enrich uranium from phosphate, but you should know that prices have to be very high and have to be expected to remain very high for quite some time for those to be cost effective.
    The Economist recent magazine cover also flaunted a comeback for nuclear power. It said America's nuclear industry is about to embark on its biggest expansion in more than a generation. This will influence energy policy in the rest of the world. CNET today discussed the wave of coming applications for more nuclear power plants that are coming. Personally, I'm a believer in this. No greenhouse gases, no pollution, no icky air around the place. But the dark side is not Three Mile Island. That was nothing. The dark side is Chernobyl and a vast area of land that won't be habitable for generations and generations. The other thing that might act as a possible lid on investors reviewing nuclear power stocks this time around is that local gas prices for your car are far lower than earlier this year when energy prices were rising but not as high as the $80.00 seen this week.
    No wonder Merrill Lynch got credit for what seemed to be overly bullish analysis that ended up looking like they had a crystal ball for a few months. They gave a huge safety net for uranium prices. The Canadian National Post also gave some buyout picks in the sector based on Raymond James analysis.
    Nuclear power plants are coming online more and more in China and India, and Japan and France are largely dependent upon the glowing green juice to power those nations. Russia is showing it is expanding nuclear power use again and South Korea is expanding its program. None of us in the Western hemisphere are going to be too excited about this, but the chances that we are going to have to deal with a nuclear-using Iran is getting larger instead of smaller.
    Back in August an ETF was launched as the Market Vectors Nuclear Energy ETF that launched on the American Stock Exchange under the "NLR" ticker, but only a portion of these stocks in here are US-based and many names wont be familiar. Here is the full list of the company stocks in the ETF.

    GOLDEN, Colo., Oct 03, 2007 /PRNewswire-FirstCall via COMTEX/ -- Canyon Resources Corporation (CAU: canyon resources corp com new) , a Colorado-based mining company, has received notice that the appeal from the District Courts dismissal of its federal takings claim in the case of Seven-Up Pete Venture, et al. v Brian Schweitzer, Governor of the State of Montana, et al. will be heard by the U.S. Court of Appeals for the Ninth Circuit in Seattle, Washington on Wednesday, November 7, 2007. The Seven-Up Pete Venture is wholly owned by Canyon Resources Corporation and its subsidiaries.
    As noted in previous press releases and the Company's filings with the Securities and Exchange Commission, this case was initiated after passage of the 1998 I-137 ballot initiative in the State of Montana. Passage of this initiative resulted in a law that was narrowly crafted to specifically outlaw the use of cyanide to recover gold from ores mined by open pit methods. This was the first of its kind legislation in the U. S. By the time the initiative passed, the Seven-Up Pete Venture had spent over $70 million on drilling, permitting and engineering at the McDonald Gold Project in Montana. The passage of this initiative critically impaired the project rendering it worthless as no other gold recovery process technology has been proven to be economically viable for these ores. "We believe that a true injustice was perpetrated by the State of Montana in regards to the McDonald Gold Project. While a state has the right to make law, it should be held accountable for paying fair compensation for value lost to individuals and companies as a result of its changing laws which result in appropriation of property or which prohibit previously legal operational methods which were the basis for property development costs. That would be fair, and fairness is what we are seeking in this case," states James Hesketh, President and CEO.

    GOLDEN, Colo., Nov 08, 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 unaudited results for the Company's third quarter ended September 30, 2007.



    ...

    GOLDEN, Colo., Dec 05, 2007 /PRNewswire-FirstCall via COMTEX/ -- Canyon Resources Corporation (CAU: canyon resources corp com new) . Canyon Resources Corporation is pleased to announce that it has initiated a 10,000 foot drilling campaign that will focus on work at both the Cecil R gold property, located four miles north of its Briggs Mine in Inyo County, California, and at the Briggs Mine itself. Harris Exploration Drilling and Associates Inc. has been contracted for the reverse circulation (RC) drilling that commenced operation today.
    Gold mineralization at Cecil R occurs along a consistent and continuous shallow-dipping oxidized detachment fault zone, a planar feature located immediately below an upper plate cover of unconsolidated gravels. These gravels mantle the flat topped broad ridges at low elevations along the western foot of the Panamint Range. Exploration attention has been turned to this property because of its consistency and amenable configuration to open pit mining. Limited past exploration at Cecil R has demonstrated the continuity of the gold-mineralized zone with true widths of mineralization ranging from several feet to 90 feet. The property has in-place mineralized material estimated as 5.75 million tons at an average grade of 0.024 opt gold at a 0.015 opt cutoff grade, open in all directions along the generally 15 degree westerly dipping fault plane. Three companies have had exploratory drilling programs at Cecil R: in 1973 Homestake Mining Company drilled three holes followed by Inspiration Copper Company in 1978 who drilled 18 RC holes. Between 1991 and 2006, Canyon Resources drilled a total of 30 RC holes on Cecil R. Drilling results from these three campaigns form the basis of the mineralized material estimate.
    Although some infill drilling has been planned in the incipient campaign, the present drilling program was designed primarily to step out from the known mineralization to potentially increase the area of known gold mineralization. Recent geological field work has demonstrated that the gold-bearing detachment structure continues below gravels which drape ridges to the south of the area drilled in the past. Six of the 30 planned holes will be drilled in this area. Permits for these programs have been approved and drill roads have been prepared.
    Upon completion of the planned Cecil R drilling program, the drill rig will be moved to the bottom of the BSU pit of the Briggs Mine from where a minimum of three holes are planned to further explore the Goldtooth structure. These holes will provide crucial information on the down-dip and northward extension of the high-grade Goldtooth mineralized structure discovered during the 2006 drilling campaign. The planned drill holes will provide further exploration information on the region just north of Hole R-16 which had an intersection of 18 feet grading 0.48 ounce per ton of gold.
    For additional information on Canyon Resources, please visit our website at http://www.canyonresources.com.

    GOLDEN, Colo., Feb 06, 2008 /PRNewswire-FirstCall via COMTEX/ -- Canyon Resources Corporation (CAU: CAU) , a Colorado-based mining company is pleased to provide the results of a new technical report that expands on the underground mining potential at its Briggs Mine in Inyo County, California. This new study expands underground mineral reserves previously announced on February 6, 2007 and was based on additional drilling on the Goldtooth structure at Briggs in the first half 2007 as reported on July 30, 2007. The following table displays the new mineral reserve estimate for the Briggs Mine:

    GOLDEN, Colo., Feb 20, 2008 /PRNewswire-FirstCall via COMTEX/ -- Canyon Resources Corporation (CAU: canyon resources corp com new) , ("Canyon"), a Colorado-based mining company, has entered into an Option Agreement, whereby Golden Predator Mines US Inc. ("Golden Predator"), a wholly-owned subsidiary of Golden Predator Mines Inc. of Vancouver British Columbia, shall assume Canyon's interest in the advanced stage Adelaide and Tuscarora gold exploration properties (the "Properties") located in Humboldt and Elko Counties in Nevada. On February 15, 2008, Golden Predator made an initial payment to Canyon of approximately $507,000 on closing of the transaction.
    "This transaction is another step in Canyon's previously announced strategy to gain value from its underutilized assets in order to allow the Company to focus on its core gold development projects. Golden Predator shall assume Canyon's remaining spending obligations on these Properties of $2.75 million over the next four years, while paying to Canyon up to an additional $1.05 million over that same period. Canyon shall retain a one time production payment on the Properties and an ongoing royalty position. Golden Predator is well positioned with its ownership of the nearby Springer mill facility, located near Winnemucca, Nevada, to move either or both of these properties toward production as gold resources are developed on the Properties," states James Hesketh, President and CEO.
    Canyon's interest in the Properties was acquired from Newmont Capital Limited ("Newmont") in December 2006. Golden Predator will assume Canyon's obligations to Newmont as defined in the Adelaide Project and Tuscarora Project Minerals Lease, Sublease and Agreement dated December 29, 2006 ("Minerals Lease") between Canyon and Newmont. Canyon met its $250,000 first year spending obligation under this Minerals Lease during 2007.
    Golden Predator has guaranteed the second year work commitment on the Properties of $400,000. Canyon will also receive a second payment equivalent to $250,000 in either cash or stock of Golden Predator prior to December 29, 2008. If Golden Predator elects to complete the assumed work commitments under the Mineral Lease, Canyon could receive additional payments of approximately $800,000 in either cash or stock of Golden Predator plus a production payment and royalties.
    Canyon will retain a net smelter returns royalty of up to 1.5% but not less than 0.5% depending on the total royalty burden on individual claims of the Properties and the prevailing quarterly average gold price. The royalty burden on the Properties is capped at 5.5% when gold price is less than $700 per ounce and escalates to 6.5% as the price of gold increases to over $900 per ounce. The royalty will apply to all metals and minerals produced and sold from the Properties. In addition, when a positive production decision has been made, Canyon may receive a production payment equivalent to $2.50 per ounce of gold or gold equivalent ounce based on the established reserves or measured and indicated ounces at that time, but not less than $250,000 for each property.
    Golden Predator may return one or both Properties upon 60-days notice to Canyon, resulting in adjustments to the work commitments and corresponding payments to Canyon. Upon notice of return of one or both Properties, Canyon may choose to assume the obligations underlying the Mineral Lease or return the rejected property to Golden Predator and Golden Predator may elect to terminate the property directly with Newmont. Golden Predator may assign any or all of its interest in the Properties, subject to the Canyon and Newmont obligations, to an unaffiliated party with Canyon's consent.
    As part of this Option Agreement, Canyon entered into a simultaneous Assumption and Assignment Agreement with Golden Predator to assume its lease interest in 20 unpatented mineral claims in Humboldt County, Nevada. These claims are adjacent to Canyon's existing Mt. Edna claims and allows for further consolidation of that property.
    For additional information on Canyon Resources, please visit our website at http://www.canyonresources.com.

    GOLDEN, Colo., Feb 22, 2008 /PRNewswire-FirstCall via COMTEX/ -- Canyon Resources Corporation (CAU: canyon resources corp com new) , has completed a positive economic feasibility study for its Reward Gold Project located near Beatty, Nevada. The feasibility study, prepared by Chlumsky, Armbrust & Meyer LLC of Lakewood, Colorado, envisions development of a conventional open pit mining, ore crushing, and heap leach gold production operation. The study recommends development of the project.
    Proven and probable mineral reserves estimated in the feasibility study total 5.2 million tons averaging 0.027 ounces per ton (opt) containing 138,000 ounces of gold based on a gold price of US$575 per ounce and a strip ratio of 2.0 tons of waste per ton of ore. The Reward operation is expected to produce approximately 117,000 ounces of gold over a four year mine life at an estimated average cash cost of $409 per ounce of gold produced. This production would provide an undiscounted cash flow of $14.6 million and an internal rate of return of 13.2% at a $700 gold price. The feasibility study includes capital costs for crushing and process plants, facilities and infrastructure, mining fleet and pre-production stripping of $24.3 million. Break-even full cash cost inclusive of capital is $564 per ounce. At a gold price of $900 per ounce, the project would develop an internal rate of return of 32.8% and an undiscounted net cash flow of approximately $36 million without allowance for reserve expansion.
    The feasibility study also developed an alternative case using a $700 pit design that contains in-place mineralized material of 6.4 million tons grading 0.025 opt with a waste to ore strip ratio of 2.2 using a variable cutoff grade. This case would require an additional $1.1 million in pre-production capital over the base case. This larger pit is expected to produce 134,100 ounces of gold over a five year mine life at an estimated average cash cost of $449 per ounce generating an IRR of 11% and an undiscounted net cash flow of $15.4 million using a $700 gold price. At a $900 gold price, this case produces an IRR of 30% and an undiscounted net cash flow of $40.3 million.
    "The feasibility study demonstrates the robust economic potential of the Reward Project. We believe that the estimated capital costs for this project are achievable and that the operating cost structure is typical of open pit mines in Nevada today. The Reward Project has reserve expansion potential both along strike and down-dip that may be developed through future drilling with cash flow from the operation. The project has been carefully designed to create the smallest environmental footprint possible and the permitting process is well advanced. We look forward to moving this project rapidly towards production," states James Hesketh, President and CEO.
    Initial capital costs can be reduced in both the $575 and $700 cases by using contract mining. Based on actual contract mining quotes, initial capital purchases for mining equipment and shops can be reduced by approximately $7.5 million, while overall life-of-mine mining costs are increased by approximately $5.3 million for the $575 pit case and higher in the $700 pit case. Further studies will be completed and reviewed comparing the use of contract mining versus owner mining prior to development.
    Final reclamation and closure cost, which is included in overall production cost, is estimated at approximately $2.5 million for the base case. The cost for reclamation and closure bonds of approximately $5.3 million was estimated using the State of Nevada statutory cost estimating model and is subject to final approval by State regulatory authorities. Bonds may be posted using a number of financial instruments including cash. This amount would be in addition to the capital estimates stated above.
    Mining operations at Reward would utilize conventional 100-ton open pit trucks and compatible loaders. Mined ore will be crushed to minus 3/8 inch and placed on a lined pad for leaching and gold recovery. Process solutions will be captured in solution tanks and circulated through activated carbon to capture entrained gold. This loaded carbon would subsequently be dewatered, packaged, and transported for final gold recovery to either Canyon's Briggs Mine in Inyo County, California or to a third party processing facility.
    For additional information on Canyon Resources and the Reward Project, please visit our website at http://www.canyonresources.com.

    GOLDEN, Colo., Feb 28, 2008 /PRNewswire-FirstCall via COMTEX/ -- Canyon Resources Corporation (CAU: canyon resources corp com new) , a Colorado-based mining company ("Canyon"), is pleased to announce the results of a 15-hole 4,800 foot reverse circulation drilling campaign completed in January at its Cecil R property located five miles north of its Briggs Mine in Inyo County, California.


    Highlights from the latest drilling campaign include:


    -- Hole CR07-5 with 25 feet (7.6 meters) of 0.039 ounce per ton ("opt")
    Au (1.35 gram per tonne ("gpt") Au).


    -- Hole CR07-9 with 25 feet (7.6 meters) of 0.045 opt Au (1.54 gpt Au).


    -- Hole CR07-12 with 30 feet (9.1 meters) of 0.025 opt Au (0.87 gpt Au).


    -- Hole CR08-13 with 30 feet (9.1 meters) of 0.032 opt Au (1.10 gpt Au)
    and a second interval of 50 feet (15.2 meters) of 0.024 opt Au (0.817
    gpt Au).





    "This additional drilling information on the Cecil R property supports Canyon's belief that Cecil R, as a satellite deposit to our Briggs Mine, could significantly add both mine life and profitability should we proceed with surface and underground development at Briggs. Planning and permitting at Cecil R would require an estimated three years and would be initiated once mining re-starts at the Briggs Mine. The known mineralization at Cecil R could potentially extend the life of the Briggs Mine by approximately three years," comments James Hesketh, President and CEO.
    The goal of this drilling program was to expand known gold mineralization that is found in a tabular body at a low angle contact surface between poorly sorted bedded gravels and a gold-enriched erosion surface on crystalline basement rock. Mineralization pinches and swells and is locally cut out along this contact. Drill holes in this program tested the extensions of known gold mineralization to the north and the west and provided sufficient infill information to facilitate a new resource evaluation. The completed drilling substantially extended the known gold-bearing horizon to the north and west beyond the limits of the previous estimate of mineralization. The ridge immediately to the south of the known mineralization shows the same prospective gold-bearing horizon exposed along its flanks and in historic exploration workings. The contact zone, exposed immediately below the gravel cover along gullies cutting this ridge, is well developed and offers an attractive target for expanding the mineralized zone.
    Previous to this drilling campaign, an estimate of 5.75 million tons of in-place mineralized material grading 0.024 opt, using a cut-off grade of 0.015 opt, had been calculated for the Cecil R deposit. This estimate is based on the 51 holes drilled at Cecil R from 1975 to 2006.

    Canyon Resources Merger Expected To Be Complete On March 18


    Canyon Resources Announces Shareholder Approval Of The Merger With Atna Resources


    Canyon Resources: Atna CEO Will Become Chmn, CEO Upon Closing


    Canyon Resources CEO Will Become Pres, Oper Chief Of Atna

    GOLDEN, Colo., March 12, 2008 /PRNewswire-FirstCall via COMTEX/ -- Canyon Resources Corporation ("Canyon") (CAU: canyon resources corp com new) , a Colorado based mining company, reminds its shareholders that at 9:00 a.m. MDT on March 13, 2008, it will reconvene the special meeting of shareholders to vote to approve the Agreement and Plan of Merger dated as of November 16, 2007, by and among Atna Resources Ltd. ("Atna"), a wholly owned subsidiary of Atna, and Canyon.
    To date, approximately 26.4 million shares have voted in favor of the merger, representing 98.4 percent of the vote required. Approval of the merger requires the affirmative vote of less than 450,000 additional shares.
    The special meeting will reconvene at 9:00 a.m. MDT on March 13, 2008, at the Canyon Resources Corporation offices located at 14142 Denver West Parkway, Suite 250, Golden, CO. The polls have remained open during the adjournment and will remain open until the special meeting reconvenes. The record date for stockholders entitled to vote at the special meeting remains January 18, 2008.
    Your vote is important regardless of the number of shares you own. To vote your shares you may fax your completed proxy card to our proxy agent, The Altman Group, at 201-460-0050 or call 800-314-9816.
    Additional Information and Where to Find it
    In connection with the merger, Atna and Canyon have filed relevant materials with the SEC, including the filing by Atna with the SEC of a Registration Statement on Form F-4 on January 17, 2008, which incorporates a proxy statement/prospectus (the "Proxy Statement/Prospectus") that Canyon has mailed to its stockholders in connection with obtaining approval of the merger. The Proxy Statement/Prospectus contains important information about Canyon, Atna, the merger and related matters. Investors and security holders are urged to read the Proxy Statement/Prospectus carefully. Investors and security holders may obtain free copies of the Proxy Statement/Prospectus and other documents filed with the SEC by Canyon and Atna through the web site maintained by the SEC at http://www.sec.gov.
    Canyon, Atna and their directors and executive officers also may be deemed to be participants in the solicitation of proxies from the stockholders of Canyon in connection with the approval of the merger. Information regarding the special interests of these directors and executive officers in the merger is included in the Proxy Statement/Prospectus. Additional information regarding Canyon's directors and executive officers is also included in Canyon's annual report on Form 10-K, which was filed with the SEC on March 2, 2007. Additional information regarding Atna's directors and executive officers is included in Atna's Form 20-F filed with the SEC on June 30, 2005, as amended January 4, 2008. These documents are available free of charge at the SEC's web site at http://www.sec.gov.

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