Canyon settles indebtedness for accrued management fees and loans

TSXV: CNC

VANCOUVER, July 16, 2013 /CNW/ - Canyon Copper Corp. ("Canyon") (TSX-V: CNC) announces that it has settled approximately $475,000 in amounts owed to a former officer and director of Canyon for outstanding management consulting fees and loans payable, and an additional $275,000 owed to Benjamin Ainsworth, Canyon's current Chief Executive  Officer and President for outstanding management consulting fees.

Anthony R. Harvey, Canyon's former Chairman and Chief Executive Officer, agreed to cancel CAD $275,000 in unpaid management consulting fees payable to ARH Management Ltd., Mr. Harvey's management consulting company, and agreed to settle CAD $150,000 and USD $50,000 in loans payable, plus  accrued interest, for a total CAD $20,000.

In addition to the settlement with Mr. Harvey, Mr. Ainsworth agreed to cancel CAD $275,000 in unpaid management consulting fees payable by Canyon to Ainsworth-Jenkins Holdings Inc., Mr. Ainsworth's consulting company.

Mr. Ben Ainsworth commented, "This was a prudent financial decision that will assist in the potential growth and financing of the Company."

On behalf of the Board of Directors,

"Benjamin Ainsworth"

CANYON COPPER CORP.
Benjamin Ainsworth, President

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

SOURCE: Canyon Copper Corp.