Copper Canyon/Bling Sign Letter of Intent
for Abo Gold Project
Cranbrook BC, 03 September, 2009: Copper Canyon Resources Ltd. (CPY: TSX-V) and Bling Capital Corp. (BLI.P:TSX-V) have entered into a letter of intent, dated effective September 1st, 2009 whereby Bling proposes to acquire an interest in the Abo (Harrison Gold) mineral exploration property, currently held 100% by CPY.
Pursuant to the terms of the Letter of Intent, subject to completion of satisfactory due diligence, execution of a formal agreement, the satisfaction of certain closing conditions and receipt of applicable regulatory approvals, Bling intends to acquire from Copper Canyon a 100% interest in the Abo Gold (Harrison Gold) Properties. Under terms of the LOI, Bling will issue to Copper Canyon up to a total of 750,000 common shares in equal instalments of 150,000 shares over a period of five (5) years, the first issuance being upon the closing of the transaction, as well as up to $100,000 in cash, paid in equal instalments of $20,000 over five (5) years, the first payment being upon the closing of the transaction. The shares will be subject to the escrow requirements of the Exchange, if applicable.
In addition, pursuant to the terms of the LOI, Copper Canyon will retain a 1% net smelter return on all metals discovered on the Property. The definitive terms of the NSR will be contained in a royalty agreement to be entered into by the parties at or prior to the closing of the acquisition.
The Abo Gold (Harrison Gold) property project is located 5km north of Harrison Lake, British Columbia.
The property area has been held or optioned by various operations since the early 1970’s including Abo Resources, Kerr Addison Mines Ltd and Bema International Resources. Exploration work includes mapping, soil sampling, ground based geophysics, 444m of underground development work and a total of 13,856m (45,448’) of diamond drilling. Barry Price, P.Geo, in 2002 prepared a National Instrument 43-101 compliant resource estimate that outlines an indicated resource on the property of 1.845 million tones grading 2.79 g/t Au containing 165,000 ounces of gold and an inferred resource of 0.6 million tones grading 2.8 g/t Au containing 55,000 ounces of gold in the Jenner and Portal zones, which are open to depth.
About Copper Canyon
Copper Canyon Resources was created by way of a Plan of Arrangement on June 9, 2006. Shareholders of Eagle Plains Resources Ltd. approved the plan to reorganize the Company’s mineral property assets in an effort to maximize shareholder value. Under the terms of the arrangement, three of Eagle Plains’ projects: Copper Canyon, Severance and Abo (Harrison) Gold, were transferred into Copper Canyon on a one-for-one share basis.
On behalf of the Board of Directors
“Tim J. Termuende”
President and CEO
For further information, please contact Mike Labach at
1 866 HUNT ORE (486 8673)
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.