More GCU news out after the bell...
December 07, 2011 16:28 ET
Gold Canyon Files Technical Report for its Malawi Rare Earth Elements Joint Venture Project
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 7, 2011) -Gold Canyon Resources Inc. (TSX VENTURE:GCU)(PINKSHEETS:GDCRF) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES
Gold Canyon Resources Inc. ("Gold Canyon" or "the Company") is pleased to announce the filing on SEDAR of an initial NI 43-101 Technical Report for its rare earth elements (REE) exploration project in Malawi, Africa. An approximately 1,000 square kilometer Exclusive Prospecting License has been granted to the Company's wholly owned joint venture Malawi subsidiary, Spring Stone Limited, in Mulanje District in Malawi by the Malawi Ministry of Natural Resources, Energy and Environment. The project is operated pursuant to a Project Venture Agreement (PVA), between Japan Oil, Gas and Metals National Corporation (JOGMEC), Gold Canyon, Spring Stone Limited and Spring Stone Exploration Inc. effective on November 14, 2011. Pursuant and subject to the terms set out in the PVA, the participating interest and contributions of each of the joint venture partners with respect to the Malawi Project will be 67% JOGMEC and 33% Gold Canyon. A US$1,000,000 exploration budget has been approved by the joint venture partners for the Phase One Exploration Program, which is currently underway. Mitsui Mineral Development Engineering Co., Ltd. (MINDECO) in Japan has been contracted as the operator of the program.
The Technical Report was prepared by Peter C. Le Couteur, PH.D, P. ENG., of Vancouver, British Columbia, an independent consultant to Gold Canyon.
The Technical Report will also be available on the Gold Canyon's website at
www.goldcanyon.ca.