Gold Canyon Reports on Cordero Gallium Project
Gold Canyon Resources Inc. announces, due to the turmoil in the global financial markets, the uncertainty of near term gallium prices, and the recent sharp rise in the prices of the key chemicals needed to produce gallium, the Company has elected to suspend, at this time, the preparation of a preliminary feasibility study at the Cordero Gallium Project.
The Company will continue to monitor and carry out various options at Cordero. The Company controls a 100% interest in the project through its wholly owned U.S. subsidiary, Gold Canyon Resources USA Inc.
Going forward, the company will keep its effort to explore new opportunities of rare metals and rare earth elements, utilizing knowledge and expertise gained through Cordero, in parallel with continuing its exploration of the Springpole Gold Project and Horseshoe Island Gold Project.
Gold Canyon is engaged in the acquisition and exploration of mineral and precious metals properties. The Company controls a 100% interest in the Springpole Gold – Horseshoe Island Gold, Platinum, Palladium Project and Favourable Lake Poly-metallic property currently under option to Shoreham Resources Inc. pursuant to an option and joint venture agreement entered into in December 2005 – all in the Red Lake Mining District of Ontario, Canada.
Through its wholly owned U.S. subsidiary, Gold Canyon Resources USA Inc., the Company controls a 100% interest in the Cordero Gallium Project situated in Humboldt County, Nevada, U.S.A.
Additional information can be found on the Company’s website: www.goldcanyon.ca.
