... better off sacking management ??tired of getting jerked ... ??!!
Gold Canyon Resources hires Renmark Financial for IR
Gold Canyon Resources Inc (C:GCU)
Shares Issued 160,529,993
Last Close 3/10/2015 $0.18
Wednesday March 11 2015 - News Release
Ms. Akiko Levinson reports
GOLD CANYON CORPORATE UPDATE AND NEW INVESTOR RELATIONS AGREEMENT
Gold Canyon Resources Inc. is providing an update on the company's activities. On February 5, 2015, Gold Canyon completed a private placement raising gross proceeds of $1,306,850. Given the Company's conservative use of cash, the current working capital allows Gold Canyon to continue to collect environmental baseline data vital for future permitting of its 100% controlled Springpole Gold Project as well as support corporate and project overhead into next year.
On November 5, 2014, the Company announced completion of three years of aquatic habitat surveys at the Springpole Gold Project. These surveys have uncovered no prohibitive issues. In 2015, the Company plans to continue to collect additional data on aquatic habitat and water quality and chemistry to augment its already robust dataset while at the same time identifying opportunities in the region around Springpole to create and/or improve aquatic habitat to offset habitat displaced by any potential future mine plan. Once all opportunities have been identified, they will be reviewed and assessed during further discussions with the Department of Fisheries and Oceans Canada (DFO). Some potential offset initiatives may be suitable for working with local First Nations communities, an opportunity Gold Canyon seeks to pursue. Gold Canyon is now at the stage where it can begin work on aspects of the project needed to develop a mine environmental assessment (EA).
"We continued to reduce overhead costs over the latter part of 2014," commented Akiko Levinson, President, CEO and director of Gold Canyon. "Although the downturn in the mining sector has been sharp, we have the means to keep weathering this storm and be able to look at various options we may have to move forward."
Springpole Gold Project
In a news release dated March 25, 2013, Gold Canyon announced a Preliminary Economic Assessment (PEA) prepared by SRK Consulting (Canada) Inc. of Vancouver, British Columbia for the project. This PEA provides preliminary support for a potential conventional open-pit mining and milling operation. At a 5% discount rate and a US$1,300/oz gold price, the project, has an estimated pre-tax net present value (NPV) of US$579 million, a pre-tax internal rate of return (IRR) of 25.4%, and a non-discounted payback of just 1.7 years. Other highlights of the project include:
-- At full operation, an estimated 217,000 ozs and 1,200,000 ozs average annual gold and silver production, respectively -- Estimated cash cost of US$636/equivalent ounce gold (eq.oz Au) and all- in cost of US$860/eq.oz Au (eq.oz Au = total revenue/Au price) -- Strip ratio of 1.7 -- Average mined gold grade of 1.25 gpt and silver, 6.31 gpt (undiluted) -- Initial capital cost of US$438 million and total capital cost including sustaining of US$544 million -- Payback period of 1.7 years (non-discounted) -- Pre-tax NPV of US$579 million -- IRR (pre-tax) of 25.4% -- Life of mine of 11 years
The PEA is intended to provide an initial review of the Company's Springpole Gold Project's potential and is preliminary in nature. The PEA includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA based on these mineral resources will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. The quantity and grade of reported inferred resources in any estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.
The PEA is effective as at March 25, 2013 and dated May 3, 2013, and is available through the Internet under the Company's profile on the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com and on the Company's website at www.goldcanyon.ca. The PEA is based on the project's most recent National Instrument 43-101 ("NI 43-101") compliant mineral resource estimate that includes an Indicated Mineral Resource of 128.2 million tonnes grading 1.07 g/t gold and 5.7 g/t silver and an Inferred Mineral Resource of 25.7 million tonnes grading 0.83 g/t gold and 3.2 g/t silver at a cutoff grade of 0.4 g/t gold. This estimate is set out in an independent technical report, entitled "Mineral Resource Update for the Springpole Project, NW Ontario, Canada" (the "Technical Report"), dated November 30, 2012 with an effective date of September 19, 2012, which was prepared for Gold Canyon by Dr. Gilles Arseneau (P.Geo.), associate consultant with SRK Consulting (Canada) Inc., an independent Qualified Person as defined by NI 43-101. The Technical Report is also on SEDAR at www.sedar.com and on the Company's website.
Investor Relations Agreement
Gold Canyon is also pleased to announce that it has retained the services of Renmark Financial Communications Inc. to handle its investor relations activities. In consideration of the services to be provided, the Company has agreed to pay a monthly retainer of $5,500 starting March 6th, 2015.
Renmark Financial Communications Inc. does not have any interest, directly or indirectly, in Gold Canyon or its securities, or any right or intent to acquire such an interest.
Qualified Person
The PEA was completed by SRK Consulting (Canada) Inc. of Vancouver, British Columbia, pursuant to NI 43-101. The PEA was completed by, or under the supervision of Bruce Murphy, Maritz Rykaart, Mark Liskowich, Dino Pilotto and Adrian Dance, each independent Qualified Persons (as defined in NI 43-101). Adrian Dance, a Qualified Person pursuant to NI 43-101, reviewed and approved the technical and scientific information relating to the PEA contained in this press release. Dr. Quinton Hennigh, Ph.D., P.Geo., a Qualified Person pursuant to NI 43-101 who is acting as a technical adviser to, and a director of, Gold Canyon, is also responsible for approving the technical information in this news release that is not related to the PEA.
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© 2015 Canjex Publishing Ltd.