Canyon Resources acquires gold exploration license in Ethiopia.GOLDEN, Colo.--(BUSINESS WIRE)--Sept. 14, 1995--Canyon Resources Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CYNR), a Colorado-based mining company, today announced that its 90%-owned subsidiary, Canyon Resources Africa Ltd., has entered into an exploration agreement with the Government of Ethiopia on the Megado Serdo property in southern Ethiopia. The property consists of 60 square kilometers adjacent to the 2 million-ounce Lega Dembi gold deposit and mine in the gold-rich Adola Gold Belt. Canyon has the exclusive right to explore for gold on the property and has committed to an exploration expenditure schedule of $2.25 million over a three-year period, including $500,000 in the first year. "Canyon is quite excited about the potential of the Megado Serdo property for bedrock gold deposits similar to the adjacent Lega Dembi Mine, which is currently producing gold from ores with average grades from 3.5 to 4.3 gms per tonne tonne measure of weight or mass; 1 tonne=1000 kg. See also ton. (0.11 to 0.13 ounce ounce, in zoology ounce, in zoology: see leopard. ounce, unit of measurement ounce: see English units of measurement. per ton) from an open-pit mine and mill with a rated capacity of 125,000 ounces per year. "Since the 1930s, more than 40 tonnes of gold (1.3 million ounces) have been produced by small-scale placer mining placer mining: see mining. placer mining Oldest method of recovering gold from alluvial deposits. It takes advantage of gold's high density, which causes it to sink more rapidly from moving water than the lighter siliceous materials with which it is operations from gold-bearing gravels in many of the stream valleys of the Lega Dembi-Megado Serdo area. The company also has applications for three other gold-exploration properties in Ethiopia which would be explored in conjunction with the Megado Serdo property," said Richard H. De Voto De Vo·to , Bernard Augustine 1897-1955. American historian and critic noted for his studies of the impact of the West on the American mind. , president. Canyon produces gold and silver from the Kendall Ken·dall , Edward Calvin 1886-1972. American biochemist. He shared a 1950 Nobel Prize for discoveries concerning the hormones of the adrenal cortex. Mine in Montana and industrial minerals from a mine/plant complex in Nevada. The company has received all major permits for construction of the Briggs gold mine in California and has commenced permitting of the 8.2 million ounce McDonald gold project in Montana. CONTACT: Canyon Resources Corp., Golden Cheryl A. Martin or Tere McDowell, 303/278-8464 |
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