Gold Canyon Updates Joint Exploration Agreement With the Japan Oil, Gas and Metals National Corporation
Gold Canyon Resources Inc. announce that its wholly owned subsidiary Gold Canyon Kratz Spring LLC and its joint venture participant Japan Oil, Gas and Metals National Corporation (JOGMEC) have reached an agreement for the April 2009 – March 2010 fiscal year work program and budget on May 15, 2009. Under the terms of the Joint Exploration Agreement (JEA), JOGMEC holds an 80% option to all of the JEA projects and the budget of US $460,000 was approved for this fiscal year.
The JEA was entered into on January 19, 2009. Gold Canyon Kratz Spring LLC, as the operator of the JEA, will conduct Rare Earth Element (REE) exploration and project identification. The objective of the JEA is to identify, analyze and perform metallurgical evaluations leading to production of REEs from Iron Oxide Copper Gold +/-Rare Earth Element (IOCG+/-REE) style deposits.
JOGMEC is a government organization established under the Japanese Ministry of Economy, Trade and Industry, and is responsible for fostering international exploration and development of strategic minerals, amongst other mineral and petroleum related activities.
