Canyon Resources' Uranium Joint Venture to Continue Drilling
May 23 2007 - 1:27PM
PR Newswire (US)
GOLDEN, Colo., May 23 /PRNewswire-FirstCall/ -- Canyon Resources
Corporation (AMEX:CAU), a Colorado-based mining company, is pleased
to announce the continuation of uranium exploration drilling at its
Converse-Sand Creek Joint Venture. New Horizon Uranium Corporation
(TSX-V: NHU), operator of the joint venture, has advised Canyon
that drilling will commence on or about June 4, 2007. The
Converse-Sand Creek Joint Venture is operated by New Horizon on
behalf of its joint venture partners, Canyon Resources Corporation
and Energy Metals Corporation. (TSX: EMC; NYSE: EMU). New Horizon
earlier completed 14 drill holes consisting of 10,395 feet of
rotary drilling on the Converse-Sand Creek Project, located near
Douglas, Wyoming. New Horizon intends to drill an additional 16
rotary drill holes comprising approximately 11,200 feet to complete
its earlier program in the "Scott Ranch" target area. The primary
purpose of this drilling program is to establish resources leading
to defined reserves. The ultimate objective of the Converse-Sand
Creek Joint Venture is to determine the feasibility of an In- situ
Recovery operation in the prolific White River Formation that
extends eastward from Douglas into western Nebraska. Bill Wilson,
President and COO of New Horizon, commented that "New Horizon is
anxious to finish this round of drilling so that additional
drilling can be planned for later this year that will aggressively
advance this project." "We are very pleased to see a continuation
of this program and are hopeful, based on the positive results of
the initial round, for a favorable outcome," states James Hesketh,
President and CEO, of Canyon Resources. About Canyon Resources
Canyon Resources, based in Golden, Colorado, was formed in 1979.
The Company has a history of precious metal and uranium exploration
success and can claim a number of significant discoveries. Canyon
currently owns the Briggs Mine in California and is currently
evaluating the re-start of that operation. Canyon is also
evaluating the potential development of the Reward Gold Project in
Nevada and is a carried partner in two uranium joint ventures. For
additional information on Canyon Resources and its projects please
visit our website at http://www.canyonresources.com/. This press
release includes "forward-looking statements" within the meaning of
Section 27A of the Securities Act or 1933, as amended and Section
21E of the Securities Exchange Act of 1934 as amended. Such
forward-looking statements include, among others, projections of
favorable geologic formations, environments and similarities to
existing uranium deposits. Factors that could cause actual results
to differ materially from these forward-looking statements include,
among others: the variability of natural geological settings, the
volatility of uranium prices; potential operating risks of mining,
development and expansion; the uncertainty of estimates of
mineralized material and uranium deposits; and environmental and
governmental regulations; availability of financing; the outcome of
litigation, as well as judicial proceedings and force majeure
events and other risk factors as described from time to time in the
Company's filings with the Securities and Exchange Commission. Most
of these factors are beyond the Company's ability to control or
predict. FOR FURTHER INFORMATION, CONTACT: James Hesketh, President
and CEO (303) 278-8464 Valerie Kimball, Investor Relations (303)
278-8464 DATASOURCE: Canyon Resources Corporation CONTACT: James
Hesketh, President and CEO, or Valerie Kimball, Investor Relations,
both of Canyon Resources Corporation, +1-303-278-8464 Web site:
http://www.canyonresources.com/
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